Why Small Businesses Should Embrace Internet of Things Technology

You’re not too small to benefit from Industry 4.0

If you haven’t been counting Industrial Revolutions, you might be surprised to learn that humankind is currently on our fourth. First came steam power, which enabled the mass production of goods and improved modes of transportation, such as railroads and steamships. Next came electrification, which improved productivity with lighting, long-distance communications, and rudimentary automation. Up next was digital electronics, which prompted the rise of computers and the advent of the Internet. As of roughly 2016, we entered phase four, The Fourth Industrial Revolution or Industry 4.0. This is where high-speed data processing, machine learning, and ubiquitous connectivity have given us an “Internet of Things.”

If you read that last sentence with a twinge of apocalyptic horror, it’s okay. Relax and breathe deeply. We haven’t reached the point where the robots rise up against us. That won’t happen before Industry 7.0 at the earliest. So, while we humans are still in charge, we should enjoy the benefits of 4.0, even if you think your business is too small to participate.

What does Industry 4.0 mean for small businesses?

According to Forbes.com, the goal of Industry 4.0 is “to connect all the physical places and things in the world to the Internet.” This should enable companies of all sizes to “improve their systems and processes, increase efficiencies, and even open the door to new products, services, and business models.” When your company adopts IoT technology, you’re basically allowing your “things” to communicate with each other without a human intermediary. Thus, you will have “things” that collect and send information to “things” that receive, store, and react to information.

For example, you could have a vehicle that tells you when it needs a tune-up, a package that tells you when it’s sat too long without moving en route to delivery, or a storage area that tells you when it’s low on inventory.

The key benefits to the Internet of Things include:

• Greater operational efficiency — When your things talk to your things, it’s like having 24/7 monitoring. You can track performance metrics more efficiently, and you can be told in advance that equipment will soon need maintenance. IoT also gives you more precise control over each aspect of your operations, from production to sales to supply chain management to inventory.
• Data driven strategy — If you are wondering what course to set for business development, the data you collect can point you towards areas of opportunity. One main ingredient for success is customer behavior data, which enables you to better understand your target audience’s preferences, so you can tailor products or services to meet their needs.
• Enhanced customer experience — An important element related to business retention and expansion is the ease with which customers can interact with your company, especially when it comes to resolving issues over products and services. Additionally, IoT-enabled systems can offer customers personalized recommendations, leading to greater engagement, satisfaction, and loyalty.
• Improved safety — Sensors can collect and send data on conditions that threaten your products and your people. IoT can report on temperature fluctuations, power loss, moisture seepage, and other conditions that can cause property damage. IoT technology can also alert your people to intrusions and respond to threats posed by unauthorized access.
• Cost savings — Greater efficiency generally translates into bottom line savings. Energy costs are a huge consideration for small businesses. IoT sensors can track energy use and eliminate waste. Better inventory management can reduce storage costs. Additionally, when so much of your monitoring is automated, your staff is free to focus on areas where they are most needed.

The Internet of Things has such tremendous potential that most businesses haven’t even scratched the surface. But to get the most benefit from this resource, you need guidance from a knowledgeable IT professional.

At KMF Technologies, we know that IoT tech can seem daunting at first. But we’re also aware that your future prosperity may depend on how well you master the learning curve. When’s the last time you chatted with a blacksmith or a lamplighter? And we bet you can name at least three 20th Century retail giants that never saw the 21st Century, because their leaders didn’t grasp the impact of the Internet. The price of progress is the disappearance of businesses that don’t heed the call to change.

KMF Tech wants to see your business adapt and thrive. For most small businesses, that means incremental adjustments in areas of greatest need. So, we’re not interested in selling you a ton of functionality that you’re not ready to use. We take the time to get to know your business and focus our advice on areas where improvements can deliver the greatest immediate impact. Then, as your business develops, we can help you adapt other processes to IoT tech for even greater results. With the help of KMF Tech, you can master Industry 4.0 and learn to love the torrid pace of tech advancements. Call us today.