9 ways the IoT can transform small businesses

Spark is concerned that small to medium Kiwi businesses are missing out on exciting and expanding opportunities offered by the Internet of Things.

The Internet of Things (IoT) is a trend towards everyday objects being made with Internet connectivity capabilities. This allows these objects to send and receive data and be controlled remotely. Solutions offered by the IoT can be used by businesses to lower operating costs, increase productivity, expand to new markets and develop new product offerings.

According to recent research by the New Zealand IoT Alliance, to which Spark belongs, only 14% of New Zealand businesses have deployed some kind of IoT solution. That’s 86% of businesses missing out on economic benefits of the IoT – expected to be $2.2 billion over the next decade.

The research also shows that SME business people see the IoT as being unattainable and belonging in the realm of larger enterprise groups thanks to upfront costs.

Michael Lightfoot, a Spark IoT Business Manager, is tasked with connecting businesses of all sizes to solutions found in the IoT.
“Merely 10% of enquiries I’m fielding about the IoT are coming from SMEs, but that’s disproportionate to the number of great new uses and ideas we see coming out of our SME customer base,” says Lightfoot.

“There is so much untapped potential, especially when SMEs are responsible for solving the pain points of our larger enterprise customers with their IoT solutions.”

Lightfoot and Spark are urging SMEs to consider the possibilities of the IoT, especially as the IoT becomes more accessible thanks to expanded Internet connectivity across the Spark network, high mobile adoption and decreasing upfront costs.

“It’s important that SMEs can ask questions and connect with other businesses who are using IoT, without getting into the technical stuff too early in the conversation,” says Lightfoot.

Spark Lab, Spark’s digital mentor programme, provides this support to SMEs who want to learn more.
Spark Lab also provides digital tools, practical advice and inspirational content for SME customers to help them find their edge and achieve their business goals.
“As the world moves forward, SMEs need to think laterally when it comes to the digital capabilities of their business – beyond just mobile phones and computers,” says Lightfoot.

With that in mind, here are nine examples of readily accessible ways that the IoT can transform SMEs:

Keep your staff safe onsite and easily comply with workplace health & safety regulations. With wearable technology to track staff on site and warn workers to move away from ‘danger zones’.
Track your company vehicles and machinery, and use these more effectively.
Speed up cashflow by taking payments through mobile EFTPOS.
Make your marketing more effective by accessing additional customer data. Aggregated, anonymised mobile data can help inform marketing messaging and product development.
Use your time, and your staff’s time, more efficiently by receiving information from remote devices. IoT can provide you real-time information from connected devices you would normally have to physically check.
Make your workplace secure. With smart locks to control access to your premises. Spark’s Morepork service allows you to monitor the security of your office remotely and is totally transferable – especially helpful when leasing and shifting office assets.
Track your stock and get real-time delivery updates. Tracking sensors placed on parcels and shipping containers can eliminate costs associated with lost or damaged goods.
Control your overheads. With smart meters you are now able to measure power and water usage and identify opportunities for increased efficiencies.
Understand your staffing requirements. With ‘people counters’ to measure when and how many people are in the building (whether that be staff or customers).

Spark Lab is a knowledge and capability programme from Spark – it helps Kiwi businesses find their edge through digital tools, inspirational content and practical advice. http://www.sparklab.co.nz/