6 Key Elements for SMBs to Capitalise on the Internet of Things (IoT) Trends

What if I told you that in the next few years, the now-ubiquitous smartphone will give way to its smarter cousins that will manage everything — from monitoring your health and sleep patterns to manipulating the window blinds to controlling the temperature in your office? Or that motion sensors will automatically schedule meetings for you or perhaps suggest a nice restaurant nearby sensing your hunger?

These ideas are not only within reach, but with each passing day, they are speedily progressing into reality. Riding these trends in Australia are companies like GoFar — mobile app and in-car display that helps to drive your vehicle up to 15% more fuel efficiently — and Wattcost — a mobile-to-mobile technology that generates real-time updates to enable appliance usage in a way that maximises energy savings.

Frankly, it wouldn’t be a stretch to say that the future of how we’ll live and work is pegged on three words — Internet of Things!

According to a Microsoft-funded report from last year, IoT adoption has been off to a slow start among Australian businesses, yet two-thirds of those who have deployed IoT solutions have reported day-to-day operational cost savings of nearly 28%.

The point is, IoT is no longer a hype on the horizon. It’s here and now! But the question is: how can your SMB join the ranks of those benefiting from embracing IoT?

Talking in acronyms, like I always do, let’s discuss six key elements that SMBs need in order to take advantage of new opportunities afforded by IoT.