Taking Advantage of IoT as a Startup

Author: Cameron Johnson, Social Media Analyst specializing in Google+

The world is changing. Not only is it changing, but advancements in technology are increasing the rate of change exponentially. The connection amidst businesses and such advancements are crucial to being successful in this digital age. So when it comes to starting a company, careful consideration must be given to the implementation and integration of daily operations and the Internet of Things.

The Internet of Things is already being applied effectively by the healthcare and insurance industries. For example, insurance companies are developing and using sensors on cars to link driver behavior and risk to that driver’s insurance premium. Healthcare companies are using wearable devices to detect falls, medical conditions, or even alert physicians to specific health risks. Seeing how successful these industries are illuminates opportunities for other businesses to digitize some of their day to day operations. It is predicted that 30 billion mobile phones, computers, tablets and other connected devices will be in use by 2020.

Increased Mobility and Reduced Expenses

Mobile connectivity can cut overhead drastically. Startup companies can offer employees the possibility of clocking in via mobile device without physically being in an office. Businesses can have apps that manage payroll or services that distribute payments to vendors automatically every month. The entire premise behind linking the Internet of Things to any business is to make running it easier and to even help get a leg up on the competition.

Take a look at the hotel industry. There once was a time when hotels only had to worry about other hotels within their own vicinity. Now these establishments have to take into account internet reservation sites along with the sudden emergence of alternative hospitality services, like AirBnB. AirBnB is a consumer favorite that specializes in renting rooms, apartments, and even entire houses. The world is becoming a much smaller place the more we integrate and connect with one another digitally. Businesses must factor this in to achieve and maintain any kind of success. Entrepreneurs have to be innovative to set their companies apart from the competition.

Similar Read:  How to Build Technology that Feels Like a Friend

Opportunities in Marketing and Business Transactions

There is a strong possibility that innovation lies within marketing or even how companies train employees. One cost cutting concept is for companies to produce and distribute videos or ads with closed captioning so they can be viewed on any mobile device without the use of headphones. Startups can also use fewer employees to perform a multitude of tasks when given the right devices to do so. There has been a declining need for cash registers as many consumers use credit cards and debit cards and long gone is the time for terminals to be connected to a landline. There are several services strictly dedicated to performing digital transactions.

The flexibility of attaching a credit card swiping machine to a mobile device is an efficient way to do business on the go. Most of these attachments are no bigger than a bottle cap. When a startup is able to bring their products and services directly to the consumer, especially when the competition is stuck at a brick and mortar location, the possibilities are endless. Being able to get ahead of the curve, whether it comes from training personnel or selling services faster than others, is a viable position any new company should want to be in.

Conclusion

Using the Internet of Things to circulate a company’s product or service is going to be a necessity moving forward. It’s estimated that the revenue to be generated by the Internet of Things’ suppliers will reach $309 billion by 2020. The opportunity in this figure alone speaks volumes to what is possible for any company willing to invest the time, money, and personnel toward the implementation of mobile connectivity into strategic operational planning. The potential for greatness is here to be seized by the right company looking to take advantage of this digital movement and make running a business, especially a startup, easier than it’s ever been.

Similar Read:  10 Pieces of Starting Up Advice from the Godfather of Startups

Disclaimer: This is a guest post. The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of iamWire and the editor(s).

Category