The Internet of Things: Opportunities for Businesses

The Internet of Things

The Internet of Things (IoT) is the network of physical objects or "things" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data.

 The Internet of Things allows objects to be sensed and controlled remotely across existing network infrastructure, creating opportunities for more direct integration  between the physical world and computer-based systems, and resulting in improved efficiency, accuracy and economic benefit.

 Each thing is uniquely identifiable through its embedded computing system but is able to interoperate within the existing Internet
infrastructure. Experts estimate that the IoT will consist of almost 50 billion objects by 2020.

While it’s a cool idea, the implications and benefits of an ultra-connected world aren’t always obvious to business owners. In fact, one recent survey by security software maker AVG found many small-business owners still don’t even know what the “IoT” means. But the concept could very well revolutionize small businesses in three major ways:

1. More efficient, real-time operations

Being able to connect more devices to the Internet will allow businesses greater intelligence and the ability to bolster the efficiency and effectiveness of their operations. According to a recent Microsoft report on IoT:

An intelligent system is transformative. Point-of-sale scanners on a retail floor are connected to warehouse systems and analytics software at headquarters for industry-leading efficiency in inventory. Robots on a factory floor send production and maintenance information directly to those who need it, for unparalleled reliability and uptime … In each case, new insights are generated that drive the organization’s objectives forward on many levels.
Many small businesses will likely upgrade their equipment in coming years and install “smart” machines and devices that can be hooked up to the Internet.

2. New business opportunities

The Internet of Things doesn’t just offer greater efficiency—it also opens to door to many new business opportunities and revenue streams that entrepreneurs can seize upon. It has the potential to change the way businesses and consumers approach the world, and, in turn, they will need new devices and services that help them navigate this changing, ultra-connected landscape.

3. More cybersecurity and privacy concerns

One drawback to this ultra-connected world is cybersecurity. The more data that’s collected online inevitably means there’s greater potential for thieves to hack into online data troves and steal valuable and sensitive business information. Privacy advocates also worry about how much information is being collected by businesses. According to a recent article on TechRadar, small and mid-sized businesses will have to consider how they secure their data collection methods:
Connected devices are considered vulnerable to hacking because many of them use the Linux operating system - which isn't patched in the same way as licensed services such as Windows.
Therefore, firms must approach IoT in the same way they do all IT systems, by updating them regularly and using identity management and authentication.

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Technology and Small Business :Cloud, mobile and security in 2016

Cloud, mobile and security top the list of technology trends in small business again for
the coming year. But this is no business-as-usual report; these trends come with refined twists that pack a wallop. In other words, it's not just about using cloud and mobile; it's about data convergence and reimagined work. And while security earns intensified focus this year, it also comes with new mandates from some of your biggest customers.

Here's what you need to know about cloud computing, mobile and security to stay on top of new business demands and opportunities in 2016.

1. Small Business Trends in Cloud Computing

It's no secret that small businesses are flocking to the cloud. Indeed, 92 percent of

small businesses use at least one cloud business solution, according to SMB Group analyst Laurie McCabe's blog post.

The most common use of the cloud thus far is subscription software. Increasingly, small businesses subscribe to software rather than purchasing it outright and installing it on company computers.

Subscription software, otherwise known as Software-as-a-Service or SaaS, not only reduces the cash outlay for software, but it also lets you and your employees remotely access the data from home office desktop computers, laptops, tablets, and smartphones.

While small businesses pay more over the life of the subscription than they would if they purchased the software outright, the monthly "rental" model is easier on cash flow, includes automatic software updates, and places the onus of IT maintenance on the vendor rather than the small business owner. The "use anywhere on any device" flexibility also untethers SMB owners and workers from their desks, which increases both productivity levels and workflow options.

But that's just the beginning.

Subscription software whetted the SMB appetite for more remote access to the company data. This year will see more SMBs moving data to the cloud precisely for that purpose. Both plentiful and cheap, cloud storage makes adding hardware to the company data center an unpalatable choice in most cases. Although some companies use a hybrid approach—wherein some data resides in the cloud and other data in the companies' on-premises servers—primarily as an additional security measure.

Small businesses are also turning to the cloud for infrastructure services. "Eighty-seven percent use at least one cloud infrastructure solution," says McCabe in her post.

"In 2015, cloud solutions are poised for hockey stick growth as more SMB decision-makers turn to a cloud-first approach that not only supports existing business models, but also enables them to develop innovative new products, services and business models."

All of these changes will result in the restructuring and repurposing of small business IT staff. According to McCabe, this is the year that "SMB IT staff and channel partners evolve into cloud managers."

In a statement to the press Steve King, of Emergent Research and co-author of a joint Intuit report, Small Business Success in the Cloud, said:

"Today, the U.S. and global economy is going through a series of shifts and changes that are reshaping the economic landscape. In this new landscape, many people are using the power of the cloud to re-imagine the idea of small business and create new, innovative models that work for their needs."

How the Cloud has Redefined Small Business

But the cloud isn't just making work easier and more productive; it's changing how small businesses attack business opportunities and threats too. According to an Intuit study, small businesses that find great success in the cloud fall in four broad categories:

Plug-in Players

Small businesses will increasingly adapt to the cloud by taking advantage of specialized services that they can seamlessly integrate into back-office operations. Instead of spending time and effort on the nuts-and-bolts of finance, marketing and human resources, cloud-adapted small businesses will plug into cloud-based providers who deliver comprehensive, tailored solutions, giving small business operators the ability to focus on mission-critical areas of business.

Hives

Cloud-adapted small businesses will increasingly be made up of individuals who share talent to form a team. These businesses will operate virtually, with employees working in different locations, and increasingly flexible staffing levels will rise and fall to meet project needs. For example, independent contractors will use virtual spaces to connect and market themselves. On Main Street, small manufacturers and producers may share a commercial facility.

Head-to-Headers 

A growing number of cloud-adapted small businesses will compete head-to-head with major firms, using the growing number of platforms and plug-in services to reach markets once only accessible to large corporations. This is already happening with platforms such as AirBnB, which provide individuals with the ability to reach a mass market through community infrastructure.

Portfolioists

Successful cloud-adapted freelancers will bring together multiple income streams to create a career portfolio. These largely will be people who start with a passion, or a specific skill. They're motivated primarily by the desire to live and work according to their values, passions, and convictions. They will increasingly build personal empires in the cloud, finding previously unseen opportunities for revenue generation.

2. The Convergence of Mobile, Cloud and Data

Small business data is on the move—thanks to the cloud—and mobile devices provide far more than a standard means of communication. Two prime trends breaking on this front: mobile payments and using geo-location in mobile advertising

and marketing.

"We're seeing the use of geo-location—meaning pushing out ads to people within a given radius of a business," says Ken Wisnefski, founder and CEO of internet marketer, WebiMax. "It used to be a difficult prospect to incorporate people's vicinity to your business into your Internet marketing and advertising campaigns. But social media makes this simple and cheap, for example using Facebook's Local Awareness Ad product, you can create ad campaigns for as little as $5 a day."

In short, mobile isn't just about getting your work done; it's about attracting customers to your business in myriad ways, too.

Mobile payments are on the upswing too, in ways that go beyond the usual services such as Swipe, Square, Dwolla, and PayPass. New services, such as Apple Pay, require that small businesses have a POS system that supports the NFC chip. It will be awhile before the mobile payment services industry goes through a shakeout that will shorten the list of options an SMB must accommodate. For now, Current trends in mobile payment options mean that accepting mobile payments in almost any form is essential.

Bring-your-own-device (BYOD) programs are on the rise in small businesses, too. But these days, small businesses want to store company data in the cloud rather than on mobile devices to increase data protection should devices be lost, stolen or broken. It's also easier to block a former employee from accessing company data that way.

"A growing majority of small businesses now regard mobile solutions as essential business enablers, with 60 percent saying that mobile solutions are critical to their business," says McCabe. "Eighty-six percent of SMBs agree or strongly agree that mobile apps are a complement to traditional business applications, and 71 percent believe that mobile apps will replace some traditional solutions entirely."

As mobile and data converge, rather than operate as two independent tools, they become more central to how business is done. And this, of course, requires renewed attention to security.

3. Security: A Top Priority, But SMBs Lag Behind

While small businesses notoriously assume that they're too small to attract cybercriminals, the opposite is true. Hackers often view SMBs as the best entry points to a larger organization. That was the case in the infamous Target breach, where hackers gained access to Target's data via an unprotected small company's access to Target's vendor portal.

But access to big companies is not the only appeal in attacking smaller companies.

"The cost of entry into an organization for a cybercriminal is decreasing and commercialization of malware and advanced persistent threats (APT) in particular grow at a rapid pace," says Mark Bermingham, director of global B2B marketing at Kaspersky Lab.  "As a result, small businesses will see attacks from a wider range of sources."

"However, small businesses today are not very aware of this trend and are extremely vulnerable to an attack," he added. "Small businesses need to be aware that cybercriminals, especially as malware actors become more prevalent, will follow the path of least resistance. In addition, the concept of the cyber-mercenary is very real today. As a result, we expect to see larger operations and more surgical strikes against small businesses."

Because of this cybercriminal shift in focus, SMBs can expect their customers, particularly customers that are big companies, to insist that they meet security standards. SMBs that cannot prove they have adequate and reliable security measures in place will lose business in droves this year.

That's the year ahead. Are you prepared for it?

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Why does your business need a Technology Consultant?

The business world is going Digital at an increasingly fast pace. Over past decades, the pace of technological progress has plunged business into a state of permanent flux, with a constant stream of innovations challenging long-established models, markets and processes. New businesses have sprung up while existing ones have faltered and some have disappeared.

This uncertain and rapidly changing environment offers many new opportunities for business but it also poses challenges, and none is greater than the need to drive growth. With the landscape constantly changing, how can businesses be sure they are taking the right direction?

Here is the thing, Technology-driven change isn’t going to go away. On the contrary, it is going to accelerate, and businesses will have to adapt to survive and thrive. This shifting business landscape can be daunting but the opportunities for growth are enormous and success will go to enterprises that manage to be agile and creative.

There are three key principles to consider in positioning a business to be ahead of the competition in this context of rapid change. 

•  Companies should become more agile and able to respond to external change. 
• Innovation should be developed to accelerate the pace of market change to your advantage. 
• Resources should be deployed where they will make the biggest difference to the new agenda. 

Having established the context, let us try and establish why  your business needs a Technology consultant.

What is a Technology Consultant?

A Technology consultant doesn’t consult with your business in the traditional sense. They help you with how and where your business should consider leveraging technology to introduce efficiencies, optimize workflow, engage clients, strengthen your brand. The Digital space encompasses anything that is connected online such as websites, mobile phones, networks, and many other options that currently exist or will be invented soon.

So how would a Technology Consultant help your business ?

Technology Consultants Are Cutting Edge Cool

Everyday it seems like there is a new social network or technology being invented where businesses need to ask themselves if that pertains to them. The answer unfortunately is ALWAYS unique to every business.  E.g Facebook is absolutely not for everyone, and some businesses should consider being on Twitter.

The online landscape changes in the blink of an eye, and it can be difficult to keep up with. You  as a business owner need to retain your focus on your business.  Your  Technology consultant will focus on how Technology changes affect your business and guides you to act accordingly. 

Technology/Digital Consultants Leads The Strategy So You Can Execute

You might have a team  to execute your Online  marketing, but these employees are almost always hired to execute and not write the strategy. Strategy is understanding that the best mix of technologies and platforms for your business, when to post for maximum effectiveness (changes for demographics and audience), and what your next move is. Your team is great at engagement and writing content, but it doesn’t mean they should lead the strategy decision.

Technology Consultants Help You Stay Relevant

Are your competitors on the new social network, have they created their own app, or is their site responsive for mobile and tablet users. It’s a Technology consultant’s job to keep track of all this and notify you when you’re lagging behind and give you recommendations on what you should be doing to be a few steps ahead of your competitors.  A good Technology consultant will conduct competitive research to see where your top competitors are investing their time and money, and let you know if its worth it for you to keep pace. Companies can lose or gain big time when making the decision to jump into a new technologies or not engaging in a platform when competitors are.

In Conclusion

As the world continues to change and move online, you’ll need a Technology consultant. Find a partner you can trust whose specialty is making your business succeed wether it is online or in your day to day business operations. 

Ensure that you’re using the latest technologies to streamline your workflow, that you’re using the right outlets and platforms to engage your key influencers and customers. 

And to always be there when you have a question about what your business should do or where you should be online.  A good consultant should become your trusted partner.

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Business Intelligence

What is Business Intelligence?

Business Intelligence (BI) and analytics is becoming increasingly important for enterprises of all sizes and sectors. It enables organisations to make sense of the vast amounts of data collected and increases informed decision-making using visual representations such as charts, gauges, grids and even maps, from within an interactive dashboard, as well as improving reporting.

Business Intelligence (BI) gives you the ability to solve critical problems much faster and more accurately than before.  But when talking about BI, what benefits should you be looking to receive?

Here are top four expectations you must have from your BI efforts

1. High Visibility over Your Organisation

BI should give you real-time access to meaningful management information from across the entire organisation.

It should be easy to see exactly what is happening at a high level and also to drill down to see what is happening in detail. With a birds-eye view you can be sure that you keep everything on track.

2. Better & Faster Decision-making

With better visibility comes improved and informed decision-making at operational, strategic and even project levels if required.

With instant access to your data and visibility over trends, making decisions should be easier and safer.

3. Increased Efficiency

You should see a considerable saving in time and the reduction of effort through the replacement of manual and labour intensive data collection and reporting processes.

Not only does this mean that you can eliminate duplication and increase the accuracy of the data collected, more importantly, your staff can be redeployed to work on more critical tasks.

4. More Empowered Executives

As executives demand more flexibility and control over what elements of the business
they want to investigate, self-service Business Intelligence has risen in importance as a good tool will enable them to analyse data without reliance on IT.

Challenges

Turning your Data into Insights can be challenging.  As a starting point, you should ask yourself the following questions:

• Does our data support our decision making?
• Does all the time our staff spend on data gathering for reporting purposes actually pay off?
• Is the information currently reported relevant and accurate?
• Do I have access to all the data I need to answer my business questions?

If the answer is ‘no’ or ‘I don’t know’, then you should first look for an approach that will enable you to say yes.

But even if you are collecting the right data getting the insight you need can still be difficult due to the high volumes of data and the skills it takes to interpret it.

Let’s take a look from another angle. Have you or any of your colleagues used one or more of these common statements:

“I can’t make sense of this data”

“It’s too hard and takes too long to create a report from this data”

As these demonstrate, the challenge lies in transforming the data into insights, in a timely way.

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