But the benefits of IoT for business have given small businesses an advantage over their large counterparts. They have something large organizations can seldom match: agility. An innovative small business, for example, can have an idea, test it out and refine it before many enterprises can even organize a kickoff meeting to discuss the idea. Small companies nowadays can build best-in-class technology without having to make a large capital investment.
Furthermore, small businesses have the added advantage of not being encumbered by the limitations of large corporate bureaucracy, politics or siloed departments. This frees them up to focus on their core business instead of the chore that can come from building out the complex technology infrastructure large enterprises often need to operate.
The benefits of IoT for business also allow small companies to take their business to the next level by enabling them to provide innovative new services and experiences. Connected mobile point of sale solutions, for example, are making it easier for small companies to manage inventories, accept and process payments, and implement customer loyalty programs.
When considering IoT for business applications and the many benefits of IoT for business, small companies can create a force multiplier by using automation to match the scale of the enterprise. The more an IoT for machinery and sensors can work directly with each other and use data to make decisions without human intervention, the quicker a small business can strike when a new opportunity to outflank an often slower-moving enterprise competitor presents itself.
A good example is that while connected devices allow both enterprises and small businesses to track inventory and assets in near real-time and shift them to where demand can generate revenue, a small business is often better positioned to pivot quickly on the intelligence gleaned from the technology. Here, IoT for businesses is a reality and advantage for small businesses as much as it is for enterprise organizations.