When you think about the Internet of Things (IoT) in the context of a business setting, do you picture a large enterprise or a small or medium-sized business? Many of us think of the enterprise. This may be because SMBs have been slow at reacting to IoT compared to enterprise businesses. In fact, one recent survey found that roughly twice as many enterprises have deployed IoT compared to SMBs.
There are a number of reasons that SMBs have been slower. For example, some IoT solutions are costly unless you purchase them at scale. Additionally, setting up the infrastructure that allows you to get the maximum benefit of IoT—such as deploying analytics solutions for IoT-generated data—can be costly.
The truth is, though, that IoT offers significant opportunities to SMBs. IoT devices and services enable new operational efficiencies for SMBs. IoT solutions also offer SMBs potential new revenue streams. Here are a number of ways IoT can affect SMB IT budgets.Read More