The Future of Tech

Every year, Trends present themselves and cutting edge technology gets introduced. Just earlier this month, the Consumer Electronics Show showcased dozens of technologies meant to simplify everyday life.  Paper Thin TVs, Smart Appliances, body scales are just some of the devices showcased. What do they all have in common? Wi-Fi internet access. How can these things affect small businesses and the way they work?

There’s a popular theory about computing power, and that it doubles every 2 years. At this pace of innovation, every 2 years– existing technology becomes outdated ( Hence why Equipment Leasing is very popular ). Tech has appeared in all areas of daily life, whether it’s using a frequent customer card on your smartphone to driving environmentally friendly electric cars. There’s feedback and data exchanged on all levels between these devices. 20 years ago, no one would have predicted the integration of devices and daily life.

The Introduction of the Internet changed everything. There’s literally endless resources and knowledge available at your fingertips. Why not take advantage of it to help your role as an Entrepreneur? Every business depends on the Internet one way or another. It can be used to your benefit… Introduce- The Internet of Things. What is Internet of Things? It’s is essentially every device and application that connects to the internet. It could be anything from cell phones, cars, laptops, to components of machines like drills on construction equipment. According to Forbes, there will be over 26 billion connected devices in 2020. That number is staggering considered we only started developing Wi-Fi connected devices a decade ago. There are endless possibilities with IoT. You can automate tasks by writing programs, and streamline job responsibilities.

What exactly can Internet of Things do for your business?

Equipment Management

Internet-connected devices are going to change logistics and improve efficiency. For example: Rolls Royce Aircraft Engines have sensors which detect the performance of the engine and send it back to be monitored by Cloud. You can detect irregularities and perform maintenance before issues arise. Imagine being able to effectively estimate the lifespan left of your heavy construction equipment. You’ll be able to budget and plan for a replacement, thus allowing you to more effectively run your business.

Inventory management

There are many Inventory Management solutions that are connected to Internet of Things. Amazon is an early adopter of this genre of devices. You’ll be able to get accurate real-time inventory updates without having to worry about human error. Imagine being able to check the chain of custody with your inventory and see where mishandling was done. Entrepreneurs who want to manage their inventory with minimal supervision will find this an advantage.

Streamline and Automation

The biggest impact of Internet of Things will mean that many of our current tasks will become automated. What does that mean? You’ll no longer have to do the legwork for the tedious tasks. Having a streamlined and automated process increases productivity and frees up time for business owners to attend more important matters.

Not only will the internet of things help make everyday tasks safer, but you’ll be able to predict issues before they arise. The future will allow you to customize workflows and automate tasks. Forbes estimates that the IoT sales will reach 6 Trillion Dollars by 2020. Although automating everything with IoT devices can provide huge advantages for business owners – It’s important not to forget that technology can malfunction. If you do implement this technology, we highly recommend having a backup plan in place if things ever fail. The initial investment into IoT devices and automation can be sizable, you’ll find alternative financing options can provide some relief.