The Internet of Things was a buzzword of last year - it even featured in the Budget. It’s a trend that shows no sign of abating, as more and more items become connected. We look at what this technology might mean for your business and how to get ready.
In the news, Sunday Trading laws won’t be changed after the government’s proposals are rejected, and zero hours contracts are on the rise.
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Proposed Sunday trading changes rejected in Commons
The regulations for England and Wales will not change, after 27 Conservative MPs voted with Labour and the SNP against the proposal.
79% of companies use existing pension scheme for automatic enrolment
The research by the Department for Work and Pensions also found that 36% of respondents that are yet to stage and already offer workplace pension provision intend to use their existing scheme.
Zero hours contracts on the rise
The number of people in the UK with a zero-hours contract as their main job grew by more than 100,000 in the year to November 2015, according to the Office for National Statistics.
EAT says warehouse worker who struggled to lift 25kg is disabled
A new case may impact government guidance about what constitutes day to day activity.
Small businesses increase borrowing
The latest SME Finance Monitor showed that for the first time since 2012, small businesses are returning to sources of external finance.
Key dates for your diary
25-28 March: Easter holidays
27 March: clocks change
31 March: World Backup Day. It’s a great time to review your backup protocol.
The Internet of Things: what’s on the horizon
The Internet of Things (or IoT for short) is a growing phenomenon. Recent reports show that half of businesses plan to introduce new Head of IoT roles to help them to embrace the change, and figures show that there are 15 billion connected things.
What is the IoT?
First things first. The Internet of Things describes those objects which connect to the internet and use data to offer smarter experiences. The first of these objects was the cash point, which was launched as far back as 1974 but today’s objects offer much more functionality.
From a fridge which tells you when you’re running out of milk and orders more to smart thermostats such as Hive, there are a whole host of objects that are part of this revolution. For small businesses, it gives you the opportunity to change the way you work as the technology develops.
How it could affect your business
Here are just a few of the ways that the IoT could have a positive effect on your business:
- A sales opportunity: if you make or sell products, then these items offer huge potential. In fact, Cisco has predicted that the sales potential could be as much as $14.4 trillion. Think about the items you manufacture or stock and whether you could include IoT items in your range.
- Better insights: with products connected to the internet, they offer an opportunity to capture data about when, how and where they are being used, offering businesses better insights into their customers. And sensors can even be used to track footfall in shops or for automating stock levels.
- Better customer service: as well as better data, you’ll also be better placed to help your customers. You’ll be able to receive data directly from products to analyse any issues and, with the use of Radio Frequency Identification (RFID) tags, you’ll be able to track shipments with pinpoint accuracy. And you can automate the communications you send to your customers, saving you time too.
- More comfortable working environment: if you’ve ever arrived at the office on a Monday morning to find it freezing, you’ll know how useful it can be to control the hearing remotely. The IoT allows you to control office equipment, such as lights and heating when you’re away from your workplace.
- • More streamlined administration: a whole new world could open up where you don’t have to manually input data into your systems. Imagine being able to automate expenses so that you could claim it as soon as it was rung through the till. That could be the future with the IoT.