How to Cut Small Business Costs with the Internet of Things

How to Cut Small Business Costs with the Internet of Things

An article by Marc Kavinsky, Editor at IoT Business News.

The Internet of Things (IoT) can have a hugely positive impact on modern businesses. In particular, it can be utilized to streamline processes and boost business efficiency. This can help companies improve workplace productivity and increase overall profitability.

Additional profits can be used by companies to invest in key business areas and gain a competitive edge within their industry. You should always look for ways to reduce business expenditure.

With this in mind, here are some useful tips on how companies can cut small business costs with the IoT:

Enhanced security

The IoT has made it easier and more affordable for companies to improve their security and protect their business premises, valuables, and data. Security cameras have evolved significantly over the years, and the footage from cameras can now be viewed remotely on smart devices like mobile phones or iPads.

The footage can also be stored remotely on platforms like the Cloud to enable instant remote viewing. This allows business owners to monitor their premises and systems 24/7 without having to purchase reams of expensive videotape of additional hard drive storage. Technology like wireless alarm systems, motion detectors, firewalls, and badge scanning systems can also be implemented by businesses to increase security in the workplace.

Reduced energy costs

Energy costs account for a large percentage of most companies’ monthly expenses. Fortunately, the IoT can be a valuable tool to help businesses reduce their average energy costs. For instance, companies can install a smart thermostat to help them monitor their monthly energy use. These devices allow you to manage your HVAC systems remotely and maintain the ideal temperature within your business premises at all times.

A smart thermostat should save you around 10-12% on heating costs and 15% on cooling costs. Installing such device in your business can be an effective way to instantly reduce your monthly utility expenses and minimize waste energy. Businesses can also lower their monthly energy costs by using utility comparison websites. These sites allow you to search for cheaper utility rates such as business gas prices at Utilitybidder.co.uk in UK and switch suppliers to take advantage of the best deals on offer.

Efficient inventory management

Large numbers of businesses have to maintain and manage inventory. Poor inventory management can lead to several negative consequences, such as customer complaints, overstocking, and the inability to create accurate business forecasts. Businesses can use IoT to help them maintain an organized and efficient inventory. In particular, warehouse managers can now monitor business stock levels using sensors on products. It is also possible to program automatic orders when stock becomes low. This means that businesses will never be left with inadequate stock levels to meet customer demand.

According to squarup.com, you can further improve inventory management by conducting regular stock audits, using cloud-based management solution, and hiring a stock controller. When done correctly, drop shipping can be another effective way to reduce inventory expenses by allowing you to sell products without having to store them on your business premises.

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