The COVID-19 pandemic was enough to shock the entire world and setback the global economy. Such difficult times are especially stressful and tiring for small businesses and startups. These businesses are the backbone of any economy.
However, unlike larger businesses, small businesses do not have the resources and finances necessary to employ a risk management, disaster management, and contingency planning team. This makes these businesses prone to immense suffering when any crisis strikes.
Technology has played a huge role in helping out small businesses during a crisis. It became a powerful ally for most businesses. They were able to make the most of it. Internet of Things (IoT) is a trending topic in the business world these days.
In this guide, we’ll go over the Internet of Things (IoT) and how it can help companies power through various crises. IoT might seem like a complicated concept, but we’ll break it down so you can gain a better understanding of it.
Table of Contents
Upholding Business Continuity
In the face of any crisis, the main concern for any business is to maintain its operations and continue business. Minimizing the damage and ensuring the business is running is the short-term goal. However, to achieve this, the safety of all stakeholders is necessary.
Remote work has been the best outcome of the COVID-19 crisis. It allowed the entire workforce to work off-premises, and this happened overnight. However, for most small remote work was not an option, especially due to lack of experience.
This is where IoT comes in for seamless transition and adapting to new changes. IoT technologies can facilitate remote collaboration through cloud computing. This would allow companies to support their direct and indirect operations.
Employees can easily transition their work from on-site to the digital domain. With time, the whole team can monitor and discuss their work plans using IoT tools and video calls. It would also lead to minimal physical contact.
Developing Resilience and Flexibility
In today’s world, uncertainty and facing new challenges are inevitable. Even as the chaos of the pandemic has subsided, most small businesses need to build resilience and become more flexible in the face of unforeseen changes.
IoT and technological tools can help organizations have robust infrastructure and IT systems. Cybersecurity is essential for all small businesses today as they are always prone to cyberattacks.
Companies with a local IoT network connected to their devices and machines can defend themselves against malicious cyberattackers without compromising their workflow efficiencies.
IoT can also help small businesses find key points to improve their costs and manage their supply chains. It will enhance the production capacity and provide real-time inventory data. Companies can also use IoT for market and local data to predict revenue and estimate delivery times, stock levels, and production schedules.
Building Competitive Advantage
We’ve already seen most small businesses employing service personalization and contactless delivery. However, the main goal behind using IoT is to emerge from any crisis with as much strength as possible.
Smart devices can take over workplace gadgets. This will facilitate personalization, connectivity, and usability. Supply chains can also benefit from IoT. Unnecessary costs can be reduced, and supply chain risks can be minimized, revealing hidden insights to maximum value generation.
This will help small businesses gain a long-term competitive advantage over their market competitors. Machine learning combined with predictive analysis and production programs can help prepare small businesses for market changes and any other crises.
Leveraging IoT and Technology
In the business world, the Internet of Things has growing importance, and it is here to stay. IoT and technology are the only difference between business survival and business closure for small businesses. Certain tools can help stabilize things during and after a crisis for small businesses.
Small businesses should leverage IoT and technology for long-term solutions. With strategic improvements, they can build operating models and implement changes that will help them for a long time.
If you own a small business are want to find a safety technology or service to help save your business in times of need without “breaking the bank” per se, check out Counterspherics.com. They provide a Crisis & Incident Management Support System (CIMSS) and service, which helps businesses prepare, prevent, act, respond, and recover from any crisis.
They also have an animated case study video about COVID-19 and how a small business used their MERLENN® system to check on the safety and health of their employees and were ready to direct emergency help them if needed. Counterspherics Labs have helped people and businesses during crises with their safety and threat management systems.
You can reach out to them today for more info.
About The Editors and Counterspherics®
Rushton Prince and Henrie Watkins are Safety and Disaster Preparedness experts. Both have extensive backgrounds as First Responders, Safety Technology Implementers, Human Protection, and Occupational Health and Safety Trainers.
Counterspherics, the company behind MERLENN® has 22 years of experience in providing crisis response infrastructure and boasts a 100% customer satisfaction rate. To view illustrated examples of the software in action, follow Counterspherics on YouTube.