Can the IoT Help Small Businesses?

Abstract

The IoT (Internet of Things) can transform businesses by automating processes ranging from inventory management to robotics to automation, saving time, and money. However, can small businesses benefit from the IoT? This article explores the emerging role of the IoT in small businesses, the impact on their ability to compete in a rapidly changing digital environment, and their awareness, attitudes, perceptions, and willingness to adopt it. The research utilizes an initial exploratory approach based on a review of case studies in the literature, interviews with several economic development personnel and a few small and medium-size business managers. Benefits from the use of the IoT include increased efficiency in operations and reduced costs in businesses. The medium-size businesses interviewed have verified these benefits. However, the majority of economic development personnel and small businesses interviewed did not have much or any awareness of what IoT technologies were or their potential benefits.