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How You Can Use IoT To Enhance Your Business Operations – ReadWrite

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Frank Landman


IoT is growing as more smart devices, from light bulbs to vacuums, give us more control and automation capabilities. IoT can be a massive benefit to all kinds of business operations. If you want your company to enjoy the advantages of IoT, you’ll be well on your way by reviewing our tips below.

Increase Energy Efficiency

One of the most significant advantages of IoT is it can boost the energy efficiency of most companies, from FedEx delivery route businesses to those that sell baby clothes. How?

The market for smart home and business thermostats is expected to grow by at least 20% in the next several years. Being able to monitor the use of energy in a commercial building and tweak lighting, water, usage, and temperature can cut down on energy waste.

HVAC tends to use a lot of power in company buildings, so the grown of smart thermostats opens up a vital opportunity to reduce costs and increase ROI. It’s estimated that smart thermostats have cut electric bills by 25% in homes that use them across the US. And we can expect similar savings in commercial properties.

A smart thermostat can lower cooling and heating to a minimum when staff isn’t in the office, and optimize it when it is. Smart thermostats offer almost immediate ROI when you implement them in your offices.

Replace Custodians With Automatic Vacuums

Custodial staff can be anything from essential to a disruption to a severe security problem. They also can be costly. Your business can save money and stay clean with a few robotic vacuums from Roomba or Eufy.

You also can bring in your custodians for a deep clean each month and leave the rest to the machines. And don’t worry: With the fantastic powers of IoT, they will let you know when they need emptying.

Track Equipment

Asset management can be a major hassle for any business that doesn’t have employees bring their own devices. Giving out company phones, laptops, and other electronics means it all must be tracked in a database. Who has that laptop, when did they take it, and when will it be back? It can take days or weeks to figure out where a missing device went.

But with IoT tags such as the Aruba asset tracker, you can always find your devices, no matter where they are.

Boost Productivity With Smart Coffee Machines

Coffee is a mainstay for many people, and that’s never more obvious than in the office. Sharing coffee brewing duties, keeping everything stocked, and making sure there’s plenty of coffee in the cupboards usually is a shared job. But if you use a connected smart coffee machine, such as the ones sold by Keurig and Nespresso, you can do for your coffee quaffing what IoT printers have done for ink – it’s never out of stock.

Reduce Operating Costs

IoT solutions can help companies slash costs and stay competitive. In manufacturing, smart devices can be helpful to monitor equipment and reduce downtime. They can predict misalignments and failures in your production line.

Understand Consumer Behavior

Understanding how consumers think is vital to the success of your business. With IoT devices, companies can collect, monitor, and analyze consumer data from social media, mobile, video, and Internet usage. This lets business analysts predict consumer preferences so that companies can more effectively design products and services and offer value-added features for superior engagement.

Improve Productivity

IoT devices can help your manufacturing company assess demand and better manage production stages by doing real-time tracking of raw materials and parts. Companies can collect worker data to find their most productive work schedules and schedule vital tasks and meetings.

Smart devices also can enhance facility management by telling employees about technical disruptions.

Facilitate Administrative Assistance

Smart technology exists in many forms, and some of the biggest-selling applications are for automated locks, lights, and thermostats. More people are utilizing virtual assistants to connect all smart devices into one network.

For instance, it’s estimated that nearly 30% of Americans use virtual assistants Google Home or Amazon Echo. Most of us use them to use apps without using our phones physically. Companies can also share the benefits by using them to set up meetings, scan emails, and obtain critical information and data while doing other things.

For instance, rather than asking Alexa what the temperature will be in New York City tomorrow, you can ask what last year’s annual revenue was compared to the year before. While AI needs more development before it can mimic human-to-human conversation, it’s probably coming shortly.

Lowers Company Security Risks

Virtual assistants can be linked with security systems to give business owners access to more safety and remote monitoring. It’s estimated that at least 140 million home monitoring systems will be delivered to homeowners this year, which will double in five years. With smart security, homes and businesses can lock their doors remotely, turn lights on and off, and even operate window blinds!

As smart technology improves, we can anticipate a more cohesive future for smart homes and businesses. More smart tech devices will be linked to create a more consistent experience and add more services, such as security systems that enable remote monitoring.

Telecommuting is becoming more popular, so connected security technologies have severe implications for business executives and owners. Some estimates say that 70% of company employees work at least part of the week remotely. Because you and your workers probably telecommute sometimes, it’s vital to establish a business security system that you can monitor and adjust remotely. When you aren’t in the office, you can use smart technology to check for suspicious activity in the building, control locks, and get alerts for any security breaches.

The goal of smart tech is to make your home life easier, more comfortable, and efficient. But business owners also are discovering that the same line of smart devices can save their company money and increase efficiency and safety. We can expect smart technology and IoT to affect businesses more over the next few years, and we hope you’re a part of it!

Frank Landman

Frank is a freelance journalist who has worked in various editorial capacities for over 10 years. He covers trends in technology as they relate to business.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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