In a recent webinar featuring Mike Denley and Arvind Krishnan, Mike shared 5 key trends affecting small and medium businesses (SMBs). In this post, we’ll share a preview of the webinar that focuses on how change amid these trends can be implemented with a focus on how connected services are at the center of this effort.
Leveraging cloud and SaaS technology for small and medium businesses
SMBs face significant challenges – from labor shortages to rising energy costs, to customer demands for prescribed solutions with an expected ROI. Cost and relationships with customers and labor are now key priorities for SMBs, while the traditional position of ‘if it ain’t broke, don’t fix it’ is being challenged.
Automation and the greater use of IIoT technology can lower costs and provide higher efficiencies, quality, and productivity. Cloud and SaaS technologies have placed newer capabilities within reach, both financially and in terms of skills. For SMBs, the cost of inaction could be greater than the risk of change.
So, how do we begin this change? Here’s what Mike had to say:
Unlocking the power of data and connected maintenance for SMBs
Data is the new gold, and its transformative potential is driving innovation. We must leverage this data to make informed decisions and drive operational efficiency. It is estimated that each day brings us 328 billion gigabytes of data. For SMBs, cloud and SaaS platforms have made connecting, collecting, and analyzing data much more accessible.
Connected maintenance, or remote monitoring, is a great way to collect near real-time data from industrial equipment and can detect malfunctions and optimize maintenance schedules, reducing unplanned downtime and associated costs. This strategy is within reach for SMBs and can give them an advantage over larger competitors.
Next steps for SMBs: How to get started
Mike encourages SMBs to use a Plan-Do-Check-Act methodology to connect, collect, measure, and act with a rinse-and-repeat approach. Perfect your processes and take steps that can scale and be repeated.
Condition monitoring through IoT technologies can provide valuable insights into asset performance and maintenance needs. By leveraging the cloud and iterative approaches, businesses can quickly and efficiently identify trends and take corrective action.