3 Years To Go: Businesses MUST Get Smart By 2020, Report Finds

There will be 7.3bn connected Internet of Things devices by the turn of the next decade, as small firms fail to keep up with advancing tech

3 Years To Go: Businesses MUST Get Smart By 2020, Report Finds

Small businesses have three years to ‘get smart’ and ensure their offices are prepared for a wave of new connected tech in the ‘Open Economy’, a report by Samsung has revealed.

According to the research, there will be an estimated 7.3bn connected Internet of Things (IoT) devices by 2020 and small enterprises will be left behind if they don’t adapt to these changes.

A challenge exists for businesses meeting the needs of ‘millennials’, who are fast becoming the default decision makers within organisations – as many have come to expect consumer-driven technologies and ideas in their working lives too; such as virtual and augmented reality and personal artificial intelligences.

This ‘Open Economy’ will be characterised by businesses cooperating with freelance workers, routine embedding of innovation and collaboration between former competitors.

However, there is a very clear danger that technology is ‘running ahead of the game’, and this pace of change is far exceeding the speed at which many small businesses are changing their behaviours and working practices

Just yesterday, it was revealed that 61% of small enterprises believe they’ll be victims of cybercrime in 2017 – signifying the importance of businesses ensuring they suitably protected against such attacks.

Graham Long, vice president of Enterprise Business at Samsung, said:

“Samsung’s ‘Open Economy’ report highlights just how far technology and the way we work has evolved in recent years, identifying a huge shortfall in how prepared businesses are to meet the challenges of this new landscape.

“Having the right security processes in place will be critical as organisations build the foundations needed to become more open, inclusive and productive in this new way of doing business. One of the reasons for this is as our reliance on using and holding confidential information on smartphones increases, so will the number and complexity of threats by hackers targeting these devices.”

Want to make your small business more smart? Read how the IoT can help you this year.

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