Internet of Things helping businesses cut energy consumption, costs

Smart appliances connected to the Internet of Things (IoT) could help businesses cut energy consumption, yielding financial savings that can be used for other business ventures, supporters say. A growing number of connected sensors, which are dropping in price, provide more choices for business leaders when embracing smart technology.

Businesses can embrace smart tech that is able to provide additional details regarding energy consumption, where and when it is happening the most, and how to save money. New offerings provide minute-by-minute metering, a unique metric that holds great potential for the future.

"Energy costs for businesses, particularly small businesses, are always a big challenge - especially if that business is energy intensive," said Rob McNamara, executive director of SmartGrid GB, in a statement published by The Guardian. "So any technologies, products and services that can help them reduce their energy costs are typically going to be welcome. And things like smart metering, in particular, can provide them with tangible benefits."

Businesses are expected to embrace multiple aspects of IoT in the future, especially as they find new offerings able to increase functionality and cut costs.