Can the Internet of Things Boost the Economy?


That’s the question Craig Torres sets out to answer for New Equipment Digest. As he summarizes the issue:

In the world of making everyday life more digital, something is starting to tip. You can see it at Noyes Air Conditioning Inc. on Monday mornings.

They used to be a nightmare, as recently as 2013, says General Manager Chris Kaufman in Gaithersburg, Maryland. Seventy technicians would dump a week’s worth of service tickets on accountants who’d then scramble to get invoices and payroll out. It was “really killing us,” Kaufman said. Then he found Canvas Solutions Inc., a startup that specializes in online workflow documentation. Now, everything’s done on iPads and the cloud.

That’s just one example of how technology is starting to reach into neglected corners of the economy — as it’s long promised to do. From plumbers’ trucks to public transportation, and even those endless forms you fill out before seeing a doctor, startup companies are finding ways to digitize ordinary tasks that have escaped the attention of giants such as Inc. and Microsoft Corp.

By doing so, they might even revive U.S. productivity, healing one of the deepest wounds of the Great Recession — one frequently lamented by Federal Reserve board members, who wrap up a two-day policy meeting today. Some economists doubt the latest tech gimmicks are up to that task, and debate is raging on the subject. But there’s plenty of money lined up behind the techno-optimists, who say the Internet of Things and its spinoffs are only just getting going.

We previously wrote about the Internet of Things in HV MFG, have a look. You can Read the full Digets article here.