Can Small & Medium Enterprises Growth Hack IoT?

The biggest misconception around IoT is that its benefits can only be unlocked with big investments – usually by large organizations with deep pockets and a long-term vision. This is a myth that we burst here, in this article!

The worldwide number of IoT-connected devices is projected to increase to 43 billion by 2023, and a maturing ecosystem with easy implementation is making IoT accessible for small businesses as well. Custom-built solutions might be out of the reach of SMEs, but off-the-shelf IoT tools provide unprecedented opportunities to small and medium-sized enterprises across industries.

Here is a look at some of the ways in which IoT can bring about positive outcomes regardless of the size of the organization:

1. Optimizing logistics and transportation

Sensor-based IoT tracking provides a range of excellent solutions to bring real-time monitoring and management to the industry. Vehicle sensors can give insights such as location, productivity, and technical condition of the connected fleet and help optimize routes, workloads, and delivery schedule. All these can become massive cost-savings for SMEs.

2. Manufacturing efficiencies

Adding IoT sensors to manufacturing equipment can help organizations minimize their downtime. Using machine learning and IoT fed data, predictive maintenance becomes possible. In a manufacturing scenario, floor managers can get alerts before a failure even occurs, allowing them to take preventive measures well in advance.

3. Automate to save time and money

IoT also allows small businesses such as hotels, shops, restaurants, and wholesalers to automate many of their repetitive tasks and improve efficiencies by decreasing time, human error, and manpower costs. In the long run, doing away with tedious tasks also leads to higher employee satisfaction and reduced attrition rates.

4. Marketing and CX

Another area in which IoT can help small and medium enterprises is consumer engagement and marketing. By tracking data from consumers via their wearables, brands can offer real-time and personalized CX to their present and potential customers.

Conclusion

Despite the many benefits of IoT for small and medium-sized businesses, adoption lags behind for SMEs. Smaller businesses, especially, find it difficult to envision how IoT can help their businesses and hence tend to avoid investing in it. When you add the lack of existing infrastructure in small companies, the investment burden increases and further discourages SMEs from enquiring about IoT solutions. One way to overcome these challenges is by working with an experienced technology partner that can help SMEs adopt IoT tools that align with their requirements and budgets.