IoT Use Trends Among SMBs: Survey-Based Insightsby@oriented
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IoT Use Trends Among SMBs: Survey-Based Insights

by Stein Thore HagaJuly 5th, 2021
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What is the current state of the IoT software development market, and what are the major IoT challenges businesses and entrepreneurs go through?

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The global quarantine situation and pandemic-hindering measures that came along with it gave some serious bumps and bruises to businesses small and large across numerous industries. Companies had to go to new lengths and restructure internal and external workflows, adjust many corporate processes, and adopt business management methods, as well as better promote advanced technologies that allow for more efficient operations in these new conditions (such as IoT).  

The curious question is how exactly business clients in the IoT software development sector benefit from IoT solutions in times of pandemic-driven restrictions, dangers, and global conditions.

To find this out firsthand, we surveyed a pool of C-level managers working in all sorts of SMBs all over the world that had to tackle IoT implementation in their workflows. 

How much is this technology a savior in times of the business-hindering pandemic? Let’s find out.

What people are saying

The main points of interest of the survey we prepared and conducted included learning about the main IoT challenges, tasks, and trends of companies providing IoT solutions commercially. In the long run, we were able to acquire some pretty valuable statistical insights, including the following:

  • 30% of survey participants claimed the main IoT challenges were selecting the required hardware with all the underlying middleware, software, platform, and configuration aspects, and conducting thorough idea validation. 
  • At the same time, almost 50% of respondents mentioned project monetization model selection as one of the key IoT challenges as well.
  • Almost 50% of survey participants that worked in established companies with a long-running workflow said that IoT implementations brought a significant profitability boost during the first year after the integration.
  • Almost 60% of respondents described an all-around business efficiency boost as the main goal of adopting IoT app development services, along with in-depth equipment monitoring (33%) and reduction of errors via workflow automation (42%).

The Ultimate Advantages of IoT for SMBs

The Internet of Things is truly a game-changer in the world of business, enabling companies of different operational scopes and sizes to implement two major development methods more seamlessly - save resources and offer more advanced solutions. 

Let’s take a look at the exact benefits that companies receive by turning to IoT app development services.

Better equipment monitoring

Tracking devices such as smart sensors interconnected within a centralized IoT network can allow companies to achieve all-around traceability of their equipment and thorough monitoring of even the tiniest workflow processes.

The sensors can collect and transmit data to historical databases in real-time, generating invaluable data for further analysis without downtime.

Automation of error-prone processes

IoT automation capacities help turn a whole range of cumbersome, repetitive, manual tasks and processes into autonomous workflows free from human factor-driven mistakes and errors.

Gather business intelligence

Businesses can equip supply chain points, brick-and-mortar sales outlets, and other strategic facilities with smart sensors and other IoT devices and solutions to gather precious business statistics and BI assets. This data can be used for efficient forecasts and thorough workflow optimization.

Increased productivity

According to the American Society for Quality, implementation and integration of IoT solutions help boost overall customer satisfaction rates by 45%, produce 49% fewer defective goods, and achieve 82% higher workflow efficiency. Most of these benefits come from the increased efficiency of saving resources and eliminating numerous risks and errors.

Speed up entering the market

A thorough implementation and use of IoT capacities help deliver dynamic, real-time, service/product changes based on TA demands, achieve a competitive edge by providing trendy products before anybody else in the market, and ultimately make around 30% more sales as a result. All of this accelerates a business’ usual time-to-market dramatically.

Save money versus proprietary systems

Why cover unreasonably expensive licenses and fees. Custom IoT solutions help avoid them altogether while you can also distribute a custom-built system further once you don’t need it anymore.

Improved business efficiency

The capabilities offered by modern IoT app development services cover numerous essential and minor tasks alike in all sorts of operational scopes. All these capabilities provide the next level of efficiency due to the unrivaled data centralization, workflow automation, and other IoT opportunities.