How to calculate ROI of IoT projects?January 28, 2021
IoT Adoption : Go-Slow is no more an option
Internet of Things (IoT) technologies are poised to revolutionize the way we do business – but how can small and medium-sized enterprises (SMEs) that lack the requisite skills and are constrained by budgets, capabilities or means of innovation apply IoT technology?
A look at past decade, reveals that the number of connected devices is increasing rapidly, resulting in faster technological development. It is not surprising that the Internet of Things (IoT) is the next big thing because it provides exponential opportunities of developing entirely new service-driven business models.
IoT, at its most simple form, is the concept of linking physical sensors, or "things," to the Internet. These sensors transmit information or data that can be used for informed and data-driven decision making. Today's global technological revolution is being driven by the enormous implications of billions of interconnected devices.
Constraints for SMEs for IoT adoption
Organizations in all sectors are recognising the enormous IoT opportunity and making strategic investments.
Several studies have been conducted to determine the state of SMEs' IoT readiness. According to a recent VDE survey, only three out of ten SMEs are “riding the waves of IoT.”
Furthermore, businesses that want to realise the full potential of IoT by in-house innovation must resolve a number of barriers and roadblocks that are significantly slowing IoT adoption
The most significant challenges for SMEs today are a lack of internal talent and a lack of technological skills. Both are important for additional development. SMEs looking for talent and skills in IoT must compete on a global scale - a challenge that many SMEs appear unlikely to win because many are based in less-known areas with less availability and interest for a globalized workforce.
Experts in digital transformation, innovation, and IoT are needed to develop new and potentially disruptive services in an increasingly service-driven world. A lack of talent and experience would otherwise result in a lack, or at the very least a counterproductive lag, of potential goods and services.