IOT: How can SMEs start their Digital Transformation journey?
IoT holds the power to bring together all the digital technologies for SMEs and transform their businesses. However, they must not treat it as a panacea for all their problems. This is so because IoT inherently has no value. The value of IoT, much like software, lies in the tangible benefits it can provide to the business. Here are some steps to kick-start the transformation journey.
Step 1: Identify the areas of improvement and the business problems you are trying to solve – customer retention, enhanced process efficiency, or general organization-wide automation.
Step 2: Manage the overwhelming amount of data that is generated in huge variety, volumes, and at great speed. Storing and managing this data is very critical and sometimes can be very challenging for an SME.
Step 3: Recognize the right IoT technologies and detail out how they fit into overall IoT and business strategy.