For more than a third of UK’s SMBs, the lack of development expertise is seen as the main roadblock to implementing Internet of Things (IoT) solutions, a new study is suggesting.
The report, published by Apple subsidiary Claris, states that a fifth of SMB leaders worry about security and privacy when implementing IoT. Furthermore, they don’t clearly see the return on investment.
At the same time, almost two thirds believe IoT could bring them a competitive advantage and are saying their competitors are “doing more” with IoT at the time.
Looking at what the main benefits of IoT projects are, SMB leaders mentioned improved efficiency, productivity and speed, while about a third see gathering business intelligence as the main driver towards IoT adoption.
Almost a third say it’s likely their SMB will launch an IoT initiative within the next three years, while almost half added that their company was lagging behind the competition.
When it comes to ROI, despite many not clearly seeing how IoT could return the investment, a quarter (24 percent) stated their project already yielded ROI, while 38 percent expect it to happen within a year.
“The Internet of Things is a foundational pillar of technology’s next wave,” the report states. “Businesses can gain precise intelligence about how to improve, or even automate many processes by collecting and analyzing detailed data from sensors monitoring mechanical, logistical and human real-world behavior.”