IoT Strategic Thinking for SMEs and Startups

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Small and medium-sized enterprises (SMEs) represent about 90% of global business and more than half of employment worldwide. They play an acutely important role in the global.

The use of IoT technology can help SMEs improve their operations, increase their productivity, and efficiency, or even reduce their environmental impact. However, it is important for SMEs to have clear goals when it comes to implementing IoT technology.

Simply jumping on the IoT bandwagon because it’s a trend is not a good reason to invest in this technology. Instead, businesses should carefully consider how IoT can help them achieve their specific goals and improve their operations. This is where strategic thinking can help.

What is strategic thinking?

Strategic thinking is a process that involves analyzing and evaluating a situation or problem in order to develop a plan of action that will help achieve a specific goal.

This process involves looking at the big picture, considering all the factors that could affect the outcome, and making decisions based on a thorough understanding of the situation.

Strategic thinking also requires the ability to think critically and creatively, evaluate options, and make decisions based on the best available information. It is a key skill for leaders and managers, as it helps them make informed decisions and develop effective plans of action.

Iot can offer plenty of advantages to medium-sized enterprises

IoT and strategic thinking: why is important?

IoT with no strategy is very likely to fail. If you don’t have one, you are not going to see an ROI (return on investment), you are going to have a lot of data but no idea what to do with it.

You must understand where your business is headed and how IoT could impact your company. It is not as easy as it sounds. if you want to work with this, it will and it takes a lot of time. This is why working with strategic thinking is so important.

The strategies you need to define are the following (based on the 5 why):

Corporate strategy: composed by what and where. What is what you want to achieve? where is the focus you will use to develop that goal? You have to define your long-term vision and your corporate value.

Business strategy: this is the how of the equation: how are you going to achieve those goals that were defined by your corporate strategy?

Decision-making strategy: when you have to make an important decision in your business, you need to conclude what is most beneficial for you.

Business analysis strategy: this one helps you to understand the root causes of problems you will encounter. This strategy is composed of observations, process flow analysis, interviews, and also the 5 whys.

You chose to apply a strategy: what´s next?

Once you have a thinking strategy for your business and you want to apply it to IoT, the next thing you should do is research what you need for your project, and who are the right partners (because if you want to make everything on your own, it’s not going to work, unless you are a big company).

Developing each of the things that you will need for your project (minimum Hardware and Software) takes very expensive expertise (another key factor is that the profiles of the IoT specialists are few, so a complete team of experts developers is not affordable for small-medium enterprises) and thousands of hours.

IoT platforms as a solution

An IoT platform is a software solution that helps businesses implement and manage IoT (Internet of Things) technology in their operations.

IoT platforms typically provide a range of features and tools, such as device management, data storage and analysis, and integration with other systems. They also allow businesses to connect, monitor, and control a large number of IoT devices, and to collect and analyze the data generated by those devices.

This can help businesses gain valuable insights and make more informed decisions, improving their efficiency and productivity. IoT platforms can be used in a variety of industries, including manufacturing, retail, transportation, and healthcare.

Thinger is a software platform that helps businesses implement IoT technology in their operations. By using premade features and customizable functions, businesses can save time and money compared to developing their own solution from scratch.

Thinger can work with a variety of hardware devices, providing actionable insights that can help businesses make informed decisions. The platform is designed to be affordable and accessible, even for students, and the company offers expert support and guidance to help businesses get the most out of their IoT projects.

For more information, contact an IoT expert from our team or check our plans below:

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