With technological advances continuing to sustain growth for SMEs, a capital funding company is considering whether 2018 is the year that the IoT will benefit them.
‘The Internet of Things’ (IoT) is a network of physical devices, vehicles, home appliances and other items that is embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data.
Spanning across a range of different sectors, the IoT is expected to grow to a staggering 200 billion connected objects by 2020.
Helping to sustain this growth is smart technology and improved wireless speeds that GIC Capital, a funding company committed to helping SMEs find the best financing options available to them, think will encourage them to diversify and improve efficiency.
Kennedy Zvenyika, Managing Director of GIC Capital said: “The IoT is a valuable resource for SMEs that are looking to improve their offering and it is great at helping them to generate more data, which will in turn allow them to communicate in a more effective way with their customers.
“The benefits for businesses that work in specific fields like agriculture and manufacturing will also be significant as they will be able to decrease their operational costs, as well as improve the efficiency of their organization overall.”
“SMEs looking to expand and engage in more efficient practices can also turn to us for a number of funding options that can support their specific needs. Growth is always a challenge, especially for small businesses, but if companies ensure that they choose a finance option that is tailored to their goals, they can expect to reap the benefits.”
While there are massive benefits for SME’s that choose to make the most of the IoT, it is thought that many are failing to act fast enough and are still behind when it comes to engaging with technological advances.
A survey conducted by Analysys Mason found that businesses in various countries, including 51 SMEs in the UK, were either unsure or unaware of IoT and its benefits.