August 6, 2022

SME Business News

Small Business News UK

How the Internet of Things is Affecting Small Business in the UK?

Hand working with cloud technology system and office symbol concept

The Internet of Things (IoT) is a network of objects containing embedded technology, which communicates with other systems and devices through the Internet. At its core, any physical device that can connect to the Internet is considered part of the IoT ecosystem. 

But how is IoT relevant to small businesses? IoT devices are capable of solving traditional business problems and effectively eliminating process constraints. As a result, it allows businesses to optimise everything, which reduces costs and increases productivity.

In the UK, the IoT affects small businesses in many ways. Here are some of them.

  • UK Government Commissioned the “Made Smarter Review”

The Made Smarter Review, which the UK Government has commissioned, has looked at how the widespread integration of digital technologies could foster a change in manufacturing through government partnership. It offers several proposals to equip the UK with the ability to embrace the industrial revolution. The review focuses on four main areas, Leadership, Adoption, Innovation, and Skills Development.

The SMEs (Small and medium-sized enterprises) that have been supported by the Made Smarter Review have been using technologies not only to save money but also to help save the planet. Those businesses working with the technology adoption programme have been investing in new machinery and digital tools to build buildings, use less energy, produce less waste, and make their processes more efficient.

  • SME’s Leading the Way 

According to a global research study conducted by Exact, a software provider, SMEs in the UK have been leading the way when it comes to the integration of cloud-based technologies. The study compares how SMEs in various countries stack up when it comes to the adoption of technologies. It further revealed that UK-based SMEs are the primary users of cloud software, often using more than three cloud-based products, which has led to higher revenue growth and have twice as much profit than companies that use less cloud-based products.

To ensure that they remain efficient and competitive, these companies recruit specialist IoT design engineers to create and maintain their technologies. Nowadays, tech adoption continues to grow in the UK as more and more companies realise their benefits, especially to small businesses.

  • Benefit of IoT Devices 

The benefits of IoT devices vary but usually depends on their industry and the way they function. However, there are several overall benefits to integrating this technology into your business.

One of the most significant benefits of IoT devices is that it saves a lot of money in almost all aspects of their applications. From helping a machine function more efficiently to saving money on operating costs, IoT can save the company a lot of money in a wide range of situations. In addition, IoT devices can make an existing system or process run more efficiently, reducing the time needed to carry out various functions. Finally, since IoT uses the most cutting-edge technology by relying on a vast network of information, you can be sure that it performs at an optimum level at all times.