Utilizing the Internet of Things (IoT), Artificial Intelligence, Machine Learning, and Vehicle Telematics for Sustainable Growth in Small and Medium Firms (SMEs)

Abstract

New technologies like the Internet of Things (IoT), artificial intelligence, machine learning, and vehicle telematics have tremendous potential to improve SMEs business processes, increase efficiency, and reduce costs to obtain a competitive advantage. However, the application of these technologies is also associated with certain difficulties for SMEs to adopt and incorporate them in their business processes due to limited resources, knowledge, and funds. The advancement in technologies such as IoT and the digitization and datafication of physical infrastructure and processes are causing massive shifts across fields. While an increasing number of devices are being connected to the internet and are capturing large volumes of information about operations, users, and the physical environment, new opportunities are arising to leverage that big data for better analytics and automation. The purpose of this paper is to assess how SMEs can apply IoT, AI, machine learning, and vehicle telematics for sustainable development by enhancing business processes, data analysis, predictive maintenance, and efficient supply chain and transportation.