In today's business world there is a growing concern with business collaboration among companies, especially small and medium enterprises (SMEs). The objective of forming and operating such collaborative networks is to achieve market benefit through sharing resources, expertise and knowledge among the networked partners. It is therefore necessary to track and trace each business process within such business networks in a real-time environment in order to enhance their success level and reduce possible risks or uncertainties. Keeping such an objective in mind, this research highlights the basic principles of business process monitoring through smart technologies such as the Internet of Things (IoT) and cloud-based data repository. Smart process monitoring through the combination of Internet of Things technology and cloudbased data repository system is rarely discussed in the field of collaborative business. Within the scope of this research, generic scenarios of both the IoT and cloud-based data storage are described with the objective of implementing them in a collaborative business process monitoring domain. An implementation example is highlighted in this paper, where IoT and cloud-based data storage are showcased in business process monitoring and management. The overall research outcomes and future research directions are also articulated in the conclusion section of this paper.