The Internet of Things (IoT) has quickly become a familiar expression among technology and business. These “things” are not general purpose devices like smartphones and PCs; rather, they include dedicated objects ranging from jet engines and cars to vending machines and soap dispensers. It is safe to say that the IoT has triggered the single biggest IT shift since the Internet.
Experts predict that the IoT will greatly impact the economy by facilitating new business models and transforming traditional businesses into digital ones. The benefits of this new model include improved efficiency and new revenue streams. The methods by which this transformation occurs will be divers, and for some businesses, extremely challenging.
IoT technologies are still in their infancy, but there are a few examples of successful enterprises utilizing this technology. Businesses across all industries must be prepared to embrace this technology or risk getting left behind by their faster-moving competitors.
Before large-scale deployment can take place, there must be business justifications which are quantified and articulated; many just don’t see the benefit of changing their business model in favor of IoT.
Here are a few real-world examples of successful deployment of IoT:
Experts predict by 2019, a total of 23.3 billion IoT devices will be connected to all industries. The enterprise market is expected to make up 40% of the total.
Whether this technology is used to give customers full control over their purchases and experiences, or it’s used to collect data, one thing is certain: this technology is not going away and will continue to grow. If your company hasn’t already devised a strategy for implementing IoT into the business, they should soon start. It could be one of the most important transformations a company could make. If your company doesn’t use IoT, you can be sure the competition does – and that’s where consumers will choose to do business with.