The IoT is everywhere and it’s connecting everything! From individual devices to smart city infrastructures; could IoT revolutionize your business as you know it?
What is the IoT?
Although not new, the Internet of Things, or the Internet of Everything (IoE) as it’s more recently been called, has been gaining momentum over the last 5 years.
Put simply, the IoT is about connecting devices over the internet (or other frequencies such as Wi-Fi) and letting them “talk” to applications, each other and to us. It’s a similar concept to software and hardware integration.
It’s enabling individuals and even cities to become smarter and more efficient – and potentially it could do the same for your business.
How can IoT help my business?
With The International Data Corporation (IDC) estimating that, by 2020, devices connected to the Internet will generate nearly $9 trillion in annual sales, it’s clear that IoT presents businesses with huge potential. But the way in which connected devices are used by companies will vary massively depending on industry.
According to a 2015 study by Tata Consultancy Services, the industries that spent the most on IoT device development in 2015 were:
- travel and hospitality
- industrial manufacturing
- banking and financial services
But what are the business benefits that companies are hoping to reap through IoT technology? According to a 2014 Forrester study, they are:
- 49% – better customer experience
- 46% – supply chain optimization
- 45% – supply chain visibility
- 45% – loss prevention
- 44% – cost efficiencies
If you’re still wondering whether the IoT has breakthrough potential in your industry, Deloitte suggests that the power of IoT lies in uncovering the additional, and potentially disruptive, value that is enabled by having real-time, context-aware data feeds from multiple sources over time