Begin your journey to the Internet of Things
Knowledge is power. Even the smallest scrap of data - be it about competitors, customers or the production line – can make a huge difference to business strategy, and its ultimate success.
The Internet of Things (IoT) is the latest step in our digital evolution, allowing us to connect previously dumb devices not just to control them, but to gain information from them. It has become a two-way conversation – and for businesses that listen, it has become the quickest way to gain competitive advantage.
The sheer scope of application for IoT is enormous. There is no geography, no sector, no business department, no part of our lives that can remain isolated from IoT and whilst today its application may seem limited to some isolated case studies, this trend will ultimately change not just the way we do business but the way we manage our lives.
And the business world agrees. The World Economic Forum believes that by 2025, the economic impact resulting from Internet of Things could be as much as $11.1 trillion, the equivalent of 11% of global GDP, matching the predictions of analysts around the world.
This means that IoT is relevant for every business – and any choosing not to adopt not only risk losing competitive advantage, they risk the very viability of their business.
Evolution, not revolution
Whilst IoT has the power to revolutionise every business, it is not of itself a revolution. IoT is about the evolution of a new ecosystem – one that brings together new disciplines, including connected devices, data analytics, automation and artificial intelligence amongst them. It’s an ecosystem that will not only impact your products and services, but your staff too, bringing new skills and opportunities.
However, a recent report from Capita, Trends vs Technologies, suggested IT teams still face many challenges when they attempt to champion the strategy, citing upfront investment as a key concern.
Yet IoT adoption does not demand a ‘rip and replace’ of infrastructure, but is instead a cyclical journey, with many businesses taking an incremental approach, solving one problem at a time and moving gradually towards a fully connected infrastructure.
New markets, new customers, new models
Ultimately IoT has the capability to transform your business. As well as the challenges, the Trends vs Technologies research identified many benefits that those who have already adopted and IoT strategy, including:
Improved customer service and satisfaction
Improved staff productivity
Shorter time to market for new product lines
Find out more about how the Internet of Things could benefit your business. Download our free guide ‘Technology Solutions and the Internet of Things’ below.