Hidden value: The business world, the digital space and the IoT
The digital and enterprise worlds have been interlinked for some time. It’s hard to think of many business practices that aren’t touched by technology – and data – in some way.
Moreover, consumers are now more than happy to let companies analyse their information. This has led to a cycle which sees a huge amount of data being collected, and left organisations struggling to keep up.
Value in the IoT
The Internet of Things (IoT) has gone from abstract concept to C-suite hot topic in record time. Due to the sheer amount of information that the IoT produces on a weekly, daily and even hourly basis, it remains a potential-filled digital entity.
This potential is not merely a piece of blue-sky thinking either. Research from McKinsey & Company has suggested that the IoT could have an economic impact between US$4 trillion and $11 trillion per year, by 2025.
The IoT and strategic planning
How can companies leverage the IoT in their strategic planning processes? Well, the short answer is to think of it like any other source of data, albeit a digital one. Technology plays a huge role in strategy planning and execution. The IoT is another resource in this regard.
It is particularly notable to companies looking to garner a better idea of external factors. In the future, processors that fall under the IoT umbrella will be everywhere. They already exist in smartphones, tablets and other consumer devices, but they will appear in nearly every digital entity in the future.
Consequently, if companies can tap into this pool of information and channel it back towards their goals, the business benefits could be incredibly pronounced. Of course, it’s hard to predict exactly where the IoT will be and what it will look like in a decade or so.
However, there can be little denying that those that find the most fluid and effective ways to leverage it will likely experience success.