Can the growing Internet of Things support business strategy?
Enterprise adoption of the Internet of Things (IoT) is gaining traction, according to the latest research from Verizon.
The report finds that the vast implementation of mobile technology solutions – a cornerstone of the IoT – and increased use of social media has transformed the expectations of consumers and the general public at-large.
Twin that with the decreased costs at the enterprise level on items such as sensors and data processors, and a potent mixture that’s driving organizations to work the IoT into their wider strategies is presented.
“Within the past year, we’ve seen a number of new entrants starting to use IoT as a roadmap to improve their customers’ experiences, accelerate growth and create new business models that are driving societal innovation,” explained vice president IoT Connected Solutions at Verizon Mark Bartolomeo.
Verizon’s state of the market report suggests growth in the use of the IoT will be mainly supported by a massive influx of business-to-business transactions. By 2020, there will be a total of 5.4 billion IoT B2B connections globally.
The strategic management of a plethora of enterprises will have to shift accordingly. For example, by 2025, Verizon predicts that businesses will centre their investments and where to base themselves depending on the nearest connected or ‘smart’ city.
The IoT does pose some security issues, as having so many devices connected simultaneously can present multiple points for possible cyber intrusions. However, enterprises that are fastidious in their strategic planning can negate the risks, with the positives going forward set to far outweigh the negatives.
The report suggests that the IoT has the ability to fundamentally disrupt – for better or worse – the way in which the wider population lives and works. Its importance to the future of business cannot be underestimated.
It’s already transforming and evolving industries from healthcare to retail. And there’s much more expansion and growth to come regardless of sector.