As the business world grows increasingly communicative and collaborative, the Internet of Things (IoT) phenomenon is set to fuel the latest business technologies, according to Frost and Sullivan.
The Internet of Things refers to how a rising number of business tools, objects and software are becoming increasingly connected, helping to facilitate a number of business operations and aid efficiency.
Andrew Milroy, vice president of ICT practice at Frost and Sullivan Asia Pacific, outlined some of the key technologies behind the Internet of Things.
"The explosion of IoT activity over the next few years will be driven by the nexus of low cost sensors, cloud computing, advanced data analytics and mobility," he said in a November 22 statement.
The presence of cloud computing on the list is a testament to its importance to just about any business today, as a range of organisations can take advantage of the mobility and flexibility benefits of cloud applications.
One area that can benefit from the cloud that businesses may not have thought of is strategic planning, as cloud based business strategy software such as StrategyBlocks can enhance collaboration in the process.
Recognising the value of involving the entire organisation in strategic planning, such solutions facilitate communication to every individual in the business that has a say in the strategy by hosting the strategy on a cloud platform. Users can access the strategy anywhere and anytime, instantly identifying what needs to be done with regards to their role in the strategy.
Frost and Sullivan also reported that the IoT will help drive big data analytics, another of the biggest business technology trends today. The consulting group explained that big data tools can help significantly with "evidence-based decision making", thus further aiding strategic planners in making sound judgments with their strategy.