https://www.iotworldtoday.com/wp-content/themes/ioti_child/assets/images/logo/footer-logo.png
  • Home
  • News
    • Back
    • IoT World 2020 News
  • Strategy
  • Special Reports
  • Galleries
  • Business Resources
    • Back
    • Webinars
    • White Papers
    • Industry Perspectives
    • Featured Vendors
  • Other Content
    • Back
    • IoT World 2020 News
    • Q&As
    • Case Studies
    • Features
    • How-to
    • Opinion
    • Video / Podcasts
  • More
    • Back
    • About Us
    • Contact
    • Advertise
    • Strategic Partners
  • IOT World Events
    • Back
    • Internet of Things World: San Jose
    • IoT World 2020 News
Iot World Today
  • NEWSLETTER
  • Home
  • News
    • Back
    • IoT World 2020 News
  • Strategy
  • Special Reports
  • Galleries
  • Business Resources
    • Back
    • Webinars
    • White Papers
    • Industry Perspectives
    • Featured Vendors
  • Other Content
    • Back
    • IoT World 2020 News
    • Q&As
    • Case Studies
    • Features
    • How-to
    • Opinion
    • Video / Podcasts
  • More
    • Back
    • About Us
    • Contact
    • Advertise
    • Strategic Partners
  • IOT World Events
    • Back
    • Internet of Things World: San Jose
    • IoT World 2020 News
  • newsletter
  • IIoT
  • Cities
  • Energy
  • Homes/Buildings
  • Transportation/Logistics
  • Connected Health Care
  • Retail
  • AI
  • Architecture
  • Engineering/Development
  • Security
ioti.com

Strategy


It’s Past Time That Companies Planned for IoT’s Impact

The IoT will change everything. Every entrepreneur should already have been considering the implications – if you haven't, now's the time to start.
  • Written by IOT Content Manager
  • 15th June 2017

Have you entered the world of Internet of Things? If you perhaps have a Fitbit, or any other activity tracker that connects to your phone — yes, you have. Even if you don’t have anything like it, you probably will within the next three to five years. The IoT revolution has already started, and as BI Intelligence predicts, we will have more than 24 billion IoT devices by the end of the decade.

What’s more, the same report also suggests that present-day investments in the IoT will generate around $13 trillion by 2025. And the fact is, people aren’t making these predictions based on how useful or trendy the current IoT devices are, but rather based on the fact that the IoT has a chance to change business on a fundamental level.

Let’s look at some the key ways in which the IoT will affect basically every business sector.

Enabling Companies to Create Smarter Devices

Not long ago, we didn’t expect much of our phones — as a matter of fact, we only expected them to make calls and nothing more.

However, a vast majority of today’s customers have much bigger expectations from the little devices they carry around in their pockets. We all now live in a world where you can buy a smart racket and even a smart yoga mat. These things may seem unnecessary at first glance, but these are just the first forays into the expanding universe of the IoT.

In reality, some of these Internet-capable devices will stick, and a ton of them wont. Nevertheless, companies from all around the world now have the opportunity to develop and manufacture smarter, and in turn, more useful devices. Some companies are already investing huge amounts of money in the IoT. For instance, Europe’s biggest software company SAP has already invested more than $2.2 billion IoT-capable products.

Facilitating Smarter Decisions and Business Operations

You have to realize that a huge part of the IoT isn’t necessarily about the smart devices themselves, but rather about small, data-collecting sensors.

These tiny devices can be attached to everything from cartons of milk to the cement in large bridges — more importantly, they are able to send huge quantities of insightful information back to the Cloud. With this data, companies will know how their products are used, when they break down and most importantly what people might want from them in the future.

Some companies are leveraging these sensors already. For instance, as Forbes reports, new Rolls Royce aircraft engines have sensors that send information on the engine’s functions back to their researchers in real-time. The researchers are already using all of this data to detect malfunctions and prevent different causes of aircraft disasters.

In addition, Microsoft is also using software that collects data on what features are mostly being used in their products. This allows them to abandon the least popular ones, and focus on the more popular features.

Changes in Business Models

Above all this, the IoT will almost definitely mean change of business model for a number of companies.

Just look at John Deere — for decades the company has sold standard tractors and equipment. However, since 2012, they have added data connectivity to their products. And as Network World reports, they are now developing IoT sensors that give farmers key information such as which crops to plant, and when and where to plow. Essentially, they are now selling information as much as they are selling farming equipment.

Other similar models are slowly starting to emerge — fitness trackers are already aggregating data about user’s habits and health stats, and are sharing them with their partners. The fact is, every business has an opportunity to collect enough data to make significant changes to their organizations. Processes like employee management are slowly but surely migrating to the cloud. Which is why, in the next couple of years, tools like employee time clock software will have a more prominent role in the enterprise.

If you’re a business owner, it's past time to realize that the Internet of Things will certainly impact your business in the next couple of years. But you have to look at the big picture — it is not just about what kind of products you can make smart, or how all of this information will impact your efficiency.

The IoT will change everything. Every entrepreneur should already been considering the implications — if you haven't, now's the time to start.

Tags: Article Strategy

Related


  • Skill Gaps Persist in IoT Disciplines
    From connectivity to cybersecurity to data analytics, organizations continue to confront IT skill gaps that block IoT projects.
  • FedEx CIO Attests to Data-Driven Strategies in Pandemic Times
    At Interop 2020, FedEx CIO Rob Carter outlined the company’s long-standing IT modernization project.
  • Image shows the concept of IOT technology on a blue background. The concept of connecting devices.
    IoT World Today Top IoT Trends Articles
    We round up some top stories featuring trends that will continue to mark IoT’s development this year.
  • Kudelski IoT Labs Fact Sheet
    Ensuring your product is “secure by design” right from the start is exponentially more cost effective than addressing security flaws after a product is launched. Independent evaluation of your device’s security can give you the information you need to prevent unexpected damage to revenues and reputation in the future. This fact sheet explains the end-to-end […]

Leave a comment Cancel reply

-or-

Log in with your IoT World Today account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Content

  • Digital Business Agility Should Be Company Priority
  • Integrating Analog Controls into IIoT Systems
  • Patient Health Data Is Increasingly Democratized--Despite Data Quality Issues
  • Philadelphia Finds Its Own Lane in Smart City Initiatives

News

View all

Private LTE Market Projected to Grow to $13 Billion

12th January 2021

IoT World Announces 2021 IoT World Advisory Board

9th December 2020

White Papers

View all

Smart and Flexible Automotive and Tire Production

20th December 2020

Unlock the Potential of Digital Transformation in Oil & Gas

15th December 2020

Special Reports

View all

Cybersecurity Protection Increasingly Depends on Machine Learning

28th October 2020

Webinars

View all

From Insights to Action: Best Practices for Implementing Connected Device Security

15th December 2020

Real Cyber Threats and Best Practices Cyber Security Strategy and Solutions for Smart Manufacturing

1st December 2020

Galleries

View all

Top IoT Trends to Watch in 2020

26th January 2020

Five of the Most Promising Digital Health Technologies

14th January 2020

Industry Perspectives

View all

IoT Spending Holds Firm — Tempered by Dose of ‘IoT Pragmatism’

1st December 2020

The Great IoT Connectivity Lockdown

11th May 2020

Events

View all

IoT at the Edge

17th March 2021

Embedded IoT World 2021

28th April 2021 - 29th April 2021

IoT World 2021

2nd November 2021 - 4th November 2021

Twitter

IoTWorldToday, IoTWorldSeries

Protecting Your Network Against Ripple20 Vulnerabilities dlvr.it/RrJhpD https://t.co/Q2xe5hoy4U

25th January 2021
IoTWorldToday, IoTWorldSeries

The DOD turned to #kubernetes #containers for #IoTdevelopment to brace for rapid change. dlvr.it/RqzsLz https://t.co/t8W7coEdZN

20th January 2021
IoTWorldToday, IoTWorldSeries

Food for thought: Food and Beverage Industry eBook @ROKAutomation dlvr.it/Rqz00T https://t.co/Z3y18vuozF

20th January 2021
IoTWorldToday, IoTWorldSeries

Facility of the Future dlvr.it/Rqyzvm https://t.co/ytpsOUTtGP

20th January 2021
IoTWorldToday, IoTWorldSeries

A new day in automotive production #digitalmanufacturingsolutions @ROKAutomation dlvr.it/RqyrNS https://t.co/yxPFrBZGVg

20th January 2021
IoTWorldToday, IoTWorldSeries

Unlock the potential of digital transformation in Oil & Gas @ROKAutomation dlvr.it/RqyrBV https://t.co/kzHcGjf2OK

20th January 2021
IoTWorldToday, IoTWorldSeries

.@Airbus’s #datdriven #digitaltransformation focused on getting its existing data in order rather than just gatheri… twitter.com/i/web/status/1…

19th January 2021
IoTWorldToday, IoTWorldSeries

#EdgeNLP enables devices to do much more #NLP locally that better approximates human conversation.… twitter.com/i/web/status/1…

19th January 2021

Newsletter

Sign up for IoT World Today newsletters: vertical industry coverage on Tuesdays and horizontal tech coverage on Thursdays.

Special Reports

Our Special Reports take an in-depth look at key topics within the IoT space. Download our latest reports.

Business Resources

Find the latest white papers and other resources from selected vendors.

Media Kit and Advertising

Want to reach our audience? Access our media kit.

DISCOVER MORE FROM INFORMA TECH

  • IoT World Series
  • Channel Futures
  • RISC-V
  • Dark Reading
  • ITPro Today
  • Web Hosting Talk

WORKING WITH US

  • Contact
  • About Us
  • Advertise
  • Login/Register

FOLLOW IoT World Today ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookies Policy
  • Terms
Copyright © 2021 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X