“My data is better when it’s with your data.” – Tim O’Reilly
By 2020, the Internet of Things (IoT) will be an $8.9 trillion market – which is half the size of the entire US economy. With over 212 billion connected ‘things’, there is no doubt that the IoT is fast-becoming entrenched both in consumer and enterprise IT. Almost every new digital device that hits the market comes with an app to monitor, control, or connect it to a network – which means that the connectedness of everything will soon be one of the world’s largest industries.
The question is, should this connectedness become key to strategic development in your company? It has already taken over most marketing initiatives–connecting consumers to a brand through rewards programs, and personalized apps–but this is the relatively new side of IoT.
Most forget that the 212 billion ‘things’ connected are not just tablets or smartphones, but rather the tools that run our world at large. They are the insulin machines that scan and send results to electronic systems, and the accounting & tax software that give you an instant printout of your return. It is not a new concept, but the IoT run will soon become woven into the business strategy of all successful enterprises.
But large and successful companies will not be the only one’s profiting from the Internet of Things. Where once cost would hinder a small business looking to develop their own software to become connected, there are now cost-effective steps that will help small businesses bring the Internet of Things to the office. Best part? It no longer requires a complete retooling on how business is run.
To bring the Internet of Things to your office you first need to take a strategic look at tactical and meaningful adoption of:
- Wearables with controllers that generate data
- Business process monitoring, control, & optimization
- Enhance and extend IT.
- Automation of products and services
- Leveraging real-time data to drive decisions
- Staying relevant with customers through 24/7 connectivity
I’ll leave you with this: If a company is so short sighted that it can’t see the ROI of being connected, then don’t expect to see that company around for very long.
But what do you think? We want to hear from you. How will your company utilize the Internet of Things?