“Within 6 years, 57,000 new things will be added to to the Internet every 1 second”
Apple Watch. Google Glass. Smart Home…everyone is talking about the Internet of Things (IoT). This strange term is not just the latest tech buzzword; it’s today a new paradigm that rapidly permeates our businesses and our consumer lives.
While still in its infancy, the Internet of Things is becoming a reality. Both analysts and tech giants believe that the opportunities ahead are enormous. IDC projects that more than 212 billion “things” will be part of the Internet of Things, generating nearly 9 trillion in annual sales by 2020. From health to manufacturing, forecasts of IoT revenues are simply staggering. The Internet of Things is set to affect every industry, every company, every job and every person.
From a business perspective, the Internet of Things is both a driver of new products, and another leg of cost efficiencies. To seize those opportunities, organizations will need a sharp mindset shift.
Thanks to IoT, needs can be addressed more efficiently, in real-time, or in a predictive manner. Most non-technological products are ripe for disruption as they can become smart. They are no longer one-and-done, nor obsolete over time. IoT also enables incremental revenue, better control points and more natural opportunities for partnerships in the ecosystem.
Without doubt, the Internet of Things is a disrupting force to any business, creating new winners long before losers find out they’re losing. Is your business ready?