Innovation and IoT: from a siloed department to the engine of the customer

Today, too many companies in the industry are attempting to replicate the safe world of the past, employing stable strategies and traditional ways of doing when instead, they should become more adaptive and innovative.?

Only a few people know the true potential of the Internet of Things. Currently, it is referred to as a buzzword, i.e. concept with a relevant-sounding technical word or phrase often of little meaning in the industry. Where as long as it is strange and unclear, no one will understand or even consider it.?

This often undermines the true potential of IoT technology, which is not in line with what it could accomplish across different industries. In my opinion, these are the main key drivers for the future.

• It will continue to enhance device functionality overall.
• 5G technology is rapidly emerging, drastically expanding the playing field for issues regarding connectivity.
• It is multifunctional and applicable in many fields: complete supply chains, connected vehicles, healthcare, smart cities, retail, oil and gas, utilities and, many of which still are being discovered.?
• The industry will utilise IoT implementation as a means to improve its corporate social responsibility i.e. becoming more sustainable.
• Information technology will lose its momentum.

According to IDC, 1.12 trillion will be spent on IoT annually by 2023. This spending will benefit all sectors: both public and private, but as long as we fail to acknowledge the importance of innovation, different industries will fall behind.

As with the saying: "No plan survives first contact with the enemy", Internet of Things technology will positively fuel the world of the future, but it has to be considered and prioritised first.