Internet of Things (loT) – Your Connection to the Future!
Bob Bishop
Chairman of Hexicor | Board Director at QLD Cricketers' Club | Past Director Sheldon College | President Australia Israel CC, Board Director Aust Gov Regional Development Authority. Board Director RSL
Business & loT
The Internet of Things (loT) is your connection to the future because virtually every industry – travel, retail, automation, farming, manufacturing and transport to name a few – is in the process of embracing this technological revolution.
The Internet of Things or (IoT) is the environment where web-enabled devices are connected with embedded sensors, communication hardware, and processors to collect and send information over a defined network.
The beauty of IoT is that it goes far beyond extending internet connectivity to standard devices like desktops, laptops, smartphones and tablets, to a range of devices which have traditionally not been internet-enabled.
Businesses need to be aware, and already working towards, it being your connection to the future. Working with IT experts who can guide your business in this key area is an important step to consider taking now.
Economic value
According to analysis by global management consulting firm McKinsey & Company, if policy makers and businesses get it right, linking the physical and digital worlds could generate up to about $11 trillion a year in economic value by 2025.
Cost savings
Australian companies who are actively taking advantage of loT say they are seeing cost savings and greater customer satisfaction (30 per cent of companies), while nearly 70 per cent can see opportunities for customer service and marketing applications.
A recent local survey also found that more than 70 per cent of Australian businesses said loT would be a part of their everyday business practices by 2022.
Source of value
McKinsey says IoT will be the biggest source of value of all disruptive technologies, ahead of mobile Internet, knowledge-work automation, cloud computing, and advanced robotics.
Business-to-business applications
While we already know about consumers who use IoT technologies such as smart watches or fitness trackers, business-to-business applications actually have greater economic potential, and will account for about two-thirds of the value of IoT investments within the next decade, says McKinsey.
Business needs better tools
McKinsey adds organisations who want to reap the full benefits of IoT technology will need better tools and methods to extract insights and actionable information from IoT data, most of which are not widely used right now, such as advanced analytics and artificial intelligence capabilities.
It says businesses need to be aware that embedded intelligence will be key to integrating IoT into business processes and to engage users.
To find out more about the Internet of Things (loT) for your business, speak with our ICT consultants here.