Redefining IoT, an Evolving Journey
Andrew Morawski
Executive Vice President, Oracle Communications at Oracle | Board Member PacketFabric
Last week Vodafone hosted an evening focused on the future of IoT and how the industry will continue to evolve. We were fortunate enough to have Godfrey Chua, Machina Research moderate a discussion on the value of IoT in various industries. In addition to myself, our panelists also included:
- Dustin Roller, VP Innovation Product Development at ASD Healthcare
- Mike Luzzi, Director of Innovation at Pepsico
- Lora Lindsey, Value Innovation Executive at Salesforce
During the event, Godfrey presented an in-depth look at the Internet of Things on a global scale and discussed what to expect as this technology becomes an integral part of businesses.
IoT connections will grow from 6 billion connections in 2015 to 27 billion in 2025,* but what value does this number hold in terms of business development? Businesses are progressively seeing IoT as an avenue for expanding revenue and improving service and maintenance. Competition is also a factor – the top reason cited for IoT adoption across businesses was to better compete with rival products and services.
With businesses viewing IoT adoption as a necessity to stay relevant in a competitive market, it’s not surprising to learn that IoT accounts for roughly 24% of IT budgets today.* However, what we’re seeing right now is that IoT adoption is happening beyond the IT department. Because IoT is multifaceted and its benefits are widespread, it touches all functional groups within a business, from marketing, to sales, to operations and more. In fact, product development/management outranks IT as the department most responsible for IoT project build and implementation strategy within organizations.
To learn more about IoT adoption among businesses, you can view the 2016 Vodafone Barometer report, here: https://bit.ly/2fPS0ma
Check back next week, when I will share more insight on the future of IoT from our panel discussion.
*Source: Machina Research 2016
Executive Vice President, Oracle Communications at Oracle | Board Member PacketFabric
8 年Thanks David Dewhirst! Will be posting some more detail on the discussion we had on the panel this week.
Marketing for B2B IoT, SaaS/PaaS, AI, and Tech. Published on Experfy, IoT for All, and more.
8 年This is a timely read for me. I have been writing recently about identifying sectors within IoT that are less well-known and adopted than their sexier counterparts, and thus present opportunities for brands in those sectors to "own" their respective categories as the number of connected devices continues to curve upward. I look forward to reading more about what the panel thought about the future of IoT. P.S. I have been trying to work "IoT" and "sexier" into the same sentence for a while now... thanks for the opportunity, Andrew Morawski :)
Account Director - City of Atlanta, MARTA, Hartsfield Jackson airport, Gwinnett & Dekalb counties and local agencies.
8 年Great observations Andrew. In addition I am seeing many of my largest multinational clients look to IOT as an incremental revenue stream as well.