IoT presents opportunities for growth and new possibilities for any organization across all industries. With IoT technology, workers can monitor a patient’s health from another city or capture information on soil temperature from a field three hectares away.
Substantial changes will be possible in sectors including finance, energy and transportation. IoT technology could radically transform the way modern businesses function by increasing efficiency and reducing costs.
While the possibilities seem endless, in order for organizations to succeed, they need to look at the current state of IoT and understand the steps it will take to make the future a reality.
The current state of IoT
IoT is rapidly becoming business as usual as it transforms industries and businesses all over the world and more organizations adopt the technology. In some capacity, 34% of companies are using IoT and the confidence it the technology is only growing, according to Vodafone’s IoT Barometer 2019. Companies believe IoT technology provides a competitive advantage, and 74% of adopters in Vodafone’s report believe that within five years, companies without IoT deployments will fall behind. Organizations that adopted IoT projects in their core systems see positive results.
The benefits that come with the integration and deployment of IoT include an array of benefits from cost reductions to improved safety, increased responsiveness and even the creation of entirely new revenue streams, ultimately making businesses smarter and more efficient.
As data becomes more valuable to corporations, 80% of advanced adopters use analytics to improve business decision-making. The data collected from IoT devices is essential to steady and continue digital transformation.
Increased IoT integration correlates with greater business advantages at every stage of an organization’s IoT journey. It’s no longer a case of whether to implement IoT, but when and how.
Barriers to IoT adoption
Since last year, adoption of IoT increase by 5%, according to Vodafone. A majority of companies still have yet to implement an IoT strategy due to looming doubts around the cost and complexity of deployment. What these companies might not realize is that starting out in IoT is easier than ever.
There are current IoT solutions and platforms that make it fast and easy to deploy and manage these types of solutions effectively. Organizations can even look to off-the-shelf IoT products that offer low-risk and quick deployment. The widespread uses of IoT applications make it much easier to deploy complex IoT projects with existing infrastructure.
Adopters no longer see security as a major barrier. Sixty-five percent of adopters reported that their security concerns with IoT are no greater than with other new technologies. Even so, security and privacy issues should remain a top priority when considering IoT solutions. Taking a proactive approach to ensure that devices are tested and the integrity of the network is maintained is essential.
There is a strong correlation between sophistication and the benefits adopters have seen from using IoT. This means that adopters that developed their IoT strategy well and are progressing in its implementation reap the greatest rewards.
Businesses can assess themselves to see how they measure up in comparison to others in their sector with the IoT Sophistication Index tool. This feature provides personalized recommendations to help businesses improve their IoT sophistication and ultimately their ROI — wherever they are in their journey of adopting IoT.
IoT innovations and the future
In the future, intelligent assets will communicate with the world around them. Even though sometimes that’s hard to imagine, businesses need to act now to ensure they switch to a digital-first mindset to keep thriving.
IoT is that change agent that allows a business to compete in a digital world. Treating IoT as a critical part of a business’ digital strategy, integrating it with business systems, and selecting appropriate connectivity are all essential components of a successful IoT implementation that will deliver tangible results.
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