The most popular and comprehensive Open Source ECM platform
Let us know more
Internet of Things (IoT): Technology Entering the Mainstream
The concept of the Internet of Things (IoT) was first introduced in 1999. It’s taken seventeen years, but analysts are now beginning to declare that the vision has been realized and that IoT has now become a mainstream technology.
How are businesses using IoT? Use cases include fleet management and remote vehicle monitoring, building automation, security, automating supply chains, and creating new connected home and usage based-insurance (UBI) products.
A report that summarizes the state of IoT technology from Vodafone found that businesses that have invested in IoT are being rewarded.
- 63 percent of businesses with IoT report seeing “significant” returns
- IoT adopters say that they can measure a 20 percent improvement in metrics like revenue, cost, downtime and utilization
- 89 percent of businesses using IoT say they are increasing their IoT budgets this year
- IoT makes up nearly one-quarter of IT budgets for businesses using IoT
- 76 percent of businesses say that the use of IoT is critical for their business success
Matt Hatton, CEO of Machina Research, said that “enterprises rolling out IoT initiatives within their organisations must set tight parameters around what they want to achieve and what success looks like. Deploying IoT is complex and enterprises would benefit from having a third party not only to pull together the various elements of the proposition but also to act on their behalf in areas such as security, privacy and data management.”
Erik Brenneis, Vodafone’s Director of IoT, said that “three-quarters of the companies we interviewed now recognise that the Internet of Things is a new industrial revolution that will change how people work and live forever, and almost half the companies surveyed across multiple countries and sectors told us they’re already planning to bring connected network intelligence to millions of devices and processes over the next two years. 2016 is the year the Internet of Things entered the mainstream.”
