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Internet Of Things (IoT): Businesses That Ignore It Risk Falling Behind
Businesses that are ignoring investment in Internet of Thing (IoT) technology risk losing out in terms of future productivity, according to a new report on the Internet of Things (IoT) by Verizon. The report estimates that adopters will be able to be 10 percent more profitable if they use IoT than if they ignore it because of gains in efficiency, quality and customer satisfaction.
The report finds that “IoT isn’t just for multinational companies investing tens of millions of dollars. A few dozen sensors and simple automated alerts can cut costs, create new revenue opportunities, and transform customer service.”
Business sectors that are expected to see the most growth include
- Manufacturing (204 percent)
- Finance and Insurance (128 percent)
- Media and Entertainment (120 percent)
- Healthcare and Pharmaceutical (40 percent)
Additional benefits from using Internet of Things technology include:
- Improved customer experience. Businesses will be able to speed logistics and delivery of products. They’ll also be able to better understand and respond to the needs of their customers.
- Increased productivity. Businesses that use Internet of Things will be able to improve their efficiency and productivity.
- Reduced risk. Businesses will be able to better address regulatory requirements, monitor equipment and improve employee safety
Verizon found that there are already more than a billion devices today connected and running business-to-business IoT operations, and by 2020, they expect the number of connected devices to grow to 5.4 billion.
Mark Bartolomeo, vice president IoT Connected Solutions at Verizon, said that “within the past year, amid an improving economy, we’ve seen a number of new entrants starting to use IoT as a roadmap to improve their customers’ experiences, accelerate growth and create new business models that are driving societal innovation.”
