{"id":5315,"date":"2015-04-02T07:00:04","date_gmt":"2015-04-02T15:00:04","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=5315"},"modified":"2015-02-25T09:10:58","modified_gmt":"2015-02-25T17:10:58","slug":"internet-of-things-iot-businesses-that-ignore-it-risk-falling-behind","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/internet-of-things-iot-businesses-that-ignore-it-risk-falling-behind\/","title":{"rendered":"Internet Of Things (IoT): Businesses That Ignore It Risk Falling Behind"},"content":{"rendered":"<p>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 <a title=\"Verizon Internet of Things (IoT) report\" href=\"http:\/\/www.verizonenterprise.com\/state-of-the-market-internet-of-things\/\" target=\"_blank\">Internet of Things (IoT) by Verizon<\/a>. \u00a0The 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\u00a0efficiency, quality and customer satisfaction.<\/p>\n<p>The report finds that &#8220;IoT isn\u2019t just for multinational companies investing tens of millions of dollars. \u00a0A few dozen sensors and simple automated alerts can cut costs, create new revenue opportunities, and transform customer service.&#8221;<\/p>\n<p>Business sectors that are expected to see the most growth include<\/p>\n<ul>\n<li>Manufacturing (204 percent)<\/li>\n<li>Finance and Insurance (128 percent)<\/li>\n<li>Media and Entertainment (120 percent)<\/li>\n<li>Healthcare and Pharmaceutical (40 percent)<\/li>\n<\/ul>\n<p>Additional benefits from using Internet of Things technology include:<\/p>\n<ul>\n<li><strong>Improved customer experience<\/strong>. \u00a0Businesses will be able to speed logistics and delivery of products. \u00a0They&#8217;ll also be able to better understand and respond to the needs of their customers.<\/li>\n<li><strong>Increased productivity<\/strong>. \u00a0Businesses that use Internet of Things will be able to improve their efficiency and productivity.<\/li>\n<li><strong>Reduced risk<\/strong>. \u00a0Businesses will be able to better address regulatory requirements, monitor equipment and improve employee safety<\/li>\n<\/ul>\n<p>Verizon found that there are already more than a billion devices today connected and\u00a0running business-to-business IoT operations, and by 2020, they expect the number of connected devices to grow to 5.4 billion.<\/p>\n<p><a title=\"Mark Bartolomeo bio\" href=\"http:\/\/www.verizonwireless.com\/aboutus\/leadership\/executive\/profiles\/mark-bartolomeo.html\" target=\"_blank\">Mark Bartolomeo<\/a>, vice president IoT Connected Solutions at Verizon, <a title=\"Mark Bartolomeo on Importance of IoT\" href=\"http:\/\/www.prnewswire.com\/news-releases\/internet-of-things-gains-momentum-among-businesses-new-verizon-report-reveals-300039335.html\" target=\"_blank\">said that 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