As businesses worldwide race to embrace the Internet of Things (IoT), companies from across industries are preparing for a more connected, more intelligent world. Analyst firm IDC predicts that spending on IoT deployments to be $726.5 billion worldwide this year and the number of IoT devices in the field will be at 41.6 billion by 2025.
According to analyst Carrie MacGillivray, group vice president, Internet of Things, 5G, and Mobility at IDC, “While organizations are investing in hardware, software, and services to support their IoT initiatives, their next challenge is finding solutions that help them manage, process, and analyze the data being generated from all these connected things.”
How is your company preparing for the IoT?
A recent Forbes article offers three steps companies can take to prepare for the IoT. Read on and see how they can help benefit your company:
- Revisit your business strategy: Investment in IoT should be anchored by your company’s business strategy, according to the article. If you’re exploring a new business process or even a new business model, it’s important to take a step back and ask yourself what your company is trying to do at a high level and how the IoT can help you meet your objectives.
- Consider opportunities for smart products: According to the Forbes article, “In an age where pretty much anything can be made smart, you may find your customers don’t just want more intelligent solutions–they may well expect them.” Look for opportunities to make your products or service smarter by leveraging the wealth of data collected by IoT devices and using it to enhance your offering and improve the customer experience.
- Think about the data involved: It’s never too early to start thinking about your IoT data needs and preparing your organization on how to manage it. This not only includes knowing what data sets you need, but also having a sound data management strategy for storing, analyzing, sharing, and securing the data that fuels your IoT initiatives.
If you’d like to learn more, check out this APEX Innovation post on the top business use cases for the IoT.