When the Internet of Things first emerged as a trend, I was a little dubious as to whether it had the legs to last.
As a consumer, why would I need to buy smart lights or control the central heating from my phone? However, asking these questions made me consider my attachment to and interest in technology. Things like the daily use of a smartphone (that I expect to do far more than just make phone calls) made me realise that I already relied on technology to make efficiencies in my day-to-day life. Why wouldn’t other items be made more intelligent too? LG announced this year that all of their appliances will now be internet connected, so it’s something that’s happening regardless of whether we choose to buy into it or not. Why would we not embrace these advancements if they benefit us?
IoT isn’t just influencing the consumer space, it is impacting businesses too. IoT is not yet considered mainstream enough to make it onto the ‘Plateau of Productivity’, where it will then be deemed to be widely adopted but it is infiltrating the business space and having an impact. The farming industry, for example, has benefitted greatly from IoT, with data collected from sensors offering greater accuracy in planting and harvesting crops.
IoT is now considered to be a fundamental component of the fourth industrial revolution amongst technology breakthroughs such as artificial intelligence and 3D printing. According to some recent research we conducted with HCL Technologies, 38% of respondents’ organisations have already adopted IoT and 57% plan to do so in the future, so it’s something that is being widely accepted as a part of the future of business. However, the HCL Technologies research highlights that 50% of respondents’ organisations think that they are already behind the curve when it comes to IoT.
One of the reasons they might be behind the curve is because of the security concerns related to IoT. There’s already been high profile IoT DDoS attacks, so this is something that might make organisations more cautious when thinking about adopting IoT.
The pain points organisations may experience seem to be outweighed by the benefits of adopting new technologies, with 100% of respondents from the HCL Technologies research expecting to see benefits from increasing their use of IoT. These benefits are most likely to be better customer satisfaction, cost savings, increased organisational efficiencies, and improved use of data driven insight.
The research found that 89% of respondents’ organisations interviewed are anticipating investment in IoT to increase in the next three years. From my point of view, this is just one more example of why IoT is here to stay. Now is the time to consider how this could be deployed in your organisation, not only to get ahead of competitors but also to meet customer expectations.
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