IoT technology will become an important business tool for large enterprises and organizations
However, as the technology evolves and the market develops, the IoT will trigger a variety of changes that will affect the rapid transformation of the entire business community at all levels. These impacts will also focus on the following aspects.
First, it will have a significant impact on the digital transformation of enterprises. As more and more enterprises expand and deepen their digital transformation, the IoT will increasingly take center stage, enabling the convergence of OT and IT and helping to drive workforce mobility and digitalization. This wave of digital transformation will be enabled by more economical “connected” sensors, embedded intelligence and control, faster and broader communications networks, cloud infrastructure, and advanced data analytics capabilities.
Second, the IoT will spark innovation, disrupt business models, and fuel rapid economic growth in businesses, governments, and emerging economies. Like the industrial revolution, the birth of the Internet, and the mobility revolution, the IoT will drive social progress, innovation, and prosperity. Businesses and cities will offer new types of services powered by IoT, and new business models will emerge. Emerging economies will have a great opportunity to leverage the IoT rapidly, free from the constraints of traditional infrastructure, and thus leapfrog radically. In fact, according to McKinsey forecasts, developing countries will account for 40% of global demand for IoT solutions.
IoT solutions will then be used to address major socio-environmental issues. The IoT will help countries and their economies address the enormous challenges facing the world, including global warming, water scarcity and environmental pollution. Survey respondents believe that the greater benefits of the IoT for society as a whole will be to improve resource utilization and to use related technologies to accelerate and optimize existing solutions.
Further, the IoT can also turn previously untapped data into market insights that can help companies improve the level of customer experience: When thinking about the value proposition of the IoT, most companies cite increased efficiency and cost savings as its primary benefits. However, enabling access to data, including previously untapped data, and turning it into actionable market insights will help companies better transform customer service, opening up new opportunities to build brand and service loyalty and satisfaction.
Later, the IoT can drive the development of open hybrid computing approaches that can be interoperable and facilitate industry and government collaboration in building a global architecture to address cybersecurity. While cloud-based IoT solutions will become increasingly popular, no single computing architecture can monopolize information delivery. Instead, the IoT will flourish across systems as part of a private or public cloud offering, whether outside or inside the enterprise. Built into multiple computing environments, IoT will help end users use IoT solutions in a way that best suits their own security needs and mission-critical requirements, while enabling enterprises that still use legacy technology infrastructure to transform in a reasonably manageable way.
As you can see, with the digital transformation brought about by the IoT, the effects are deepening, and the entire IoT industry is moving forward rapidly, leading to fundamental changes in IT infrastructure across industries in the future.