Almost anything in your business can now be connected, find out how these connections can be used for competitive advantage.
In 2014 just over half of businesses had heard of the internet of things (IoT). One year later awareness among business decision makers is closer to 80%1. IoT, the concept of connecting physical objects to the internet to share data and communicate, is clearly a growing buzzword. But what does it really mean and what can it do for global multinational corporations?
IoT is powered by Machine-to-Machine (M2M) technology, which uses embedded SIM cards to send and receive data via a secure mobile network. Anything within the enterprise – a printer, for instance, or an air conditioning unit – can be connected to share data such as temperature, location, consumption, movement, altitude and speed. And once it is, the business has an opportunity to gather valuable insights that can be used to improve processes, enhance products, create new services and even transform business models.
Car insurance companies can install recording units to give drivers that exhibit pre-defined good driving behaviours a lower premium. Waste management companies can connect bins to see when they need to be emptied. And retailers can get unprecedented access to information on in store customer behaviours to update digital signage, target offers and increase sales.
Things are being connected in their thousands on a daily basis – according to Vodafone’s 2015 M2M Barometer report 27% of businesses now have an M2M project in place and a further 37% expect to have a project live within the next two years2.
The opportunity is huge – and the winners will be the businesses that understand how to extract meaningful insight from the data and use it to drive new ways of doing business in the connected world.