By 2020, the Industrial Internet of Things (IIoT) market is estimated to reach $267 billion with 7.6 billion connected devices. The interconnected world of real-time data sharing means that collaboration is no longer an option, it’s the expectation. A new survey by Forbes Insights tells us that senior executives rank IoT as the most important technology initiative; even more so than artificial intelligence and robotics. Maciei Kranz with the Harvard Business Review shares:
IoT is driving a shift in business structures from a one-company-does-it-all model to a let’s-work-together approach. This means that companies must leave behind traditional models of proprietary systems, rigid processes, and reliance on a few longtime partners and move toward models that embrace open and flexible structures in which partners can solve business problems together.
For the healthcare and financial services industries IoT can help companies gather new data and improve customer experiences; the manufacturing and transportation industries, IoT initiatives are focused on improving efficiencies and reducing supply chain costs. For example, Marathon Petroleum, an American petroleum refining, marketing and transportation company, uses IIoT to keep track of workers’ locations and automatically broadcasts safety alerts by combining data from Wi-Fi, wearable gas detectors, motion sensors, wireless networks, and real-time location systems – all sourced from different suppliers and integration partners.
Sounds easy enough, right? Well, it may be a little bit more painstaking for the coders and developers creating those connections, but for business leaders, the most important takeaway is understanding how IoT can help their bottom line.
Current state of IoT
The quick facts of the Forbes IoT Insights report:
Companies utilizing IoT
- 11 percent of respondents said that IoT programs are already a major contributor to their business
- 40 percent said they had significant IoT programs in operation
- 36 percent said they were operating pilot systems
- 13 percent said they were still in the planning stages
- 50 percent of executives say they’re in the middle of the pack when it comes to IoT deployment
- 19 percent of executives see themselves ahead of their peers
- 28 percent admit they’re followers
It’s clear that businesses are taking IoT seriously. However, executives are still showing restraint with it comes to their enthusiasm behind IoT development. They understand that this emerging technology has the ability to give them a competitive advantage now and in the future, but they don’t feel like they’re adequately getting ahead of it.
IoT efforts become stagnant and resources are pushed elsewhere; but the longer companies delay, the further behind they fall. Advancements in technology and acceleration of connected devices will put those who are lagging in a position they might not be able to dig themselves out of. From there, the gap widens and that could jeopardize the opportunity for those who are lagging.
Act now and act fast
As IoT continues to be massively disruptive, those who are experimenting need to keep the momentum, and those who aren’t need to act now and act fast.
The rich data pulled from the IIoT means companies are able to be more connected and more prepared than ever before, and companies who are able to successfully deploy IIoT through multiple partnerships allows them to implement top-notch technologies, develop cost-efficient solutions and advance business goals. The question is who will get there first?
Want to harness the power of IIoT? Schedule a Digital Solution Assessment to develop a technology roadmap that supports your business goals. Contact your MarksNelson Smart Technology professional at 816-743-7700 for more information.