The lure of streamlined operations, increased efficiency and new business models offered by IoT is growing ever more attractive to businesses as the number of connected devices around the world continues to boom. With that comes a lot of hype – justified hype, but hype all the same. However, where there’s a lot of hype, there’s a bandwagon to jump on and IoT is no different. Trying to fix all the things at once, by diving straight into implementation, could leave businesses wondering what went wrong.
The IoT hype
The Industrial Internet of Things (IIoT) has garnered many column inches of late, as global enterprises look for ways to connect all aspects of their operations, heightening efficiency through the data and insights available.
With more companies now realising the vast versatility and potential of IoT, the rate at which it is being deployed has increased exponentially. A report released by Vodafone last year found that the number of large-scale IoT projects amongst businesses worldwide has doubled over a period of 12 months, demonstrating the huge appetite for its ability to provide widespread connectivity and facilitate secure data communication.
The rapid rate of IoT uptake amongst enterprises looks set to continue, with a market analysis by Zinnov predicting global spending on IoT technology-based products and services by enterprises to reach $253 billion in 2021. However, with IoT increasingly available, its justified hype can leave many organisations susceptible to jumping on the IoT bandwagon, ‘over-implementing’ the technology in an effort to streamline existing operations.
Although IoT affords decision makers in all sectors an opportunity to transform how they manage and monetise services, it is now equally vital that those enterprises are not overwhelmed by the increasing potential of IoT. Instead, they must now think about the critical decisions that need to be made, including selecting the most suitable form of IoT connectivity that will enable intelligent decision-making and help realise the full potential of their connected devices.
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