Industry Insights

The Race to Develop IoT Strategies that Work

By Gretchen Dukowitz / Nov 02, 2017

Iot Strategy Blog Post

In 1982, students at Carnegie Mellon University created the world’s first connected device by rigging a vending machine to report on its inventory and whether sodas were cold. Thirty-five years later, the Internet of Things (IoT) has evolved to become one of the most talked-about topics in technology, and for good reason. The sheer potential of IoT—to improve the customer experience, increase efficiency, and unlock new value—is massive.

Just how massive? A recent report from BI Intelligence projects that there will be 34 billion devices connected to the internet by 2020. Over the next five years, all of those devices will add up to $6 trillion in spending on IoT solutions, with businesses leading the way in IoT adoption. In fact, 70 percent of Fortune 100 companies, even those that may not seem to be a natural fit for IoT, already have IoT initiatives.

For companies around the world, the race to develop and implement effective IoT strategies is on. However, even for the most savvy businesses, the challenges of IoT can be daunting. For many, it requires nothing less than a complete reorientation of the business, away from standalone hardware devices to a holistic view of software, product ecosystems, and the value of data assets.

For many companies, IoT requires nothing less than a complete reorientation of the business.

Fortunately, there are concrete steps that companies can take to build—or optimize—their IoT strategies. A recent white paper from the team at AppDevices, Evolving Your Business with IoT: Six Steps to Digital Transformation, details a complete framework that companies can use to put IoT at the center of their business. From designing and deploying smart devices, to defining cloud-network communications, to creating an ecosystem and monetization, the white paper gives a complete overview of all of the key factors that companies need to consider.

Click here to download the Evolving Your Business with IoT white paper.

Gretchen Dukowitz is Senior Content Marketing Editor at AppDirect.