The Economist recently published a report based on interviews conducted in 2013 with 779 executives around the world. The report investigates the extent to which their companies currently make use of the “Internet of Things” in their external products and services, and separately in their internal operations and processes.
With many technological innovations there is usually a period of hype before real-world uses of the technology become apparent, yet with the IoT it is clear that we are already well beyond the hype stage. Companies are clearly evaluating how the IoT will present opportunities to them. Highlights from the report include the following statistics:
• Three-quarters of companies (75%) are either actively exploring the IoT or already using it
• Companies worldwide are currently in the research stage of the IoT business index (at point 4 on a scale of 1 to 10)
• The majority opinion (61%) among senior executives is that companies slow to integrate the IoT into their business will fall behind the competition
• Since 2012 only around 30% of organisations have seen double-digit growth in IoT investment
• Three years from now, almost all senior executives (96%) expect their business to be using the IoT in some respect
It is an exciting time for these companies, and also an exciting time for SolveXia – because, in order for these companies to make meaningful use of the data generated by their “things”, they will need process automation, analytics and calculation engines. We know that the number of data sources will increase, as will the volume of data – but there will still be a need for subject matter experts to make use of agile tools to create new business processes that support the new products they design.
The full report by the Economist (sponsored by ARM) is available here: