The Internet of things (IoT), the term used to describe the use of sensors and other Internet-connected devices to track and control physical objects, is opening up entirely new ways of doing business. However, the changing customer demands is challenging skill requirements and even the supplier landscape, thereby throwing up immense challenge to business leaders. Two recent studies detail why enterprises continue to struggle with IoT.
Researchers at the McKinsey Global Institute found that key IoT application – and they examined over 100 – could have a total economic impact of $3.9 trillion to $11.1 trillion per year in 2025. More than two-thirds of value will be generated in business-to-business settings and that business customers and consumers will likely capture more than 90% of the value created, they said. Continue reading “Reasons why companies continue to struggle with IoT”