Greg Corlis | 14 May 2020
If the Internet defined the first two decades of this century, then the Internet of Things (IoT) will be a gamechanger for the next two decades and beyond.
Consumer culture has been at the forefront of driving IoT adoption so far. The rise of wearable technology, smart home appliances, navigational sensors in motor vehicles and ubiquitous virtual assistants all show how IoT enabled devices have become the norm in our daily lives.
Within many enterprises, however, the level of IoT adoption remains low, even though many executive leaders recognize that IoT can deliver value to their organisation through increased efficiencies, waste reduction and automated processes.
KPMG’s most recent Technology Industry Innovation Study1, found that IoT is ranked as the technology with the greatest potential to drive future business transformation and long-term value, especially around improved business efficiencies, increased profitability and cost reduction.
The problem is that most executives have yet to fully embrace an IoT strategy to transform their business; shaping a new relationship between organizations, customers and others operating in their supply chain.
To do so will involve using IoT sensors and networks not just for monitoring and evaluation but also for insight. Analyzing data from a connected ecosystem provides better operations and services for the entire organization. Thus, building trust with customers and suppliers who want to know their data is secure, and for organizations to make informed business decisions, knowing they can trust the data collected.
Moving forward the real value of IoT will be realized when it is integrated with other technologies that are transforming business.
How then, can executives best shape their IoT strategy? KPMG’s recent work with clients and within its own organization suggests the following four lessons will be crucial.
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