MIT: Internet of Things: Business Implications and Opportunities Build a business roadmap for successful tech integration.
7/09/2021 – 16:21
The application of the Internet of Things (IoT) goes far beyond smart TVs and wearables. IoT technology offers a multitude of opportunities for automation in business. According to the results of a survey completed by Forbes Insights involving 700 executives, 60 percent of enterprises are using IoT initiatives to expand with new lines of business, while 63 percent are currently delivering new services to their customers using IoT.1
In the past, IoT was often viewed as something only affecting technology, but a major trend that’s shaping the impact of IoT is its notable business value. The International Data Corporation (IDC) estimates that there will be 41.6 billion connected IoT devices, or ‘things’, generating 79.4 zettabytes of data by 2025.2 Its implementation within business practices has the potential to increase economic influence. McKinsey Digital explain this in practice:
“Connecting a wind turbine to the Internet, for example, means that it can send data to managers about when it needs to be serviced or that an optimization opportunity exists. But if the necessary management and maintenance business processes are not in place — for example, the supply chain isn’t able to deliver a replacement part — then the benefits can’t be realized.”3
The six-week MIT Sloan Internet of Things: Business Implications and Opportunities online short course guides you as you explore the implications of IoT adoption in the business context.