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The Internet of Things Pushes Enterprises To Think Bigger

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The enterprise Internet of Things (IoT) is poised for strong growth. But are enterprises ready for IoTification? (A term first coined by IoT thought leader Tony Shan.)

That’s the gist of recent surveys, which suggest that executives understand the potential of IoT, but recognize that it’s going to take a lot of work to embed it into their businesses. IoT, of course, is that rapidly expanding mesh of devices, sensors and applications that generate on-point data streamed into more centralized locations for reporting, aggregation, analysis or action.

A recent survey out of McKinsey & Company, for one, suggests that just about everyone has gotten IoT religion. The survey finds that 98 percent of executives include enterprise IoT initiatives somewhere within their strategic road maps. Areas slated for IoTification include those “related to improving service operations, increasing visibility into operations, enabling new business models, and creating new product and service offerings,” the survey shows.

Another survey from Canonical detailed some of the benefits executives expect from these efforts. For example, 25 percent expect to achieve greater insights into their businesses, while 25 percent see it opportunities to launch new products and services.

However, it’s too soon to tell how IoT is progressing, as many IoT initiatives are still in the single-focus pilot stage. Things are too narrow at this stage, the McKinsey report’s authors, Michael Chui, Vasanth Ganesan, and Mark Patel, point out. As anyone experienced with pilot programs know, things change when it comes to scaling to a larger segment of the enterprise.

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