5 Ways IoT Is Reinventing Businesses Today
The Internet of Things (IoT) means more than simply establishing connections between devices and systems-it is opening up opportunities for creating new products and services not previously thought possible. In fact, according to a recent Forbes Insights survey of 700 executives, 60% of enterprises are, with the help of their IoT initiatives, expanding or transforming with new lines of business, while 36% are considering potential new business directions. In addition, 63% are already delivering new or updated services directly to customers thanks to their IoT capabilities.
Leveraging IoT has evolved from a connectivity strategy to a business transformation strategy, and has proven results, including increased profitability. More than seven in 10 executives credit IoT with delivering increased revenue. Currently, 45% report IoT has helped boost profits by 1% to 5%, and another 41% say the impact has boosted them by 5% to 15% annually. Over the coming year, nearly all, 94%, anticipate a profit boost of at least 5% to 15% as a result of IoT.