Best Practices to Maximize the Internet of Things

By Dennis McCafferty
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    An Abundance of 'Things'

    An Abundance of 'Things'

    By 2020, the IoT will include nearly 26 billion devices, with a global economic value of $1.9 trillion.

When it comes to the Internet of things (IoT), think big. As in really, really big. As in a staggering number of online machines and devices—including those installed for network-enabled cars, shoes, washing machines, pets and virtually anything else in existence—connected by the next decade. For enterprises, this represents a watershed opportunity for cost reductions and new revenue, according to recent research from Deloitte. The resulting report, "The Internet of Things Ecosystem: Unlocking the Business Value of Connected Devices," reveals what companies are seeking from this developing technology. In addition, it presents a number of best practices for IT teams to maximize IoT's strategic value. "The Internet of things has the potential to offer business value that goes beyond operational cost savings," says Eric Openshaw, vice chairman and leader of Deloitte's Technology, Media and Telecommunications practice. "Providers in the IoT ecosystem have a largely unexplored opportunity to develop compelling solutions that explore how the ability to collect and analyze disparate data—in real time and across time—might transform the business. These developments will play out within and across enterprises, offering opportunities for sustained value creation, and even disruption for those who can imagine possibilities beyond the incremental." Deloitte compiled the statistics included in the following slides from research conducted by Gartner, the Economist Intelligence Unit and Deloitte's own analysis.

This article was originally published on 2014-07-11
Dennis McCafferty is a freelance writer for Baseline Magazine.
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