A new survey from McKinsey & Company suggests that the enterprise Internet of Things is poised for strong growth. However, there remain many questions about the utility and impact of IoT in the enterprise since most companies are still in the early stages of implementation. To date, they have only achieved modest, incremental benefits from their enterprise IoT programs. With limited evidence of bottom-line impact, executives are cautious about increasing their enterprise IoT investments, and few have embarked on large-scale initiatives designed to transform their operations or enable new products and services. Continue reading “McKinsey – IoT Poised for Strong Growth”
According to the Report, “The IoT demands an extensive range of new technologies and skills that many organizations have yet to master. A recurring theme in the IoT space is the immaturity of technologies and services and of the vendors providing them. Architecting for this immaturity and managing the risk it creates will be a key challenge for organizations exploiting the IoT. In many technology areas, lack of skills will also pose significant challenges.”
Several years ago Gordon Hui, who leads the Business Design& Strategy practice at Smart Design, authored one of the earliest articles addressing the impact of IoT on existing business models. It is such a terrific point of reference for much of what we will discuss here, I wanted to share it in full.