McKinsey: Ten trends shaping the Internet of Things business landscape

Experience working on the Internet of Things indicates where the value lies.

 
As we’ve worked with clients on Internet of Things (IoT) projects over the past year, we’ve noticed ten trends shaping the industry that we expect to continue in 2019.

 
1. IoT is a business opportunity, not just a tech opportunity

In the past, IoT has often been viewed as mostly a technology challenge, and we’ve found that a company’s CIO is most frequently the leader of its IoT efforts. But we see time and again that maximizing the economic impact of an IoT effort requires a broad set of changes to business practices as well. 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.

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Ten trends shaping the Internet of Things business landscape