Companies can’t afford to ignore Internet of Things (IoT) in the digital age to gain competitive advantage. IoT technologies can help companies increase productivity, cut costs, offer new products/ services and deploy new business models, according to Wharton University and Dell Digital Business Services, in “Leveraging the Internet of Things for competitive advantage” paper.
Everyday devices are getting connected to the Internet across the world, since thermostats, meters, to home gadgets, forming the IoT ecosystem. This consists in data sensors, networks, cloud storage, applications and devices, where all working together to help companies and consumers manage their lives in a smarter way.
This paper had the participation of a professor at the Wharton University, Kartik Hosanagar, which says that IoT is mainly about two things: using sensors to collect extra information and then channeling that to guide better decisions and actions. According to him, the operational benefits of IoT can’t be ignored by companies, especially in sectors such as manufacturing and energy.
We also can find in this paper that in some industries, such as manufacturing, transportation and Oil&Gas, already have been big users of information technology. And just by simply adding a few more sensors, companies that operate in this industries could get precise data in real time to enable speedy decision-making.
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