Digital transformation is spurring innovation and new business models across virtually all industrial and commercial sectors. In fact, 69% of senior executives responding to a global survey by Harvard Business Review Analytic Services report that changes to their business model expanded their markets to additional business segments over the past two years. Few emerging technologies offer more transformative potential for forward-thinking companies than the internet of things (IoT). The reason: it combines sensors and sophisticated software analytics to process large volumes of operational data.
IoT as a competitive differentiator
But global leaders aren’t being drawn to IoT because of its technical underpinnings—savvy executives clearly see it as fuel for business success. For example, almost three-quarters (74%) of the 741 executives in the industrial, commercial, health care, and public sectors in the global survey say IoT will become a competitive differentiator in their markets over the next two years. Underscoring the drive to capitalize on IoT, a similar number—70%—“strongly agree” that the need to adopt IoT technology will grow over the next two years.