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Growing the Digital Business: Spotlight on the Internet of Things

A focus area of the 2015 Accenture Mobility Research was the Internet of Things—which is experiencing exponential growth.

Overview

The Internet of Things (IoT) is experiencing exponential growth fueled by decreasing costs in computing (especially sensors, bandwidth and processing), the proliferation of smartphones, ubiquitous connectivity, and the rise of cloud computing.

Accenture explored the IoT in the most recent Accenture Mobility Research study, which provides insights on trends in how companies are using digital and mobile technologies. In surveying executives, we uncovered a number of intriguing findings related to companies’ experiences with the IoT, as well as the progress they’ve made in deploying connected products.

Download Growing the Digital Business: Spotlight on the Internet of Things [PDF, 814KB]

Growing the Digital Business: Spotlight on the Internet of Things

Growing Impact

Executives participating in our survey globally agreed that IoT will have far-reaching effects on their company as well as on their broader industry.

The two most common benefits cited were enabling companies to enhance their portfolios with additional products and services, and increasing levels of engagement with their solutions.

Link to Profitability

One of the most intriguing findings of our research is the correlation between a company’s profitability (relative to competitors in its industry) and its approach to and perspectives on the IoT.

Those who described their company’s profitability as better than competitors were more likely to already have developed numerous IoT capabilities. Conversely, those describing their profitability as worse than competitors were more likely to believe that the IoT will not have any positive impact on their business (51 percent versus 31 percent).

Recommendations

It’s clear from our survey that executives around the world recognize the importance of the IoT and the impact it can have on their company and industry. Indeed, the IoT offers great potential in not only helping to improve a company’s operational efficiency and reduce costs, but also in spurring growth by enabling companies to penetrate new markets and develop entirely new offerings or businesses. In this regard, the IoT is truly transformational.

To really understand the potential benefits of the IoT for any specific business, organizations need to be willing to start with a small pilot project from, for example, just one small production line or process in the business, and rigorously analyze the results. This can provide guidance and real data within weeks making it much simpler to build a business case for IoT in the context of a company’s unique operating environment.

READ THE FULL REPORT, DOWNLOAD GROWING THE DIGITAL BUSINESS: SPOTLIGHT ON THE INTERNET OF THINGS

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