How to Use the IoT to Boost Business Revenue

By Dennis McCafferty  |  Posted 07-31-2015 Email

The vast majority of global organizations have adopted some form of Internet of things technology, and they're reaping the rewards of increased revenues as a result, according to a recent survey from Tata Consultancy Services (TCS). The accompanying report, titled "Internet of Things: The Complete Reimaginative Force," indicates that CIOs are helping their companies take advantage of IoT tech through a wide variety of uses: Many are deploying IoT to better track customer behaviors through mobile apps, and a great deal are using it to monitor production and distribution operations. As for future goals, executives said the IoT will help them improve product support and repair while expanding new revenue streams through the sale of customer product usage data to third parties. "The Internet of things is no longer a closeted discussion held in the IT function or at technology vendor conferences," according to the report. "The topic has become the focus of passionate examination and spirited debate at the top-most level of a growing number of major companies around the world … The early IoT leaders are more likely to digitally reimagine their businesses and produce substantial value for customers, not just value for themselves." A total of 795 global execs took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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