Dashboard’s commentary on “Unlock the value of the Internet of Things with the 2016 Vodafone IoT Barometer”
Vodafone’s Internet of Things department has once again conducted their big annual IoT Barometer, this year round with over 1000 respondents of senior management level. The focus for this issue is keys to IoT’s business value.
The focus is very relevant. Many sources often state how important it is to adopt IoT, or how much it is expected to be worth, yet it is rarely accompanied with a detailed explanation of how a business can directly benefit from it. The Barometer, which has enlisted an independent research company for the interviews, has concrete answers from organisations that are taking the steps already.
Vodafone has found that the more companies invest in IoT, the more return on investment (ROI) they get. This is particularly true for companies that are solely based on IoT. For example, Phillips Lighting enables its public and private sector customers to remotely control lighting inside and outside. The service was developed as a response to the growing need of improving quality while simultaneously driving down the cost. While it is not the only new direction Philips took in 2014, their annual report states their sales grew by 8% in 2015 compared to the previous year. It is irrefutable that some of the growth is due to the incorporation of IoT based services.
Besides spending, it is important to use IoT smartly and optimally. Over half of the companies use it to control assets in vehicles – remote monitoring and fleet management, for example. This is one of the simplest ways of incorporating IoT into everyday business conduct. It doesn’t require an enormous resource platform, nor does it need massive funds. Automatic error reports, long distance supervision and resource tracking are all technologies, which can easily be used not only by big multinationals, but by local SMEs as well.
This removes another mental barrier set between organisations and IoT. Despite IoT being bigger and more valuable than any other development in technology in years, it is simple for users of any size. A great example is provided by the Internet – it is now used by over 80% of people in developed countries. So far, there is nothing to stop IoT’s expansion to similar volumes.
You can download Vodafone’s Barometer here.