How Enterprises Are Using the IoT for Business Transformation

Hitachi Vantara and Forbes Insights have partnered on a study designed to help companies better understand the current state of IoT, surveying more than 500 senior executives around the world that are currently engaged in or evaluating IoT initiatives. Most of us have seen the memo: The internet of things will become the backbone of the next industrial revolution and is emerging as one of the most impactful technology trends in recent memory. But now we have some decent metrics to qualify these claims. McKinsey & Co. has forecast that IoT will generate up to a whopping $11 trillion in annual savings and new revenues by 2025. This is serious IT monetization. Smart business leaders are increasingly recognizing that IoT, like the cloud before it, is an architectural disruption that is paving the way for new breakthroughs in IT and factory automation, analytics, artificial intelligence, robotics and others. To fully maximize IoT’s potential however, decision makers must fully understand the benefits, challenges, best practices and requirements to successfully implement an IoT strategy and drive business value for their company. Hitachi Vantara and Forbes Insights recently partnered on a study designed to help companies better understand the current state of IoT, surveying more than 500 senior executives around the world that are currently engaged in or evaluating IoT initiatives. The study��s findings, published in the report: “The Internet of Things: From Theory to Reality—How Companies Are Leveraging the IoT to Move Their Businesses Forward,” underscores that companies are successfully driving business value with IoT. This article includes excerpts from the report and expert commentary on the industry and future of the IoT market from top executives at Hitachi Vantara.