Typically, new enterprise technologies emerge slowly, gradually gaining widespread acceptance over years as organizations test out small use cases and wait to move forward until value is proven and the IT ecosystem is mature. The internet of things is changing this paradigm.
The IoT sector is exploding as businesses embrace the value potential created by connected devices that feed user and machine data at a breakneck pace. This growth is exciting, but it also puts a significant burden on chief operations officers to reconsider how they optimize operations in such a connected, data-driven world.
Understanding the IoT's impact
The IoT is driving a seismic shift across a variety of markets. In the automotive sector alone, where the technology is fueling self-driving vehicle advances and general improvements related to constant connectivity, demand is poised to explode. MarketsandMarkets found that the IoT segment of the automotive industry will be valued at approximately $82.79 billion by 2022, a huge increase compared to the sector's $15.87 billion value as of 2015.
"The IoT revolution is here. It's time for COOs to adjust."
What's more, the automotive sector is just a drop in the IoT bucket. A separate MarketsandMarkets report focused on IoT use in industrial settings and discovered staggering potential. This segment was already valued at $113.71 billion in 2015, but it will expand to $195.47 billion by 2022.
The IoT revolution is here. It's time for COOs to adjust.
Responding to the IoT
With the IoT entrenched across a variety of processes, COOs must consider how they can revitalize processes around greater connectivity. A few examples of low-hanging fruit include:
- Optimizing maintenance practices based on reports from IoT sensors.
- Minimizing downtime by identifying warning signs in IoT data and responding quickly.
- Empowering users to make decisions faster through custom dashboards that feed IoT data into everyday processes.
These are just a few examples. The reality is that the IoT can deliver types and quantities of information that organizations have been unable to access in the past. If your business wants to make this type of data actionable, you need a COO who understands the opportunities presented by the IoT and how the technology can impact everything from day-to-day procedures to underlying business models. This may be a hard skillset to find, but YES Partners can help. Our recruiting services are specifically designed to help tech companies find executives who are equipped to keep up with the latest trends shaking the IT world.
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