Internet of Things
A truly global technological phenomenon, the Internet of Things (IoT) connects a staggering range of devices, including consumer electronics, payment terminals and cars. This network holds the potential to revolutionise the office. The detailed insight the IoT can offer into customer behaviour unlocks huge scope for opportunity to reduce costs, streamline processes and enhance service provision. McKinsey estimates the IoT has the power to generate $1.1 trillion (€924.4 billion) in economic value by 2025*. Today, businesses are now beginning to introduce the use of Artificial Intelligence (AI), machine learning, natural language and image processing to the data analysis process, allowing greater understanding of the data generated.
The opportunity for businesses to harness these technologies and transform information management is immense, and the journey for many is only beginning. Last year, 49 per cent of businesses did not have an enterprise-wide digital strategy (4,498 CIO survey across 86 countries)** and of those that have one, 88 per cent felt their business had yet to fully benefit. In this time of change, it is prudent for businesses to stay agile; devising digital solutions for information management that integrate manual, digital and automated processes.
*McKinsey, The internet of thing: mapping the value beyond the hype, June 2016
**Harvey Nash / KPMG CIO Survey: Navigating uncertainty, April 2017