The “internet of things” (IoT) is coming. But are businesses ready for a completely connected future?
According to a May 2014 study by Edelman Berland for GE, the majority of business executives worldwide had at least heard of the IoT; however, familiarity was low, with more than half of respondents who had heard of the IoT saying they weren't sure what it meant. Meanwhile, 44% had never even heard of the concept.
Edelman Berland/GE defined the internet of things as “the next generation of internet, integrating complex physical machinery with networked sensors and software.”
Looking at a breakdown by industry, the survey found that preparation and planning for the IoT varied greatly across sectors. Unsurprisingly, high-tech/IT sector business execs were the most prepared to optimize the IoT, with 34% of respondents from that industry saying so. Nearly one-quarter of professionals in that group were planning to prep for this new world—the highest percentage out of sectors once again. Telecoms execs were the second most prepared (31% of respondents), but interestingly, those who weren’t set to take advantage of the IoT were the least likely to say they were planning to—and the most likely to report that they had no intention to do so.
Meanwhile, both healthcare and manufacturing landed at the bottom in terms of preparedness, with just 21% of respondents from each of these industries saying they were ready to optimize the IoT—and nearly half never having even heard of it.
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