The Internet of Things (IoT) is of course one of the hottest areas of business that several companies are grappling with right now. But before any company plunges headlong into the technology, a few trends need to be understood. First of all, companies need to start off with products or systems they already either sell or produce. Business research conducted by McKinsey across eleven industries in China, Canada, USA and Germany reveals that for most top executives, optimizing the existing service operations is of key concern. This is in stark contrast to a strategy applied by many newcomers of trying to cater purely to the emerging market needs. The entire learning curve has to be aced using multiple use cases. The business processes may need some sort of tweaking to be able to leverage the available opportunities.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/what-it-takes-to-get-an-edge-in-the-internet-of-things

Uploaded Date:07 January 2019