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The future of global business lies in the Internet of Things

Social Media Manager, Internet of Things, IBM

Each year, the IBM Institute for Business Values conducts its Global C-suite Study to gather business insights from more than 5,000 business leaders across 21 different industries. This study, which helps identify trends, concerns and opportunities for global business, helps create a panoramic perspective of what business leaders see when they look to the horizon.

In 2015, the horizon is dominated by the Internet of Things (IoT). More than 57 percent of CxOs surveyed placed it among the three most important near-term trends, tertiary to cloud computing and mobile solutions. Many survey participants viewed disruptive business models and technologies warily, calling them “digital invaders.” Unsurprisingly, several of these technologies—such as FitBit—exhibited strong ties to the Internet of Things.

During the study, executives from Sony Corporation, Tangerine Bank, Ricoh Europe, Western Union, Menicon, Neste Oil, Royal Philips, Ericsson Group and Aviva all weighed in to provide IoT-specific insights:

  • Ufone’s chief commercial officer, Asher Yaqub Khan, called out connected wearables in particular, saying, “The app concept—that there are millions of developers who can convert mobile and wearable devices into completely new and innovative tools—will transform big business.”
  • Deutsche Bahn’s head of corporate development, Dr. Ralph Körfgen, gave the nod to products that bring consumers a “virtual layer,” such as integrated information and services.
  • The CMO of an unnamed U.S. machinery manufacturer extolled the value of the Internet of Things, saying, “We’ll be able to increase utilization of our equipment and optimize capital costs. We’ll be able to predict failures and do preventive maintenance.”

Throughout the entire study ran a clear thread—the shared belief that technology can transform how enterprises operate across all sectors, and that the Internet of Things offers the chance to enhance asset use, convert products into services, add wrap-around services and personalize offerings. Indeed, according to survey participants, we can expect the Internet of Things to play a predominant role in technology during the next three to five years.

To learn more about the expected near-term role of the Internet of Things, read the entire 2015 Global C-suite Study, then take an interactive survey to find out how you stack up against the enterprise leadership set.