How connected homes will change business forever

Posted on November 30, 2016

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A new digital dawn is rising, with business able to tap into reams of dynamic data fed from consumers' products, vehicles, computers, homes and even their own bodies.

The Internet of Things (IoT) is set to revolutionise the way consumers purchase products, use services and relay data.

The rise of IoT

According to Cisco, IoT devices already outnumber the world's population by 1.5 to 1. This is largely due to;

- Analytics and cloud computing growth

- Increasing interconnectivity of machines and smart devices

- More applications connecting supply chains, partners, and customers

How to prepare for the connected world

Technology Research firm Gartner reports that the growth of IoT is the biggest game-changer since cloud computing.

A Gartner survey revealed the three greatest concerns for business are; unclear business benefits, insufficient expertise/staffing and no clear leadership for IoT.

Security challenges

Gartner predicts that by 2020, more than 25 percent of identified attacks on company IT systems will involve IoT. Despite this, IoT will account for less than 10 percent of IT security budgets.

IoT security budgets will reach $348 million this year to counter this threat, a number that is expected to slowly rise before exploding in 2020.

Businesses need to act now

The IoT world is in its infancy, with 13% of households subscribing to a home monitoring system and 11% to home automation services. But 20 billion IoT connections are set to go online in the next five years.

This rise will reach into business, with many businesses not prepared to handle the volume and types of data demands that the IoT will place on their business. The time is now to start the work at the core network level, and the opportunities that the IoT presents will be that much easier to grasp.

Key to this is partnerning with businesses that work closely to understand where the opportunities are to deliver smarter outcomes. Chat with us about how we have helped businesses, like Spend-less Shoes, do more with their network to drive productivity and business success. 

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