What You Need to Know About the Internet of Things

Like it or not, uniquely identifiable watches, eBook readers and other gadgets with their own unique IP address are here to stay. Companies have no choice but to adjust business models, strategies, and finance and other business processes to respond to the rise of the "Internet of Things" (IoT) and the Machine-to-Machine (M2M) solutions that enable this new reality.

The CFO will need to work closely with the CIO about investments to be made towards transforming the organization in a hyper-connected world, including spending on technology to enable Big Data analytics and business intelligence, and how to incorporate the deluge of data into the planning, budgeting and forecasting processes.

Technology market research group IDC gives us a peek into what is happening today in 2014 -- and how it thinks "IoT will change everything" by 2020, just six short years from now. Leading the charge in Asia Pacific are companies in communications and media, consumer and recreation, logistics, natural resources and utilities.

Organizations that are not thinking about IoT may find themselves at a disadvantage, as competitors gain supply-chain speed to market and boost efficiency as well as contain costs with a hyper-connected workforce and automated business processes.

 

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