2019 Internet of Things Facts
The Internet of Things is growing rapidly. IoT refers to anything and everything connected to the Internet and sharing data. Some of the most common consumer devices that are connected to the Internet are your newer appliances, like your refrigerator or thermostat, or your wearables, like your Fitbit or Apple Watch.
Companies like Caterpillar, Inc. took the giant leap and investment of implementing IoT into their newer construction vehicles. The payoff is huge – they saw operator efficiency raise by 45%.
Caterpillar is not the only business succeeding. 94% of businesses that have implemented IoT strategies into their business have seen a return on investment.
Quick IoT Facts:
- One of the earliest, classic devices connected to the Internet is an ATM.
- Smart home devices are one of the biggest components of IoT. Smart home device purchases are forecasted to surpass $78 Billion by 2023.
- Some of the biggest growth in IoT was in the manufacturing sector, growing 84 percent between 2016 and 2017, the highest of any industry.
- The main revenue driver for 54% of enterprise IoT projects is cost savings.
- 97% of organizations feel there are challenges to creating value from IoT-related data (Read about how we helped Craftsman understand and give them new insights to the data they were collecting).
While there’s been a number of high-profile success stories in the areas of IoT, you don’t need to look very far to find some failures as well. We at Lab651 believe many of these can be attributed to organizations that either:
- Lack a clear business use case and alignment
- Trying to implement a solution that they have never done before
As you embark on the journey of adding intelligence and smart connectivity to your products think about the following items:
Lack of Clear Business Use Case and Alignment
Am I jumping in too far without identifying the proper business use cases and having all the appropriate stakeholders in the room? Building new technology in a vacuum doesn’t work. You need to make sure that everyone from the C-Suite to the installer to your customers is aware of the changes you are making and the positive impact it will have on your business and your customers’ lives. This is where our interactive and industry-proven workshops will get you pointed in the right direction with clear business value, technology decisions, user experience, and interface mockups, and a prototype into the field in around 2 months.
Implementing Technology They Have Never Done Before
Are you trying to manage a project across multiple engineering disciplines and skillsets that are well outside your organization’s sweet spot? Enter the experts at Lab651! Building a smart, connected product is hard. The beauty of working with Lab651 is that we have Mechanical, Electrical, Software, and Data Engineers with decades of experience under one roof. We can provide you with a team that has implemented hundreds of products and the Data Science experience to allow you to build a truly game-changing solution.
Doing a connected product for each of our customers is always different, but we have decades of experience to help significantly raise the odds of those companies that will call their IoT initiative a success!