How to Profit from the Internet of Things

How to Profit from the Internet of Things By Howard Oliver, MBA, Founder & CEO, What If What Next Republished from http://riccentre.ca/2015/11/how-to-profit-from-the-internet-of-things/ Have you heard about the Internet of Things? If not or you are wondering exactly what it is and what opportunity it might hold for your city, industry or business, you are not alone. A survey of 700 C-suite executives in Canada, conducted this fall by Northstar for Microsoft reported that the majority of top execs in Canada are not even aware of The Internet of Things (IoT). Most (53%) executives said they are completely unaware of the Internet of Things and even more (72%) find it to be a confusing concept. Somewhat ironically the study found that about half of top executives believe technology helps their business stay competitive and almost half say it improves their customer service. However, a very large number (85%) say they aren’t fully utilizing technology. This represents a fantastic opportunity for Canadian businesses. In fact, in a new whitepaper, developed from an appearance before the Parliamentary Standing Committee on Industry, Science and Technology, The Information Technology Association of Canada (ITAC) suggests that Canada can be a leader in shaping the future of the Internet of Things which will “alter the way we work, how we access healthcare, and how we interact with the environment.” The world-wide numbers are more than significant. According to a current IDC report the IoT market will grow to $1.7 trillion in 2020, with a19% growth in 2015. This forecast focuses on 11 vertical industries, including consumer, retail, healthcare, government, manufacturing, transportation, and other industries. IoT opportunities...