Spencer Stuart: Seizing the Internet of Things Opportunity

Is your organization ready for the Internet of Things?

Even just a decade ago, the Internet of Things (IoT) was more of a hypothetical concept than an imminent possibility. The potential is indeed staggering: Some estimates suggest that IoT will add $15 trillion to the world economy over the next 20 years and, according to McKinsey Global Institute, it could create an annual economic impact of $3.9 trillion to $11.1 trillion by 2025.For organizations ready to seize the opportunity, the Internet of Things could mean:

• The creation of new products, services and avenues for growth;
• Shifts in existing business and formation of new business models and value chains;
• Dramatic increases in efficiency that yield significant cost savings;
• Early detection of potential problems, enabling intervention before issues escalate; and
• Access to new data for more insight-driven decision-making.

IoT is already part of companies’ current strategies, but for others, IoT could represent a seismic shift in how organizations do business. Unlike the establishment of chief e-commerce roles in the ’90s, there has not been a wholesale creation of dedicated IoT roles at the C-level. One of the first steps for companies that are exploring the possibilities of IoT is ensuring there is a strong foundation at the enterprise level for IoT efforts.

Companies that are best positioned to pursue IoT opportunities have organizational structures that maximize new talent and capabilities and a culture that enables them.

To read the full article by Suzanne M, Burns, Lisa J. Caswell, Anthony T. Laudico, Christopher C. Nadherny and Kathleen M. Tamayo click here.