2016 CIO 100 Awards

If you're not planning for IoT, you're already behind

Think your industry or your business won't be impacted by the internet of things? Consider this your wakeup call.

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Roughly half of the audience informally polled at last month’s CIO 100 event said they had attended an IoT event in the last 12 months. "So what were the other half [of you] doing on the most hyped word on the internet today?" asked Vernon Turner, senior vice president of enterprise systems & fellow for the internet of things at IDC.

"Be careful of the internet of things because it may not seem like it, but believe me it is coming," Turner warned.

In fact, IDC forecasts $1.3 trillion in IoT spending by 2019 — just three years from now. And Turner says it is something that companies should be looking at now.

"In the last year I have traveled to most of the countries that make up the G20 … to get a feel for where they are with the internet of things. And what is clear to me is that understanding that we go from a 'make and sell' model of products and services to a 'sense and response' model, listening to what's going on, listening to what's happening in our surroundings and responding accordingly to that, and to be able to do that you need to have measurement at every point of a value chain or a supply chain or even in our bodies.

So that's why I think that precision is the future for every industry. Without that information we don't know how to run our businesses in the future because our customers are going to ask us to do things very, very differently.”

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