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The Internet of Things can bring remarkable benefits as well as substantial challenges to today’s ever-changing business environment. No industry will remain untouched, as physical assets are equipped with sensors to create interconnected electronic network systems that record, process and transmit information. The McKinsey Global Institute estimates the IoT will produce $11.1 trillion annually in global economic value.

Business-to-business transactions are projected to generate upwards of $5 trillion in global GDP as manufacturing, agriculture, energy and real estate industries incorporate IoT advancements. The IoT can optimize operations as electronically tagged and interconnected sensors are embedded into equipment and products throughout the manufacturing, inventory and supply chain. These smart networks can track the production, performance and location of physical goods. New business lines emerge as hard asset providers integrate hardware, software and services.  Industrial machinery suppliers move into providing services as well by applying in depth knowledge of how assets function across an industry. They can assist consumers to operate more efficiently than they could by themselves. Product development incorporates service development as value is co-created with consumers.

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Stuart Levine

Credit Union Times

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