The internet of things (IoT) is emerging as the flagbearer of businesses’ quest for digital rejuvenation. With its ability to harness data, the all-important fuel driving modern business, IoT is now seen as the glue that binds human ingenuity and machine intelligence.
But the adoption of sensors and other data collection mechanisms is also creating a story of haves and have-nots. Businesses that implemented IoT showed greater resilience during the pandemic than those that bided time. These IoT leaders also fare better on virtually every performance parameter than laggards. Combined with machine intelligence, IoT allows leaders to turn big data into smart decisions.
However, leaders and laggards alike need to be mindful of the impact of pervasive IoT on the employees. Process augmentation can affect employee buy-in, elevating human skills necessary for extending business modernization in the coming years.
To understand how businesses are responding to rapid change, the Cognizant Center for the Future of Work (CFoW), working with Oxford Economics, recently surveyed 4,000 C-level executives across 14 industries around the world.