20 Jun Cisco projects profitable year for Internet of Everything
Advances in technology have played a crucial role in making the world a smaller and more convenient place. And for businesses, emerging solutions have provided numerous ways to streamline internal processes and provide customers with more innovative products and services. For companies to get the edge on competitors, it is crucial that connectivity plays a role in the information technology implementation process.
In recent years, the idea of the Internet of Everything (IoE) has become an important part of the networking picture. Some notable organizations have predicted that as communication between systems improves, enterprises and consumers alike will see exciting opportunities opened up to them. While these technological capabilities may seem to be straight out of science-fiction fantasies, they are fast becoming a reality.
M2M could prove profitable
According Cisco, companies stand to see incredible results from the Internet of Everything. In fact, the leading networking firm forecast that in 2013, the IoE will lead to approximately $613 billion in profits for private-sector businesses around the world. Additionally, in Cisco's survey of 7,500 enterprise and IT leaders, 69 percent said that in light of progress in the realm of IoE, the global job market will either remain stable or improve, while 89 percent of respondents believe wages will stay the same or rise. Additionally, 76 percent estimated that M2M will drive better better security.
Cisco found that there are a few primary areas that are likely to drive IoE value in 2013, including supply chain, which claimed the top spot at $158.7 billion. Customer experiences ($145.2 billion) and innovation ($110.5 billion) also ranked highly.
"The Internet of Everything has the potential to significantly reshape our economy and transform key industries," said Rob Lloyd, Cisco president of development and sales. "The question is who will come out on top and win in this new economy. This study shows us that success won't be based on geography or company size but on who can adapt fastest."
Ericsson President and CEO Hans Vestberg has been equally enthusiastic about the concept of the IoE. In 2010, he told shareholders at an annual meeting that there are likely to be approximately 50 billion connections by 2020, and the items that are networked won't be limited to ones traditionally viewed as candidates. He stated that in the future, any everyday objects that make sense to be networked will likely be linked up to the IoE.
While progress still must be made to reach experts' predictions, IT organizations are well on their way to powering a more interconnected world. And as machine to machine technologies figure more prominently in their IT planning strategies, companies are sure to drive the efficiencies and innovations that will support strong bottom lines.