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The Internet of Things Connects Businesses to the Real World

The Internet of Things Connects Businesses to the Real World

The Internet of Things is estimated to be worth $300 billion by 2020.

The Internet of Things is creating increasingly attractive business opportunities in a wide range of industries. It has disrupted agriculture through smart farming technology, health care through patient monitoring apps, and manufacturing through self-optimized production. And the list doesn’t end there. BCG anticipates that, by 2020, more than 25 billion connected devices will be in use. 

IoT’s appeal for businesses is obvious. IoT enables new business models and provides a range of opportunities from improved services to increased efficiency to enhanced revenues. It is growing in popularity because it promises tantalizing opportunities for product innovation.

But the road to IoT adoption is fraught with risk and uncertainty. Companies’ needs and readiness for IoT vary drastically. And a fundamental business-model overhaul might be necessary to capture its full potential value. 

BCG’s Approach to IoT Adoption

BCG has a strong and rapidly growing practice dedicated to serving a wide array of IoT needs. We guide companies through the full IoT journey from strategy to enablement, ensuring that our clients capitalize on the full value of their investment.

We implement a four-step approach:

  1. Diagnose. We evaluate your current capabilities to assess readiness for IoT adoption.
  2. Plan. We formulate the overall vision and strategy, identifying business models and strategies for monetizing IoT. We develop an organization and leadership structure to guide the IoT effort.
  3. Build. We enable companies to succeed long past our direct engagement with them, by arming them with a sustainable technology blueprint and an enduring operating model.
  4. Grow. We develop a roadmap for scaled rollout, including the go-to-market plan, strategic partnerships, and an inorganic growth strategy.

We adapt this strategy according to each company’s IoT maturity and needs. 

The number of corporate investments and M&A deals related to the Internet of Things has grown sixfold over the last five years—and is only likely to increase further. Alliances abound, but no IoT platform dominates—yet. Now is the time to move toward adoption.

Learn More About Internet of Things

Who Will Win the IoT Platform Wars

Who Will Win the IoT Platform Wars?

More than 400 companies claim to offer an IoT platform today, but most offer partial solutions. In such a crowded market, how can companies select the right IoT platform?

Meet BCG’s Global Experts in IoT Adoption

  • Software and technology strategy
  • Go to market and pricing
  • Internet of Things (IoT)
  • Digital transformation
  • Technology-driven innovation
  • Business transformation
  • Digital and IT strategy
  • Operating-model design
  • Digital leader for digital in power & utilities
  • Digital strategy
  • Digital use cases and digital impact
  • Digital transformation
  • Oil and gas
  • Chemicals
  • Growth and M&A strategy
  • Planning for disruption