Those people already exploiting IoT are very clear on what it is and what it means for them. But what happens if you have executives in a target firm that still don't see what it is beyond FitBit and the ability to track lost suitcases at Heathrow. This brief document from McKinsey gives a good, executive-level view.
As the Internet of Things (IoT) has gained popular attention in the five years since we first published on the topic,1 it has also beguiled executives. When physical assets equipped with sensors give an information system the ability to capture, communicate, and process data—and even, in a sense, to collaborate—they create game-changing opportunities: production efficiency, distribution, and innovation all stand to benefit immensely. While the consumer’s adoption of fitness bands and connected household appliances might generate more media buzz, the potential for business usage is much greater. Research from the McKinsey Global Institute suggests that the operational efficiencies and greater market reach IoT affords will create substantial value in many industries.