| Here at BI Intelligence, Business Insider's premium research service, our goal is to provide:  | Unbiased insight and analysis
| | | Forward-looking views of changing trends and impending disruption
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| As part of this mission, we have a team of heavy-hitting analysts spending thousands of hours researching and identifying the core issues you need to know within your key areas of interest. To do so, the team dives into all available research and data followed by exhaustively refining their findings into jargon-free straightforward reports. One of our most disruptive subscription verticals has been the Internet of Things, led by senior research analyst John Greenough. On a daily basis John & the research team analyze IoT trends, emerging technologies, and disruptive companies within what John refers to as "the next industrial revolution". Their research has been featured in the New York Times, USA Today, TechCrunch, Forbes, Fox and VentureBeat - among many other popular publications. Recently, we interviewed John about the current state of the IoT. Here are his answers… | John, last year you called the Internet of Things the next industrial revolution. Can you walk us through how the IoT is impacting the enterprise? | | | Absolutely. Businesses worldwide are integrating the internet into the 'things' they use and produce. And as a result, these businesses are boosting their productivity and generating staggeringly high returns. Take General Motors, for example. The company is estimated to have saved $21.2 million over the last five years after it implemented a plant floor control network — a standardized IP network that enables all devices within a plant to communicate with the firm's business systems — at 150 of its factories. More importantly, businesses are seeing value in IoT solutions that's not necessarily measurable: Internet-connected devices enable businesses to consistently track how their assets are being utilized, integrate AI technology to help maximize efficiency, and create new revenue streams. Companies that integrate IoT solutions certainly have a competitive advantage. | | | So it sounds like IoT solutions can be really beneficial to businesses and even transform their operations. How long does it take a business to see a positive measurable return on its IoT investment? | |  In some cases, a 100% measurable return could take just a few months. In other cases, it could take decades. It depends on how that business is integrating an IoT solution and to what extent that solution impacts how the business operates. Small tweaks can make a huge difference; for example, oil companies can automate jobs by connecting wells with sensors that monitor whether the well is pumping oil — a job that is traditionally done by human workers. The ROI on that is almost immediate. But a company that invests a lot in the IoT to automate its entire workflow might not see an ROI for decades. Businesses are typically okay with this lag because they know they'll be more productive in the long term and benefit qualitatively in the meantime. | | | What's the best piece of advice you can give an enterprise that wants to implement an IoT solution? | | | The IoT is still in its early stages, and many businesses and their competitors haven't yet integrated IoT solutions. This makes it more challenging for businesses to assess the potential benefits of IoT implementation. The key is to focus not only on how competitors in your industry are using IoT solutions, but to look at how companies in other industries are employing IoT devices. For example, a healthcare executive could read about how manufacturers are using sensors to track the location of their assets on a factory floor, and apply that same concept to tracking assets in a hospital. There isn't a standard blueprint a company should follow to implement their IoT solution. Instead, the company should analyze their own workflow and gauge how they could enhance it. | | | Let's talk about the companies developing the components of the IoT. Are they seeing huge demand? | |  It really depends on what industry that IoT company is targeting. For example, PTC, which is primarily targeted at integrating industrial devices into the IoT using its ThingWorx platform, has grown its IoT business from $5 million in 2014 to $53 million in 2015. Contrastingly, Nest, which targets the smart home, has publicly struggled to meet revenue targets, shut down service to the Revolv smart home hub, and failed to launch a new connected home security product. The IoT is creating a massive new revenue opportunity, but certain industries will see faster growth than others. | | | The IoT isn't just changing the way we do business, it's changing our lives as consumers as well. The connected car is turning into a major consumer IoT device. But what do you think about the connected home market? Will we soon be living like the Jetsons? | | | Last year we discussed how the smart home market is stuck because people are finding the devices to be difficult to install, expensive, and gimmicky. Naturally over time, prices will drop, the devices will be easier to install, and people will find more value in connected home devices. The key takeaway for the connected home is that in the next decade it's likely that most household items will be sold with some degree of internet connection. But will it look like the Jetsons' home? Probably not. It's more likely internet connection will only be added to home devices in which the internet adds value. People won't want to purchase the smart home device unless it provides them some added value. | |
Want to keep up with the latest developments in the Internet of Things? If you want to keep up to date with the latest developments and gain access to all of the research and reports from John and his team, subscribe to BI Intelligence today, risk-free! By signing up, you'll be adding John and a whole team of extremely intelligent analysts to your team. With your subscription you'll gain access to a library of research reports that take a deep dive into some of the trends we touched on in the interview and hundreds of others. In addition to the IoT, BI Intelligence covers digital media, e-commerce, payments/fintech, and mobile industries. All research is presented in an easy to digest format through reports, newsletters, charts, infographics and includes the underlying data for your reference. Learn more today »
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