Sunday, October 2, 2022
Published 2 Years Ago on Tuesday, Oct 20 2020 By Yehia El Amine
The Covid-19 pandemic has left no stone unturned, heavily impacting most industries into forced slowdowns, projects on pause and has forced companies far and wide to reconsider their practices and business models moving forward.
However, the tech sector, specifically related to the Internet of Things (IoT), has massively increased in value and development. Businesses across the board are looking to structure their business models with an IoT base.
“Almost 84 percent of IoT adopters found that the technology was key to maintaining business continuity during the pandemic,” Vodafone’s 2020 IoT Spotlight research said, adding that, “the majority of adopters now viewed the integration of IoT devices with workers as a higher priority, and 73 percent agreed that the pandemic would accelerate their adoption plans.”
Apart from the terrible reality of what the virus brings, its outbreak has accelerated companies’ digital migration to stay competitive, while looking for innovative applications and software to avoid being drowned in a sea of restrictions and precautions caused by the virus.
According to a report by McKinsey, before the COVID-19 outbreak, 92 percent of companies had been considering digital transformation of their business models, but the crisis revealed how vulnerable most companies are and how urgently they require transformation.
“COVID-19 crisis is likely to significantly accelerate the shift to digital and fundamentally shake up the business landscape,” the report added.
According to Vodafone’s findings, enterprises consider IoT to be an essential element for being future-ready that could enable much smoother and cost-effective strategies; so much so that 73 percent of firms said that organizations that failed to embrace IoT will have fallen behind within five years.
“It’s giving companies an opportunity to re-design their operations and future-proof their business model. This research proves IoT is an essential technology for businesses that want to be resilient, more flexible and quicker to adapt and react to change,” said Erik Brenneis, IoT Director at Vodafone Business.
And rightly so, since 87 percent of decision makers surveyed by Vodafone agreed their core business strategy has changed for the better as a result of adopting IoT; in parallel, 95 percent said that they have achieved ROI, and 55 percent of adopters have seen operating costs decrease by an average of 21 percent.
While the pandemic has pushed employers to enact work-from-home policies, IoT was at the forefront of it, used to overcome social isolation and enable their businesses to stay afloat.
“[Due to the pandemic] the IoT global market is expected to increase from $150 billion to $243 billion by 2021, growing at a Compound Annual Growth Rate (CAGR) of 13.7 percent,” another report by MarketsandMarkets stated.
The technology is not only key for future strategies, but IoT deployments have been reported to boost employee productivity, while improving customer experience by more than twofold.
“IoT has grown up. It’s no longer just about increasing return on investment or providing cost savings to businesses – it’s about changing the way they think and operate,” Brenneis added.
While, from a business perspective, the pandemic has negatively affected most major industries, the tech sector has taken the opportunity to accelerate its projects and aspirations.
Whether it concerns accelerating 5G rollout, or developments in the IoT sphere, the results of this year will lay the cornerstone for tech to aid companies not only to keep functioning, but also succeed in this time of uncertainty.
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