There will be 50 billion devices connected to the internet by 2020 compared to 15 billion today, says an Internet of Things trend report, released by DHL and Cisco. The combination of increased revenues and lower costs that is created when new connections are made, will lead to huge potential when the internet and networks expand their connections to warehousing, freight transportation and other elements of the supply chain. For any organisation with a supply chain or logistics operations, IoT will have game-changing consequences, from creating more 'last mile' delivery options for customers, to more efficient warehousing operations and freight transportation.
According to Cisco's economic analysis, IoT will generate $8 trillion worldwide in value at stake over the next decade. This will come from five primary drivers: innovation and revenue ($2.1 trillion); asset utilisation ($2.1 trillion); supply chain and logistics ($1.9 trillion); employee productivity improvements ($1.2 trillion); and enhanced customer and citizen experience ($700 billion).
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.