View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Networks
April 10, 2014

Are UK organisations taking advantage of the Internet of Things?

Cisco says UK profit from the ‘Internet of Everything’ reached $28.4bn in 2013.

By Amy-Jo Crowley

UK public and private organisations need to review their current business model if they want to unlock economic value from the Internet of Everything (IoE), according to Cisco.

A recent Cisco study of 7,500 global business and IT leaders said the IoE made about $28.4bn in profit for UK companies in 2013 as the worldwide market hit $613bn, and at the CiscoCREATE IoE innovation centre in Greenwich, the networking firm said the IoE has the potential to fuel the UK’s retail, healthcare, manufacturing, transport and energy sectors.

It also found that UK organisations are less confident than their emerging market counterparts in realising the value from the IoE.

Ian Foddering, CTO of Cisco UK, said: "UK organisations, in both the public and private sectors, need to take a closer look at their current business models if they want to take advantage of the opportunities generated by the IoE.

"Three factors are key to tapping into these opportunities effectively. Firstly, an ambition and willingness to be open-minded and realise how the IoE applies to the business context.

"Second, to hire and invest in the right skills to manage connections, and thirdly to explore what new partnerships will allow new ground to be broken for everyone involved to benefit."

In healthcare, 4G connectivity and wireless mesh among other new technologies could help medical staff update and keep track of medical records in real-time as patients manage their own healthcare conditions on the go, Cisco believes.

Content from our partners
Sherif Tawfik: The Middle East and Africa are ready to lead on the climate
What to look for in a modern ERP system
How tech leaders can keep energy costs down and meet efficiency goals

Retailers could also improve their supply chain and consumer experience as they gather more data about customer behaviour, while the wider Internet of Things facilitates the remote monitoring of transport from roads, bins and vehicles across the UK.

Phil Smith, CEO of Cisco UK & Ireland, said: "As connections become smarter, faster and more insightful, we will only see more imaginative and ambitious applications of the IoE which will quite literally change the world. That is exciting for Cisco because there is no required roadmap, no single path just a platform that offers abundant opportunity and endless possibilities for everyone."

Gartner predicts 26 billion things and $1.9 trillion of global economic value as a result of the Internet of Things by 2020.

Topics in this article :
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU