The dynamic and competitive business environments demand the application of effective innovation strategies to deliver optimal business performance. Over the years, businesses have adopted different technologies and approaches to achieve optimal performance. Some of the strategies used include technological assets, such as top managers to technology, as well as employee training, and adaptable organizational designs (Garcia-Sanchex et al., 2018). However, the Internet of Things (IoT) has emerged as a promising technology that incorporates smart, connected products. As a result, it has opened the potential for improving processing power, miniaturization of devices, and adoption of ubiquitous wireless connections, which have opened vast opportunities for businesses to gain competitive advantage (Prajogo, 2016). The use of smart, interconnected products allows companies to achieve greater reliability, realize high functionalities, and utilize their resources in a manner that transcends beyond the traditional boundaries (Prajogo, 2016). Notably, the adoption of the IoT has allowed the accumulation of vast data; it has led to intelligent solutions through processing and interchange of information.
The IoT has a limitless future. With the advances experienced in the technological field, such as integrated artificial intelligence, increased network agility, and the ability to employ automated and secure devices at hyperscale, IoT is bound to achieve simultaneous interconnectedness of billions of devices, harness volumes of potential data that will allow businesses to automate their diverse processes (Kumar et al., 2019). As IoT platforms and networks continue to evolve, there will be increased potential within medicine, remote learning, agriculture, and industrial applications. Immersive mixed reality applications of IoT have the capacity to achieve unlimited applications. However, achieving the future of IoT requires a string synergy between network platforms and IoT.
Garcia-Sanchez, E., Gracia-Morales, V. J., & Martin-Rojas, R. (2018). Influence of technological assets on organizational performance through absorptive capacity, organizational innovation and internal labor flexibility. Sustainability, 10(770), 1-25. https://doi.org/10.3390/su10030770
Kumar, S., Tiwari, P., & Zymbler, M. (2019). Internet of Things is a revolutionary approach for future technology enhancement: A review. Journal of Big Data, 6(111). https://doi.org/10.1186/s40537-019-0268-2
Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance. International Journal of Production Economics, 171(2), 241-249. https://doi.org/10.1016/j.ijpe.2015.07.037