The 2020 Mid-Year Economic Update_long

Internet of Things Reaching New Heights

Companies increasing levels of engagement with IoT strategies.
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Avnet Inc.'s recent appointment of Eric Williams to lead the company's Internet of Things strategy underscores a growing emphasis on this innovative technology, as most executives are now exploring how it can benefit their companies, according to an Accenture survey.

"… 87 percent of executives are increasing levels of engagement with their solutions and enabling the company to enhance its portfolio with additional products and services," according to the survey. "Nearly the same percentage of executives expect the IoT to help their company improve its supply chain or develop a new revenue stream. And just over eight in 10 executives believe it will empower employees."

The Internet of Things is the connectivity among devices and the Internet, which includes how those devices transfer data between different points without the need for human interaction. How much distribution embraces IoT remains to be seen, but nine out of 10 executives in the Accenture survey said IoT will have a "major impact on their industry."

Though only 20 percent of executives "have deployed one or more connected products in our organization," according to the survey, look for electronics and technology distributors to lead with the way with more initiatives, appointments and newly created IoT positions, like Avnet did with Williams. (Read more about potential applications of the Internet of Things in Industry 4.0: Technology-Driven Change.)

“The pace of change in today’s global business environment demands agility and imagination,” said Avnet CEO Rick Hamada. “Given our total breadth of resources, both our customers and suppliers are asking us to develop new solutions combining multiple elements of technology from the edge to the enterprise."

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