The 2020 Mid-Year Economic Update_long

Tip: Catch Up on IoT or Get Left Behind

Faster adoption has the potential to disrupt the industry.

The internet of things is changing how distributors do business with their partners, but companies that aren't capitalizing on its potential may find themselves playing catch-up, says Lou Lutostanski, vice president, internet of things, Avnet, Phoenix, AZ, in Tools to Capitalize on Internet of Things.

“The internet has changed everything,” Lutostanski says. “It doesn’t take decades for a company to go out of business anymore. It can happen in the blink of an eye.”

While implementing IoT used to be a costly and confusing process, as adoption of the technology grows, so do the options to ease the pains of implementation. Today there are far more options for effective implementation than even a year ago, as more solutions are introduced to overcome barriers. And utilizing those solutions could have a major impact down the road.

“…It’s an absolute game changer," Lutostanski says. "Those that adopt quickly, they have the potential to disrupt their industries – or be disrupted.”

Read more about how to utilize IoT in Tools to Capitalize on Internet of Things.

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