While a majority of people own Internet of Things (IoT) devices, most of them don’t understand what the technology actually is, according to a Metova report. The report surveyed 1,000+ consumers to determine the public’s current behavior and awareness of IoT.
Within the past year, IoT ownership has increased 10% with 75% of people saying they own an IoT device, yet less than one in four people said they fully understand the term “IoT”. The most cited IoT devices are smart thermostats and smart home retrofit devices. More than 85% of respondents want the capability to monitor electricity, gas, or water usage and cost in real-time through a computer or a smartphone, the report said. Smart Bluetooth Trackers are the most commonly owned IoT utility device category, with 30% of respondents owning something in this category.
IoT in Corporate America has similar challenges. Comparing IT needs, IT consumption, Total resources, and Business-level available investments ($$$) are important factors in driving overall Company results. Technology Business Management (TBM) exists to help with this; but how does a TBM Practice get developed and stood up? Proven IT Finance can help build and implement a methodology the entire organization can use to understand and manage the ROI of an IT investment based on actual IT consumption.