For that last few years, Cisco has been watching the impact of the Internet on transforming the retail industry. As more people, processes and things are connecting to the Internet, retailers can capture more data to better predict when and where consumers will want to buy and capture more revenues.
Today, Cisco released Internet of Everything research that equates to $81 billion globally in 2013. But this represents only 45% of the opportunity that could be gained by the Internet of Everything. Retailers could have realized an additional $99 billion this year if they were more connected across their operations. The good news is that retail IT executives are confident that can capture this value. On average, retail IT executives rated their ability to capture Internet of Everything at 7.2, on a scale of 1 to 10.
Change is afoot on a big scale and fast. We see it around us, we feel it, we talk about it, we experience it. We even know its name — the Internet of Everything (IoE).
Briefly put, IoE is a new way of connecting people, processes, data, and things. Looking back, you can almost say that the Age of the Internet and of the Internet of Things have merely been preliminary stages designed to lead us where we are today: on a course that radically changes how we interact with the world around us. We have started on a new exciting journey. At every step we are uncovering new ways to create and share value, not just for the organizations we work for but in our personal lives as well.
Let’s take the world of business first. It’s changing dramatically as we speak. Here are a few leading transformational trends the effects of which I’m sure you have experienced yourselves in one way or another.
We Are More Interdependent
More and more expert surveys are finding that employees are working more collaboratively now than they were in the not very distant past. For instance, according to research from the Corporate Executive Board (CEB), two thirds of employees are doing more collaborative work today than they were just three years ago. Collaboration technology is a big part of making us increasingly effective in this environment, delivering benefits including those that help us become: Read More »
In the fast-changing, thin-margin world of consumer products, new winners and losers are created every day. Speed of innovation, time-to-market, and employee productivity can mean the difference between the next hot trend and a warehouse full of excess inventory. Success in the highly competitive consumer packaged goods (CPG) and retail industry depends on broad-ranging collaboration, accelerated innovation, and employees who are empowered and productive every step along the way—from product development, to merchandising and sourcing, to store management and customer service.
By the end of 2013, the number of mobile-connected devices will exceed the number of people on earth, and by 2017 there will be nearly 1.4 mobile devices per person. As the consumption of mobile devices increases, so does the need for businesses to change the way they work to reap the benefits. Investment in IT is vital if businesses are to take full advantage of new ways of working – with the best tools and solutions to achieve high levels of workforce connectivity.
The increase in mobile devices creates a great opportunity for businesses. A workforce using mobile devices allows for flexible working practices and more freedom to work whenever, wherever, making the workforce better connected. 82% of visitors to the Cisco Jabber Hub say improved productivity is a direct result of a better connected workforce. Better connections mean quicker decisions are made, improving employee response rates and decision making speed.
Businesses need to address the IT challenges of created by mobility and invest in the most suitable solutions for their business. Unified Communication solutions like Cisco Jabber integrate voice, video, instant messaging, presence, voice messaging and conferencing capabilities. It allows staff to choose the most suitable tools for their needs. This means the workforce can be productive from anywhere, on any device. Read More »
The growth of connected devices is impacting enterprises worldwide. The key to unlocking value, however, is shifting from the number of connected devices to the value of the connections themselves. We define a connection as the intersection of People, Process, Data, and Things—coming together to form the Internet of Everything (IoE). The IoE opportunity represents 21 percent of corporate profits, or $14.4 trillion dollars over the next 10 years, worldwide. Capturing the potential value of IoE depends on an inclusive business environment that facilitates innovation and productivity. Fostering a work-your-way environment by empowering employees to bring their own devices is a critical part of the solution.
There’s no doubt that “bring your own device” (BYOD) is a fast growing global phenomenon, drivien by employee demands to use the devices, applications, and cloud services they prefer. BYOD promises tantalizing benefits such as better work-life balance, greater innovation, and improved productivity. Yet some fear that security risks and the complexity of managing so many different personal devices might outweigh the benefits.
New research and analysis released today from the Cisco® Internet Business Solutions Group puts those concerns to rest—showing that not only do companies experience significant value by embracing BYOD today, there is potential for much added benefit.