Internet of Things (IoT) in Consumer Goods - Thematic Research

Internet of Things (IoT) in Consumer Goods - Thematic Research

Summary

Internet of Things (IoT) technology is most valuable to consumer goods companies in its capacity to facilitate the deployment of artificial intelligence (AI). IoT collects the data, 5G transmits it, and AI extracts insight from it. All three technologies have recently come of age and can now be implemented at low cost for high rewards. They should be implemented across the entire supply chain.Whether consumer companies will profit or suffer from the emergence of IoT depends on the strength of their IoT strategies. A strong IoT strategy with effective implementation will bring efficiency gains across supply chains and align product offerings with modern, post-COVID consumption habits. Conversely, companies without a strong strategy will be caught out or overtaken by competitors.

ScopeInternet of Things (IoT) technology is most valuable to consumer goods companies in its capacity to facilitate the deployment of artificial intelligence (AI). Consumer goods companies should install dumb, basic IoT sensors across the value chain to gather the data required by AI systems. With astute implementation, this will enhance operational efficiency, reduce costs, improve decision-making, and provide a better customer experience.Companies should resist flashy, gimmicky IoT features. Technological features do not attract consumers.Reasons to BuyIdentify leading IoT vendors in the consumer goods sector and select potential technology partners based on their competitive position within the IoT theme.Benchmark your IoT strategy against leading IoT adopters in the consumer goods sector. Gain a deeper understanding of the competitive landscape of the industry and spot gaps in the market for new uses of IoT.Prioritize investments in the areas of IoT which will deliver the best results for your company. We provide recommendations on the areas of the value chain you should focus investment on and highlight the parts you can confidently ignore.Develop marketing messages and value propositions for your IoT capabilities that will help you emerge as a leader in your sector.Quantify the global sales opportunity for IoT services to the packaging industry?by accessing GlobalData's market size and forecasts, produced by our consumer goods and technology analysts.

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