Tracking usage patterns will allow businesses to plan for spikes or quiet periods in advance, Redding says, reducing the chance of service outages or running out of stock. "Internally, businesses can track their own equipment in order to prevent failures or outages before they occur, increasing operational efficiencies," he says.
Developments with the Internet itself will have a huge impact on IoT. In the coming years, Internet applications built on IPv6 "could conceivably communicate with virtually any man-made object due to IPv6's huge bandwidth," Redding says. "This will undoubtedly open the door to more and more innovative IoT projects."
At a time when organizations are looking to take advantage of big data, IoT offers an opportunity to gather even more information that could prove extremely useful to business.
"Knowledge is power, and businesses that leverage IoT have the potential for an incredible competitive advantage," Redding says.
Sign up for CIO Asia eNewsletters.