A couple of weeks ago we wrote about the Internet of Everything, at how it will change the Internet as we know it today - the 'Internet of People' - forever.
In that vast landscape that is the Internet of Everything, wearables are but one feature, but an extremely significant one nevertheless, and one that will affect businesses of every size and kind, sooner rather than later.
Analyst firm Frost & Sullivan has produced a report “Wearable Technology – Has the next enterprise game changer arrived?” in that throws light on the state of this emerging technology and its potential impact on businesses.
Significantly, while F&S is forecasting the overall market for wearable technology to grow at a CAGR of 34 percent over the next five years it expects the uptake of wearables in enterprises to be at a much faster rate, a CAGR of around 75 percent in the next five years.
According to Arvind Arun, industry analyst in F&S's ICT Practice, wearables could seriously challenge the status quo in several industries and could substantially enhance process efficiency, customer experience and worker safety in hazardous work environments.
F&S is not the only organisation that has been looking at the impact of wearables in the workplace. PricewaterhouseCoopers has produced a detailed study, in which it says he potential benefits of wearable devices are many.
"Among the workforce, devices can be used as training agents, speeding up the onboarding process through real-time feedback. In retail, wearable devices can upend point of sale processes, improve customer service throughout the store and speed up purchasing," PwC says.
"In manufacturing, wearable tech can help expedite production by creating hands-free guidance tools. In service industries, wearable devices can speed access to information in real time and enable seamless action. In medical centres, wearable devices can improve accuracy of information, streamline procedures and increase clinical trials.
"And through fitness devices and corresponding incentives, wearable technology can drive significant decreases in health care costs. In all of these cases, effective implementation of wearable technology stands to benefit both the user and the company driving adoption, increasing efficiency and efficacy."
The possibilities it seems are limited not by the technology but by the imagination, and the imaginative are likely to leap ahead.
As F&S says: "To cut a long story short, wearable technology has arrived and regardless of the size of your organisation, the industry you operate in and the nature of your customer(s), wearables will change the way you work, compete and deliver value in the market place. And, as with all disruptive innovations, the early movers will thrive while the laggards will struggle to survive."
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