Jason Hope believe Europe is in the lead regarding the Internet of Things. Technological advancements in analytics and automation have lowered the cost of production and paved the road for new products. Research shows the executives in Europe have embraced the Internet of Things at a more rapid pace than their competitors. The Internet of Things refers to the ability of physical devices to connect together with the use of the internet. Items such as refrigerators, cars and cameras have the ability to connect together. Entrepreneurs like Jason Hope believe this connectivity will shape the future.
There was a survey conducted in 2017 by Bain & Company of 500 executives located in Europe and the United States. Of the European executives who responded 27 percent were already involved with the implementation required for the Internet of Things compared to 18 percent in the United States. Additionally 25 percent of the Europeans surveyed had plans to integrate multiple solutions into their IT systems by 2020 in comparison to only 16 percent in the United States.
The executives in the two regions think differently regarding the future of the Internet of Things. Two-thirds of the respondents from Europe were interested in the cost reduction and the ability of the advanced analytics and technology to improve their products quality. Only one-third of the respondents from the United States worked for companies looking into product improvement through the Internet of Things. The United States executives did see more potential to reduce costs when compared with the Europeans. Approximately 75 percent of the United States executives believe the Internet of Things is capable of reducing costs and waste yet these advantages were only emphasized by 35 percent of the Europeans.
There are a lot of benefits regarding the Internet of Things including higher quality at a reduced cost. The lower cost of electronics gives manufacturers the ability to combine analytic tools with sensors. This means they can monitor the processes they use for production every step of the way. This creates a real-time feedback capable of directing the efforts for optimization and allowing for any necessary adjustments to be made on the fly.
Jason Hope investor and an entrepreneur with a focus on philanthropy and technology. His specialty is in analyzing current markets to predict the impact of technological developments.
Jason Hope lives in Scottsdale, Arizona and has a finance degree and an MBA he earned at the Carey School of Business. He has gained respect as a commentator regarding the intersection of politics and business in the United States.
About Jason Hope Social Media: https://twitter.com/jasonhope