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How IoT Drives Digitization

Cognizant THE WORK AHEAD IOT FUELS BUSINESSES Digital Momentum The ability of internet-connected devices to generate the right data is building the pathway to insight-based intelligence that powers operational improvements across the board- as loT leaders can attest. The Internet of Things (loT) has come a long way since its humble beginnings at Carnegie Mellon University in the early 1980s to become the most highly adopted digital technology today. During this period, loT has evolved to fulfill the mandate of providing real-time visibility into critical business operations. However, adoption has not been uniform, creating a scenario of haves vs. have-nots where the former have a definitive head start in deriving enhanced value from their data. Whether leading or lagging, all organizations must simultaneously address employee buy-in and talent shortage issues while pursuing deployments that deliver greater business value. Cognizant's Center for the Future of Work surveyed 4,000 business leaders across 14 industries around the world to understand how digital technologies are being deployed in a world reshaped by the pandemic. Here's what we found. 12:45 loT adoption is still in early stages While 27% of respondents pointed to live projects, only 16% say their use of loT is widespread in their organizations. PROGRESS MADE IN IMPLEMENTING loT (PERCENT OF RESPONDENTS) Exploring 13% Some projects 27% Widespread 16% 19% 25% No plans Pilots underway Response base: 4,000 senior executives Source: Cognizant's Center for the Future of Work loT propels adoption of other digital technologies.. loT leaders adopt other digital technologies, especially analytics and AI, at a higher rate than laggards. This enables data-driven insights that drive faster and better decisioning. PROGRESS MADE IN IMPLEMENTING KEY DIGITAL TECHNOLOGIES (LEADERS VS. LAGGARDS) Leaders Laggards 46% 44% 36% 32% 27% 28% 24% 19% 12% 8% Analytics AI Software bots Chatbots Blockchain Response base: 4,000 senior executives Source: Cognizant's Center for the Future of Work ... and insurance loT leaders emerge top on digital adoption Insurance loT leaders are the strongest adopters of digital technologies, ahead of manufacturing-intensive industries such as life sciences and utilities. PROGRESS MADE IN IMPLEMENTING KEY DIGITAL TECHNOLOGIES ("SOME IMPLEMENTED PROJECTS" OR "WIDESPREAD IMPLEMENTATION") 26% Software bots AI Analytics 58% 43% 35% 27% 52% 27% 59% 39% 20% 76% 20% 40% 31% 55% 24% 10% 50% 10% 13% 25% 38% 40% 38% 19% 30% 22% 21% 20% 10% Leaders Laggards Leaders Laggards Leaders Laggards Leaders Laggards Leaders Laggards Transportation/ logistics Insurance Healthcare Life Utilities providers sciences Response base: 4,000 senior executives www. Source: Cognizant's Center for the Future of Work Leaders and laggards use machine learning to automate routine tasks today ... 000000 Machine learning is driving automation of routine tasks such as data sifting and data collection, propelling leaders forward. ACTIVITIES CARRIED OUT BY MACHINES VS. EMPLOYEES Leaders Laggards 24% 21% 20% 18% 18% 17% 14% 14% Sifting large datasets Data Complex decisions Process collection improvement 18% 18% 18% 16% 14% 13% 13% 13% Physical actions Evaluating options Data Rules-based mining routines Response base: 4,000 senior executives Source: Cognizant's Center for the Future of Work ... loT leaders will maintain their lead in using machines for decisions in the future loT is expected to lead to better use of machine learning for driving data-led improvements by 2023. ACTIVITIES CARRIED OUT BY MACHINES VS. EMPLOYEES BY 2023 Leaders Laggards 30% 27% 26% 26% 25% 25% 21% 21% 20% 19% Sifting large data sets Complex decisions Process Options evaluation Rules-based improvement routines Response base: 4,000 senior executives Source: Cognizant's Center for the Future of Work ****k Eventually, machines will alter talent needs Leadership (56%), decision-making (55%) and customer management (54%) will become the top skills by 2023. SKILLS THAT HAVE BECOME MORE IMPORTANT THAN PREVIOUSLY THOUGHT AND WOULD BECOME MORE IMPORTANT BY 2023 2016 study Current study 56% 55% 54% 38% 39% 33% Leadership Decision-making Customer service 52% 52% 51% 37% 33% 26% Analytical Strategic Learning Response base: 4,000 senior executives Source: Cognizant's Center for the Future of Work Three steps to enhance value from loT Understand what loT can do for your company. 1 Create a cross-functional advisory team and ask questions about how loT can deliver value to internal operations and improve competitiveness. Accelerate adoption of loT's digital companions. Recognize that loT can be scaled only when it's combined with companion technologies like machine learning, automation and advanced analytics. Adopt intelligent scaling. Adopt a decision architecture that can provide contextual relevance to data that can support data-driven decisions and actions. For more, read our paper "The Work Ahead in loT: The Gap Widens Between loT 'Haves' and Have-nots" at https://cogniz.at/TWAIOT or visit “The Work Ahead" section of our website at www.cognizant.com/theworkahead © Copyright 2021, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners. 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How IoT Drives Digitization

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Widespread deployment of connected devices boosts data-led operational performance and catalyzes continuous business modernization, our latest research reveals.

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