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The Internet of Things (IoT): Applications, investments, and challenges for enterprises

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  • Lee, In
  • Lee, Kyoochun

Abstract

The Internet of Things (IoT), also called the Internet of Everything or the Industrial Internet, is a new technology paradigm envisioned as a global network of machines and devices capable of interacting with each other. The IoT is recognized as one of the most important areas of future technology and is gaining vast attention from a wide range of industries. This article presents five IoT technologies that are essential in the deployment of successful IoT-based products and services and discusses three IoT categories for enterprise applications used to enhance customer value. In addition, it examines the net present value method and the real option approach widely used in the justification of technology projects and illustrates how the real option approach can be applied for IoT investment. Finally, this article discusses five technical and managerial challenges.

Suggested Citation

  • Lee, In & Lee, Kyoochun, 2015. "The Internet of Things (IoT): Applications, investments, and challenges for enterprises," Business Horizons, Elsevier, vol. 58(4), pages 431-440.
    • Handle: RePEc:eee:bushor:v:58:y:2015:i:4:p:431-440
    DOI: 10.1016/j.bushor.2015.03.008
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    References listed on IDEAS

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    1. White, Chelsea C. & Cheong, Taesu, 2012. "In-transit perishable product inspection," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 48(1), pages 310-330.
    2. Xiaotong Li & John D. Johnson, 2002. "Evaluate IT Investment Opportunities Using Real Options Theory," Information Resources Management Journal (IRMJ), IGI Global, vol. 15(3), pages 32-47, July.
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