Organizations looking to take advantage of the Internet of Things (loT) will be poised to capitalize on numerous new business opportunities in the future. As hardware and networking costs have decreased, the amount of data available to the enterprise has exploded and will increase even further in the next years. In fact, the number of connected devices throughout the world is expected to grow to 14 billion by 2022. It’s not a matter of if organizations will be transformed by the loT, but a matter of when. Those businesses differentiating themselves now through innovative loT applications will have a significant advantage over their competitors. However, harnessing the power of the loT is much easier said than done. Organizations often limit the return on investment (ROI) of their loT deployments because they focus solely on connecting their products- not the enterprise. To maximize ROI, companies need to derive value from data generated through connected assets and devices. Manufacturers, for example, would need to migrate their product lifecycle management (PLM) approach to an loT-driven one. With an loT-driven PLM approach, organizations will receive real-time feedback from their connected products and the end user behavior, and share it with multiple business stakeholders – both internally and externally. This allows companies to glean valuable information about their products in real-time to significantly impact product development.