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By blending physical and digital realms, the Internet of Things (IoT) vastly expands the reach of information technology. The myriad possibilities that arise from the ability to monitor and control things in the physical world electronically have inspired a surge of innovation and enthusiasm. The sweeping changes that IoT can bring to how companies manage physical assets, how consumers attend to their health and fitness, and how cities operate have also inspired visions of a very different future, as well as a good deal of hype. McKinsey has been involved in the Internet of Things over the years and we have seen how rapid advances in technology and know-how have exceeded our expectations—and yet how difficult it will be to obtain the greatest benefits of IoT implementations, which require creating highly complex systems and coordinating technology, investment, and talent across both space and time.
