Iot and iiot: innovation, competitive advantage and firm performance of diverse environments

The Internet of Things (IoT) is an innovation that creates value, a range of technologies that provide objects with intelligence, making sure that they communicate with humans or with other machines, providing a new level of interaction or information compared with the environment in which these objects can be found. The difference with respect to IIoT, the IIoT philosophy, and a fully capable IIoT infrastructure and network, is that it becomes easier to move that information because of the way we are collecting and storing the data. The applications we are using to support IIoT are typically cloud native and it improves collaboration across separate enterprises and up and down the supply chain because data can be transmitted more easily. A critical analysis of the novel IOT and its competitive advantages and performance benefits through this innovation has been performed. This is done by exploring its different elements of innovation and its impact on diverse business environments with the use of 20 published papers from Information Systems, Process Management, Management Science and Engineering Journals, the majority being most recent, 2012-2017. This paper aims to analyze and enlighten the competitive advantage and performance benefits of process management across diverse sectors that derive innovation from the nonpareil called the IoT. This analysis conveys, that companies enabling IoTas part of their daily functions have demonstrated moderate to significant improvements in their Competitive Advantage and Performance. Findings imply that businesses should consider using IoT as part of their operations, as it is no longer just the future, but the present, and will improve their business’ Competitive Advantage and Performance. IIoT makes it possible to visualize the process, understand the science, and see where the edge of failure lies. The business benefit of IoT is asset reliability and uptime, but the real driver is the opportunity for the vendor to provide expertise in asset performance and management, it enables organizations to collect information, monitor and analyze the performance of their operational processes. Business operational efficiency improvement can have an immense impact on the overall profits of companies and help preserve their going concern.