The Internet of Things (IoT) has improved the chances of connecting people, goods and operations from day to day with a global network. IoT increases the competitiveness between the global corporations and affect company performance and customer relationship management.
The way of interpreting the whole business process management and innovation processes connected to products and services is changing by the IoT utility.The IoT is connected companies, machineries, transports under a unique system based on smart infrastructures revolution. The emerging of electrical and mechanical parts become intelligent systems a new technology management scenario. To increase productivity and reduce marginal costs, IoT has contributed big data flows among modern companies.The IoT is build up by three layers which are the physical, the digital and the virtual entities to assemble for being smart. To make the lifetime of products longer, the incumbent companies can work together with the new technology.
When the companies carry out the IoT scenario means excess in new products, services and business model. Technological revitalization is companies produce new technological products with no significant changes. It is used in improving the old technology-based industries. It used to create value for customers, achievement of performance by leveraging distinctive capabilities. It is critical as core capabilities of incumbent firms. Corporate Managers should emerge the old and the new technology to achieve superior performance. IoT technology is able to fulfill the requirement from different clients by bringing more efficient services solutions.
Challenges in the international production systems and market demand and supply might be appeared in the future research because of the IoT adoption to generate value in the long period. The essential tool to generate value from IoT technology is to develop information from real world and enhance business based on it. Firms can manage, handle, extract and correlate the IoT information with other industry data and systems to know the business process-oriented results. A high amount of contributions in utilizing the IoT can display that the firms are obtaining the technologies which the IoT is encouraged by regulated efforts.