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Wearables: The Latest Wave of Enterprise Lifecycle Technology

lifecycle technology

With recent announcements and new lifecycle technology launches, wearables are the latest asset to make a push at the enterprise level. By 2020, experts believe there could be as many as 830 million wearable devices in use worldwide.

Today’s wearable technology market is growing annually by more than 15%—at this rate, the market’s value will exceed $50 billion in less than five years. As more companies embrace smartwatches and wearable lifecycle technology, look for mobile traffic generated by these assets to increase by more than 2,200% (no, that’s not a typo!). What does this mean for your workplace?

Wearable Lifecycle Technology at Work

While businesses are just beginning to integrate these devices into existing Enterprise Technology Management (ETM) programs, most employees are already well-acquainted with wearables. For years, consumers have used and benefitted from smartwatches, Fitbits, and a handful of other on-the-move devices. No wonder 93% of decision-makers say their organization is actively exploring this lifecycle technology…

In the current ETM environment, executives are constantly seeking technologies and assets that give their business an edge over the competition. In fact, 81% of current CIOs believe wearable lifecycle technology could be mobility’s next competitive advantage—some are already using these tools to enhance productivity and ensure employee success.

While it’s early, initial adopters seem to be leveraging wearable lifecycle technology to improve enterprise efficiency, IT security, employee time management and real-time communications. As a direct result of these innovations, 76% of these organizations have already reported substantial improvements to ETM and overall business performance. Not too shabby…

However, not every organization is ready for wearable device disruption just yet.

Consider These Lifecycle Technology Challenges

For most IT teams, wearables have been nothing more than an afterthought to this point. In fact, 66% of companies lack a formal written policy capable of managing wearable lifecycle technology. That means most businesses don’t have an answer for any potential security breaches, additional end-user support needs or decreases in network bandwidth that could result from adopting these assets.

Additionally, only eight percent of businesses that use wearable devices believe they’re prepared and able to gain actionable insights from employee- or customer-generated data—the other 92% can do little more than cross their fingers and make educated guesses. And then there’s this fact: 30% of wearable lifecycle technology implementation efforts lack a truly impactful business application, even if the technology’s rolled out and successfully adopted.

Does your company use wearable lifecycle technology? Could your IT department do anything differently to increase the impact these assets have on everyday operations? Contact one of Tangoe’s enterprise technology experts to find out how we can help you optimize your company’s wearable asset efforts.