Worldwide oil production is outpacing demand, and oil prices have fallen by more than 50 percent since June 2014. Many factors - including soft demand, increasing U.S. production and diminishing storage for crude oil - suggest that the days of $100-a-barrel oil may not return. This scenario presents potentially disastrous consequences for oil and gas (O&G) firms that are not prepared to accelerate their digital transformation. Innovative oil and gas firms, however, believe today's turbulent market landscape provides an opportunity to grab competitive advantage by harnessing new technologies, such as the Internet of Everything.

Innovations such as robotics and automation have paved the way for more efficient, productive and intelligent industrial operations. And with these technological advancements comes the increasingly pervasive Internet of Things (IoT), which delivers increased data and sharing communication that Microsoft estimates could lead to $90bn in added value for manufacturers annually.

The Internet of Things (IoT) may be more significant in reshaping the competitive landscape than the arrival of the Internet. Its productivity potential is so powerful it will deliver a new era of prosperity.

Just as the use of the word "cloud" exploded in the late 2000s, we have seen the term "Internet of Things" (IoT) appearing everywhere during the past couple of years. It seems as though everyone is jumping on the bandwagon. Can one make sense of this phenomenon?

For retail energy companies, managing data once meant nothing more complex than processing analog meter readings and customer billing information. However, the advent of the smart home, along with the wave of digitization sweeping the industry, is creating major opportunities to tap into an explosion of fast-moving, complex big data in compelling new ways.

Are we to add the Internet of Things to the pantheon of top strategic technology priorities for the decade? That's the question increasingly in front of IT decision makers these days as tech vendors add the buzzphrase to their marketing and practitioners evaluate the rapidly growing array of related tools and technologies.

The growing Internet of Things (IoT) will bring new opportunities and challenges, not the least of which will be increased spending in retail IT and advanced security concerns.