Integration of IOT in strategic management: A review of current trends, future possibilities, and challenges

With IoT being one of the buzzwords of today’s modern landscape, this systematic review explores the adoption of Internet of Things (IoT) technologies within organizations. The study is focused on the strategic implications of IoT. By gathering findings from various research studies conducted previously, the review points out the benefits, challenges, critical factors, and taxonomies associated with IoT adoption. The findings reveal that IoT adoption enhances operational efficiency, quality, and innovation. But it also poses challenges related to technological, organizational, environmental, and human factors. Taxonomy of IoT adoption in organizations is proposed, showing industry sectors, application domains, technology types, and adoption levels. Additionally, four critical factors influencing IoT adoption are identified: technological, organizational, environmental, and human factors. The review reveals the need for empirical, comparative, longitudinal, and interdisciplinary studies to deepen understanding and inform practice regarding this matter. Overall, the study provides valuable insights for both theory and practice as it offers a theoretical foundation and practical recommendations for organizations and policymakers for successful IoT adoption in strategic management contexts.