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.

That’s the argument put forth by Michael Porter, an economist at the Harvard Business School and James Heppelmann, president and CEO of PTC, in a recent Harvard Business Review essay. PTC is a product design software firm that recently acquired machine-to-machine (M2M) firm Axeda Corp.

In the past 50 years, IT has delivered two major transformations or “waves,” as the authors describe it. The first came in the 1960s and 1970s, with IT-enabled process automation, computer-aided design and manufacturing resource planning. The second was the Internet and everything it delivered. The third is IoT.

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