It is very likely that the readers are familiar with the terms IoT, Cloud, and Digital. IoT was listed as the most hyped technology of 2015 by Gartner. Even though, the concept of IoT has been around for more than 10 years, why is it gaining such publicity only now?
Well, the difference this time in my view is that the building blocks for the technology are commercially available and at the same time, getting accepted by the business leaders. Some of the biggest organisation in the world are investing a lot of resources (funding and people) to develop and ultimately control the IoT ecosystem. I will cover the eco-system in one of my other posts. I want to talk about why this technology is so relevant for the business leaders and why it should be on their agenda for now.
I think IoT can have as big an impact as the internet had on the businesses. IoT is defined as internet of things, a world where the things could talk to each other using one of the many communication technologies. One of the most quoted examples is where a refrigerator could order food items from amazon.com. But I think this example understates the significance and potential of the pervasive use of IoT. I would like to say IoT can help transform our world from a reactive state to a predictive state; it could make “Minority Report” a reality.
We currently operate in an environment where the information flow is not perfect and not real time. IoT could allow us to measure most physical state information precisely, in real time and at an increasingly lower costs. Such constant flow of information can be measured and analysed using the ever increasing computing power over the cloud to generate real time insights that were previously not available. Such power of foresight could enable us to identify issues before they disrupt operations, understand real time demand &supply, and ultimately map-out a customer journey in real time. All of the above insights will be data driven, so it can take out ambiguity from business decisions.
So, in essence, I see IoT as a game changing technology, in line with what many experts describe as the 4th industrial revolution.
I will continue to write on the topic and get into more depth in future.
IOTISED 