Are we still thinking of ‘Saving Money’ and imagine ourselves being one of the richest person? If so then it’s time to retrace our imagination because of all the technology trends that are taking place right now, perhaps the biggest one is the Internet of Things, it’s the one that’s going to give us the most disruption as well as the most opportunity in the near future. It’s time to imagine beyond what already exists.
Now what is IoT? – (Something that we haven’t thought of yet)
“Things” refers to any physical object with a device that has its own IP address and can connect and send/receive data via network. It is made up of physical objects (“things”) that have chips, sensors embedded in them that allow the sensing, capturing and communication of all types of data. These devices are then linked through both wired and wireless networks to the internet.
Jonathan Strickland takes us on a tour through a living room of the future to see how this “Internet of Things” (IOT) will impact our daily lives.
What Value can we derive from IoT?
To derive the value of using IoT, we need to think the implications in various industries:
- In Construction – we can use smart cements, equipped with sensors to monitor stresses, cracks and warpages. This is the cement that alerts us to fix the problem before they cause a catastrophe.
- In Telecommunication – an interaction between sensor technology and the network layer. Linking new and legacy sensors within an IoT ecosystem need to work closely with their communication services providers (CSPs). Just give everything on an email address and we are good to go. In this scenario, CSPs aren’t indispensable partners-they’re mere vendors.
- In retail – Customers use robots with touch screen for browsing inventory that can lead them to the desired product. They can even use their smart phones to quickly scan an item and call up product information, reviews and social media comments.
- In transportation – intelligent chips installed in your car – making your car smart enough to alert you if any component seems to be faulty and may even create service request to your vendor for repairing. We may also have traffic flow optimization because instead of having spotlights on fixed timers, we could have smart spotlights which can respond to change in traffic flow.
- In Utilities – sensors in devices such as windmills can track data and use predictive modelling to schedule downtime for more efficient energy use.
- In Supply Chain – smart shelves in stores that can detect when inventory is low. Smart robots that work autonomously will aid in areas ranging from stock replenishment to product assembly to hazardous material handling. Smart packaging that monitors freshness or age of perishable goods.
So now we have sensors monitoring and tracking all sorts of data; we have cloud-based apps translating that data into useful intelligence and transmitting it to machines on the ground, enabling mobile, real-time responses. And thus bridges become smart bridges, and cars smart cars. And soon, we have smart cities, and the list could be endless.
The bigger picture here is connecting more devices allows for better coordination and efficiency
Now let’s us a have a look on what Gartner has to say about this disruptive technology.
The Internet of Things (IoT), which excludes PCs, tablets and smartphones, will grow to 50 billion units installed in 2020 representing an almost 30-fold increase from 0.9 billion in 2009, according to Gartner, Inc. Gartner said that IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services, in 2020. It will result in $1.9 trillion in global economic value-add through sales into diverse end markets.
The above facts prove that before most of us can comprehend, Internet of Things (IoT) may seem like science fiction, it is becoming reality faster. It could be anything, anywhere, anytime, anyway, anyhow.” Time to think???
Thus, Internet of Things is already preparing to be called as “WISDOM” of things which allows connected devices to make intelligent, autonomous decisions based on their context and users. Since not many have succeeded in selling their concept with the help of best practice. So it’s time for executives across various industries to structure their thoughts about the opportunities likely to emerge from IoT and have a competitive edge in the market because IoT is no more a “TREND”. It’s here and now.