November 28, 2017
The internet of things, or commonly known as IoT, only recently entered the lexicon of business. For tech oriented professionals, this may seem like old news. However, the term only became ubiquitous within the last couple years. IoT may seem like a far-off future state, but we already exist in an IoT dominated world. The term is a catch all that describes everyday objects that connect to the internet. Furthermore, many IoT devices can communicate with and identify themselves to one another in an ambient state of intelligence.
As the prices of technologies that enable IoT drop, such as sensors and computer hardware, the more pervasive our connectivity becomes. Consumers and businesses increasingly demand access to information, visibility and organizational assistance. All of which IoT devices help deliver.
IoT in Everyday Life
In your day to day life, think about all the physical objects that allow you to obtain information from the internet. Many popular consumer items are examples of IoT such as Fitbits, Amazon Echos or Nest thermostats.
If you drive a car built after around 2010, your vehicle most likely allows you to access your Pandora account while searching for restaurants nearby. Cars are becoming increasingly sophisticated as auto manufacturers invest heavily into IoT capabilities to stay competitive in the marketplace.
IoT in Digital Transformations
Digital transformations allow companies to vastly improve their operating costs and customer experiences through the espousal of current technologies. IoT devices help businesses enhance intelligence and end to end visibility both internally and for customers.
The Huffington Post outlines the three major areas supporting the business case for IoT in digital transformations; the increase in data generated by devices, cloud as a growth vehicle for businesses and the creation of new ways to engage customers. IoT will play an increasingly critical role in overall business competitiveness both now and in the future. The article also emphasizes that nearly 90% of all data created by IoT devices never gets captured or analyzed. Without proper resources and prioritization of business intelligence, IoT implementations will generate little value to organizations.