Vehicles, machine tools, street lights, wearables, wind turbines, and a huge number of other devices are being embedded with software, sensors, and connectivity at a very fast pace. The Internet of Things (IoT) is growing so quickly and wildly that it is said that by sometime in mid2017 the number of connected devices will surpass the number of human beings alive on the planet!
As IoT grows, so grows the volume of data it generates. Already in 2014, connected devices generated more than 134 ZB (a zettabyte is one trillion gigabytes) and this amount will continuously increase as more devices are connected and IoT expands.
Even organizations that are working with IoT since the beginning may be overwhelmed by the incredible amount of digital data generated by connected devices. But, on the other hand, the information IoT creates is its greater value.
That is why IoT should be thought strategically, so it can help organizations to know their customers, products and market, allowing it to translate its digital data into insights that could be used to develop new products, offerings, business models and process automatization. Although overlooked, the potential IoT has to impact human lives in a large scale is huge. Social-driven thinking in companies would allow them to use IoT to improve lives of elderly, chronically ill and others through wearables or eradicate hunger by using IoT focused on gathering data on weather, soil nd pest control to scale the agricultural production.
It is time for the companies to think in broader possibilities with IoT, and shift its focus from sensing to doing. Companies can use data-driven insights to enhance operational activities, reinvent core systems and use artificial intelligence to determine the course of action robotic process should do.
Thinking about that, we may assume that the machine age has already begun, decoupling us from trivial activities and allowing us to live and work better.
But, despite all the benefits of these connected devices gathering data, companies must address some attention to the risks of having networks carrying sensitive data. So, organizations must determine what kind of information will be available in the IoT networks. To maximize value, reduce risk, and learn fast, those just beginning their IoT journey should follow three innovation principles: “Think big, start small, scale fast”.
In this era of historic technological innovation, all companies must work aggressively to reinvent themselves by embracing new opportunities and compelling visions of the future. So, they must focus on solving real business problems by creating bounded business scenarios with deliberate, measurable value and move from strategy to prototyping as quickly as possible.
Only real data, actual users, and sensors that respond with actions can demonstrate the remarkable value proposition of IoT.
Nobiletec is a multi-national consultancy firm specializes in B2B, B2C and P2P FinTech solutions.