IOT. One of the buzzwords – but how will it bring value to your business?
69% of all businesses plan to invest in IOT in 2017, according to Techrepublic. What about the 31% that are not planning to invest in IOT – wake up!
Here are some reasons we believe in dramatically higher IOT investments for the years to come.
IOT could be the best investment this year!
IOT meets businesses
And we mean any kind of business, not only Industry 4.0 businesses. All companies are IT companies – the managers who believe they are not running a tech company will not be around in 5 years. So, any company is a tech company and any company needs to manage their data. Data comes from systems, from people, from things. And data helps making better decicions. Data will improve efficacy and drive growth. Get yourself an IOT infrastructure and start collecting your data – it’s your gold for the future!
IOT to explore AI and ML
There are public data available for everyone. But your own data is only available for you, and that’s a competitive advantage. And the more data you’ve got, the more knowledge you’ll get using ML. Where is the best location to establish a new sales office? In which area of the city will you succeed with the new fine dining restaurant? And since a lot of data moves the cloud, you have the power to analyze it.
If you provide “things” be prepared to share the data. If you provide a platform, be prepared to be asked to import anything, including those beyond any international standards…
Very connected, literally, to the above point, but I believe the time when one vendor think they can provide a complete IOT Ecosystem, well, that’s gone. Your ecosystem will consist of units or software from small startups in a mix with the large IOT players. By the way, a kitchen accessories, bike, radio or home lightening-producers are all IOT players today. The IOT ecosystems – for the smart city and for the businesses – are also driven by easier communication with the units: LoRa networks, cheaper mobile solutions and better mobile coverage will enable more “things” to be online. I did mention the startups, didn’t I? They will be moving even faster…
How secure is your new training watch? Or the new coffee machine? So, they communicate with your phone, right? Or you installed their software on the computer at work? Hm…. Take care of the security-part of IOT! The recent months there has been IOT-attacks taking down services from Twitter, Spotify, Netflix and Playstation…
IOT service-oriented business models
As in many other areas, there are new business models coming up – moving from products to service oriented business models. In the future you won’t buy a “thing” (product) – you will buy a service, or a “thing”-as-a-service.
And just to make sure the terms are right:
IOT/IOET = Internet of (every) Thing/s
ML = Machine Learning
AI = Artificial Intelligence