05 Feb Should CIO’s care about “The internet of Things?”
The Internet of Things is past the hype stage. Its definition is clear, as is its coming scale. It is the network of devices containing embedded technology with networking capability that interact with each other and the environment around them. There will be over 50 billion such interconnected devices worldwide by 2020. Estimates on the value of the Internet of Things markets range from 8 Trillion to 20 trillion US dollars!
But as a CIO should you care? You’re already incorporating analytics into every layer. You’re helping your organization go mobile and become social. You’re masterminding your company’s move to the cloud. Can you wait just a few years before having an Internet of Things strategy?
We passionately believe that the Internet of Things is about data, and that data is power. Our advice whenever our clients ask our input on this trend is that every organization should start thinking immediately about ways the Internet of Things is an opportunity for their business and start putting strategies in place that convert that opportunity incrementally and modularly. You can have an immediate Internet of Things strategy based on existing best practices for following use cases:
- A smart workplace that leads to higher productivity for the human talent that uses it.
- Customer eccentricity is enabled in myriad ways. Products and services enabled by The Internet of Things and indeed designed with it in mind communicate incredibly singular and valuable data. This data is then analyzed by you to improve both your products and services, and the customer experience.
- Utilities can use smart metering to lower line losses, build more intimacy with the customer and increase energy efficiency of the grid.
- Smart cities with embedded sensors related to citizen services offer improved quality of life for their residents. The data allows for better decision making and faster response and problem resolution time.
- In the public sector, organizations responsible for water management, smart parking, disease management, urban congestion and traffic management, as well as facilities management can benefit from numerous Internet of Things solutions available now.
- Smart ways to serve your customers in unique memorable ways for hotels and establishments in the hospitality industry.
- Increase worker safety in construction industries via sensors on all equipment and workers in real time.
- For industries relying on equipment in production, process and batch manufacturing industries the Internet of Things can predict machine failure and enable a powerful cost saving maintenance and inventory strategy.
The cost of sensors, processing power for embedded chips and cost and penetration of bandwidth is past the tipping point for enabling The Internet of Things. The future has just arrived. And when the future arrives first mover’s advantage becomes a competitive advantage. Start thinking about what The Internet of Things means for your company now, strategize around it and start executing on priority use cases.
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