The worlds of electronics and computer technologies are experiencing a renaissance not seen since the dot-com era. Mobility, Big Data, Unified Communications, Google-glass, and Wearables are all driving a whole host of new innovations and, inevitably, driving change into the market landscape.
IoT, the ‘Internet of Things’ is no exception. Today’s consumers are becoming increasingly comfortable with a ‘smart’ world and are beginning to expect smart behavior from the physical stuff they interact with day-to-day. There is a clear market voice demanding a higher level of anticipation of customer wants and needs and an expectation of a higher degree of personalized response to those needs. The Gartner Group in their 2015 list of Strategic Technology Trends says, “The smart machine era will be the most disruptive in the history of Information Technology.” To keep your company relevant and growing in the face of this brave new world, it is not too early to be deciding what’s my ‘thing’ going to be?
Expanding on the concepts of RFID tagging and tracking of physical assets, a technology that has become pervasive in many market segments like retail and inventory management, the Internet of Things adds additional intelligence to the assets themselves. True, the IoT has been subject to the same over-the-top hype that other technology revolutions have shown in the past – who really needs their toaster to be ‘smart’ after all. So, in examining your product portfolio for IoT opportunities, common sense must be applied. Here’s our list of test questions and criteria to help determine if a smart behavior makes sense and can add meaningful value to a product or service offering:
Predictions put IoT direct revenues over $300 billion with a total economic impact of $1.9 trillion by the end of the decade. Regardless of device or scale vision – from assisting and monitoring the elderly at home to ‘Smart Cities’, it’s clear that IoT represents a seismic shift in technology focus, and a huge opportunity to provide amazing benefits to consumers and businesses alike.