Post date: Apr 10, 2014 6:25:54 PM
Gartner, Inc. forecasts that 4.9 billion connected things will be in use in 2015, up 30 percent from 2014, and will reach 25 billion by 2020.
The Internet of Things (IoT)* has become a powerful force for business transformation, and its disruptive impact will be felt across all industries and all areas of society. http://www.gartner.com/newsroom/id/2905717
Big data analytics - Predictions For The $125 Billion Big Data Analytics Market in 2015
IoT analytics will be hot, with a five-year CAGR of 30%.
The Internet of Things (IoT) will be the next critical focus for data/analytics services. (IDC) While the IoT trend has focused on the data generation and production (sensors) side of the equation, the “Analytics” of Things is a particular form of big data analytics that often involves anomaly detection and “bringing the data to the analytics.” (IIA)
Adoption of technology to continuously analyze streams of events will accelerate in 2015—it’s all about speed and small units of data. IoT back end as a service (BaaS) will emerge, as players—including Amazon, IBM, and Microsoft - continue to stitch together a wider variety of platform as a service (PaaS) services, including stream processing, data triggers, indexing and synchronization, and notifications, into more tightly integrated offerings directly marketed to the growing community of IoT developers. (IDC)
Data (numbers) and things analytics have been around since the beginning of time. Bartering, (based on numbers and things) is still used to buy or sell goods and services. Bartering was in place before currency, and even the primary mode of trade as recent as the early US settlers and Indians.
Walmart changed retail, not only by using Sam Walton’s folksy management style, but by developing a sophisticated just in time inventory, and making computer models to determine the markets that had the highest probability of success. Things and data
My experience in the early days of mainframe computers ranged from tracking foreign missiles to determining least cost distribution of gasoline from refineries to end user. Aeronautics and energy went from seat of the pants and horse trading to sophisticated methods of gathering and analyzing data soon after the invention of the modern computer. Things and data
In the 50’s there was only three TV channels, and limited selections for cars, appliances, and furnishings. Virtually all business was done local with occasional catalogue orders, which could take weeks to deliver. Small communities were like castle and moats until overnight freight and Walmart became the Trojan Horses creating change. Things and data.
Internet of Things brings the new Trojan horse that infiltrates households, businesses, governments, churches. In essence any type of dwelling.
Cons - Disadvantages
https://sites.google.com/a/cortland.edu/the-internet-of-things/disadvantages
Three of the main concerns that accompany the Internet of Things are the breach of privacy, over-reliance on technology, and the loss of jobs.
The privacy issues also leads to the question of who will control the Internet of Things? If there is only one company, that could potentially lead to a monopoly hurting consumers and other companies. If there are multiple companies that are given access to the information acquired, doesn’t that breach consumers privacy? Also, where is the information going to be stored?
Recently there was an article that the Internet of Things was already losing steam
Excerpts -
It's not that they're tired of the hype. They're disappointed in the actual products, which for most people fall into the home automation category. Many products work poorly or have confusing technologies that keep people away. Industry battles of who will own the user or the home worsen both problems: Proprietary products create integration hassles that make both usage and purchasing much too difficult.
"Even though Google and Samsung made big purchases in this space by buying Nest thermostats, Dropcam, and the suite of SmartThings products, demand is stagnating. It is obvious that the early adopters have bought what they want and other consumers are expressing frustration that these products are complicated and difficult to set up and use."
Pros - Advantages
https://sites.google.com/a/cortland.edu/the-internet-of-things/advantages
There are many advantages of incorporating IoT into our lives, which can help individuals, businesses, and society on a daily basis. For individuals this new concept can come in many forms including health, safety, financially, and every day planning.
IoT can also function as a tool that can save people money within their households. If their home appliances are able to communicate, they can operate in an energy efficient way. Finally, IoT can assist people with their everyday plans….…..Although this may sound unimportant, the misusage of time costs us “$135 billion a year” (Koreshoff, 2012). By allowing physical devices to communicate, it is taking the data that is individually collected, sharing it, and then translating the information into ways to make our current systems more efficient.
Consumer
IoT and Big Data will identify needs and actions required. Preventive maintenance to monitoring energy, utilities, health, security, and financials. How to get the best deal on maintaining, replacing existing equipment, and accelerate action.
Proactive action to handle health issues, manage utilities, and prevent catastrophic events with all impacting costs ranging from insurance to utilities.
Big Data will identify wants by collecting information from sensors and social media.
Commercial
Organizations that invest in real-time capabilities foster happier users that can pull the trigger with more confidence on tighter deadlines. Real-time data alerts executives to adverse
events as they happen. For example, a Chief Supply Chain Officer (CSCO) could be notified of a delayed shipment of essential parts within seconds of the supplier's truck getting a flat tire. With the early notice, the CSCO is able to redirect key resources from elsewhere (or likely delegate the task) and keep the final delivery on time. This ability to immediately identify and address problems maximizes output.
Recognize the ROI of working in real time. While there is by no means a direct causal relationship, real-time analytics correlates with desirable financial performance. On average, real-time executives reported a 14% improvement in operating cash flow and a 6% reduction
in operating costs. The ability to immediately identify and address problems maximizes output. Executives can also react quickly enough to prevent a small hiccup from causing swelling costs.
Why Big Data and the Internet of Things are a Perfect Match
The benefits within enterprise are compelling.
"IoT technologies allow for real-time and accurate data sensing and wireless transmission of that data to Web applications and servers connected to the Internet," explains Mindtree researcher Ronak Sutaria, talking to Infoworld. "This leads to a more precise and accurate monitoring and control of physical systems."
In other words, it’s going to change the market in the same way as every truly disruptive technology before it – those who can adapt to it will thrive, and those who can’t, well…
The Internet of Things (IoT) can considerably improve consumers’ experience of services delivered in the field by companies that provide assets in the field such as cable television, broadband, utilities, rail and most other companies with assets in the field. The IoT capabilities will disrupt these companies’ market and enable them to compete based upon asset monitoring and a proactive “up-time” rather than reactive service level agreement (SLA) response time business model. All this will drive customer loyalty, brand reputation and shareholder value…
Field service companies rely on the equipment they use to deliver a satisfactory customer experience. If the broadband, asset or power fails, it impacts reputation, let alone the actual business impact of loss of use or the customer “trauma” if the cable goes down before the big game! The IoT will help technicians look to tailor preventative maintenance, do better triage and anticipate failure in new ways, all with the goal to fix assets before the equipment fails.
http://sandhill.com/article/3-ways-service-companies-can-use-iot-to-improve-customer-satisfaction/
There could be more disruption by IoT and Big Data technology than anything, since the advent of the computer.
The management of business and consumer’s wants and needs will be totally different than they have ever been.
Redux -- In other words, it’s going to change the market in the same way as every truly disruptive technology before it – those who can adapt to it will thrive, and those who can’t, well…