We’ve heard a lot about how IOT is changing the landscape of business, but typically, we don’t talk about HOW IOT is providing value
IOT isn’t just a drop in solution, here you go, here’s IOT.
It’s a multi-phase journey, which leads enterprise to all sorts of differentiated opportunities.
For me, there are 4 key steps to the IOT journey
So let’s break these down
Monitor – Gathering, logging, and reporting real-time, or at least near real time data from different people, equipment, assets, etc, enables enterprises to get a clear, comprehensive view of the status of various operations.
Control – This is one of the concepts that always excited me, being able to remotely activate various pieces of equipment, control assets, and essentially use technology existing in the virtual world to control the physical one.
Automate – Creating rules and processes around the data, and being able to use these rules to remove the human element from the workflow process. Machines that can control machines
Predict – This is where it gets interesting. Now we’re into machine learning, where complex algorithms begin looking at large data sets, figuring out paterns and markers which we may not even know to look at (for example, sensing a vibration on a engine along with a minor spike in temprature may predict an impending failure). Now we have machines thinking about how the world works
The challenges here are many. But some of the key challenges are around identifying the right value levers, and being able to create robust cost benefit models for an IOT solution. It’s very complex, and a hard pill to swallow for companies looking to roll out these types of solutions.
In a later blog, we’ll talk about how IOT and Wearables play together to create a holistic enterprise solution.