The Internet of Things (IoT) is a key technology that will provide the data that will revolutionize the cognitive business era, or in other words the era of businesses that “think”.
These thinking systems will take all the IoT data and inject it into systems and processes that make up business. The result? Efficient and improved products and services and a better anticipation of future risks and problems.
In fact, according to a survey by Gartner, Inc. (the world’s leading information technology research and advisory company), more than 40 percent of organizations expect the Internet of Things (IoT) to transform their business or offer significant new revenue or cost-savings opportunities over the next few years, rising to 60 percent in the long term (more than five years).
So with something so impactful in our near forseeable future, let’s check out some of the interesting highlights of the survey which was carried out among Gartner Research Circle Members and composed of 463 IT and business leaders who had knowledge of their organization’s IoT strategy.
First off, even though it is acknowledged IoT is going to be big, the survey confirmed many organizations have only just started experimenting with it in a serious way and only a small minority have deployed solutions in a production environment. This even though, the falling costs of networking and processing mean that there are few economic inhibitors to adding sensing and communications to products.
Researchers at Gartner say that organizations need executives and staff to understand the potential of IoT if they’re going to invest in it and many respondents felt that the leadership at the senior levels of their organizations don’t yet have a good understanding of its potential impact. (It’s important to note that varies widely by industry…for example, board of directors’ understanding of the IoT was rated as particularly weak in government, education, banking and insurance, whereas the communications and services industries scored above-average ratings for senior executive understanding of the IoT).
Survey respondents did make it clear as well that things that may inhibit adaptation to IoT are mostly change in general and an added fear of security and privacy. Obtaining staff and skills was another major inhibitor for many of the respondents, particularly those who expect the IoT to be transformational because they are likely to need new skills quickly to keep up.
BOTTOM LINE: The Internet of Things is here and continuing to expand into all aspects of life. As the IoT market grows, we will see more investment, and as hardware matures, we will get improved security. With these improvements business leaders will continue to get into the market and by doing so embrace not only change, but growth and success as their newfound connectivity makes life simpler.
Looking back in history somethimes gives us perspective of what to anticipate in the future. Did you know it was August 12, 1981 that IBM introduced its first personal computer to the market? ( IBM model number 5150). Great apprehension about change and a new learning curve had many resistors to the new technology at first. But as time went on and systems became more affordable, understandable and ultimately invaluable in day to day life, the computer became a required necessity in almost everyone’s existence in the modern world.
Looking to the future and glancing at the past, IoT seems destined to follow in the same path and that’s something we’re excited about.
BrainGrid Corporation is a designer, manufacturer, and marketer of advanced digital communication devices and software systems that simplify the management of “things” as they relate to the “Internet of Things (IoT).”