The Internet of Things and your business
The Internet of Things (or IoT) has been a buzzword across multiple industries for quite some time, but only in recent years have we seen the true potential that the IoT has to transform the way we do business.
The term “Internet of Things” was officially coined in 1999 by Kevin Ashton of Procter & Gamble. Since then, the original vision of the IoT has evolved significantly together with the rapid technological innovations we have seen over the past two decades.
Regardless of the extent of your knowledge of the IoT, as a CIO, it is your responsibility to ensure that the IT and computer systems that support your company’s goals include, at the very least, an awareness of and consideration for the Internet of Things.
In Part 1 of this 2-part blog series, we’ll unpack why.
IoT and Big Data: what’s the connection?
Big data and the IoT can appear to be two sides of the same coin, but in reality they are very closely connected.
Michael Mandel, chief economic strategist for the Progressive Policy Institute describes the Internet of Things as the extension of the internet to the physical world. In essence, the IoT is all about devices, data and connectivity. So how does this involve big data?
Big data is essentially just that, data. Data is defined as ’big data’ when it displays the four V’s: volume, variety, velocity and veracity. This huge pile of data is highly varied, takes large amounts of time to be processed and analysed and can be widely varying, producing uncertainty with regards to its veracity. As CIOs we know that big data has to be analysed and processed in order to draw results.
This data produced by the IoT however, is on a different scale. With more and more ‘things’ being connected to the internet through sensors, there is an influx of a massive amount of data.
So in order to cope with the speed in which data is being produced, big data analytics tools have to quickly adapt and evolve. As CIOs we have to adapt too.
Should I consider IoT as a CIO?
In short, yes.
This concept is no longer reserved for large tech and software companies. More and more growing corporations are adopting strategies to include the IoT as part of their daily operations.
Experts have predicted that the Internet of Things will eventually consist of about 30 billion objects by the year 2020. People just expect to be able to do things with ease, and connectivity is one the foremost vehicles of this process.
With ease of use comes simple and effective design. But as most CIOs know, the more simple the design of the object, the more complicated it truly is underneath. This means that you have to constantly think about better design for these complex systems.
You not only have to worry about the design of these systems, but also the analysis of the data that these systems produce.
This is especially true in areas such as medical science. A medical device could collect highly granular data which can be compared with the data of other patients. This can later be used to deliver personal medicine.
This one device influences a variety of areas: information privacy and security, big data, analytics, wireless connectivity, and networking. These are all areas with which a CIO should already be concerned.
The reality is that with the increase in data from the IoT there are several areas which CIOs have to be working on and getting better at.
As a CIO, to write off the potential that the IoT has to change the way you do business would be unwise.
IoT and AI: are we there yet?
As the IoT impacts the modern business landscape we need to develop new technologies to not only survive, but thrive. Due to the influx and variation of data produced by the IoT there has to be a dynamic response - this is artificial intelligence (AI).
Watch this space for Part 2 of this blog series where we look at the rise of Artificial Intelligence (AI) in business.
Fluidity is a Cape Town based software development company that has built their reputation on their ability to meet the needs of customers with the innovative power of tech.
Fluidity believes that companies who adapt will ultimately survive and thrive, and that innovation and technology is key to those ends. They partner with their clients as they help them innovate and compete with software solutions that create results.