IoT – Crossroads of Digital Disruption?
The Internet of Things (IoT) opens up endless possibilities of connecting any device with an on/off switch to the Internet in a giant network of linked people & objects.
We live in an age of unprecedented technological change. There has been more change in the last few decades than in the rest of the entire industrial age. Today, 5 billion people around the world are connected & that connectivity is transforming all that we do. More connections, more communication, more functionality & adaptive new behaviors are shaping the future.
IoT is already having a major personal, social & business impact by enabling radical innovations & new services that transform businesses as well as entire industries.
IoT is perhaps the key driver of Digital Disruption. Accelerating advances in technology such as advanced analytics, cloud computing, pervasive connectivity, product lifecycle management & embedded sensors transform every part of business seeking value in improving operations/lowering costs, creating new products/business models & driving superior engagement/customer focus.
According to McKinsey & Gartner, IoT represents enormous scale & impact…..
- 25 Billion Installed IoT Devices by 2020
- $3.6 Trillion Potential Economic Impact Per Year by 2020
- 70% IoT value Created in Business to Business
Exponential Technologies – Key IoT Enablers
- Artificial Intelligence
- Connected Home
- 3-D Printing
- Encrypted Currencies
- Mobile Payments
- Connected Vehicles
- 3-D Gaming & Entertainment
Disruptive Ideas Are Now Realities
The disruption from IoT will reshape our personal & business lives in a dramatic manner that is not fully imaginable or comprehensible by most companies today. At one end of the scale, it will displace routine, monotonous human jobs with machines. At the other, it will radically disrupt the competitive landscape, by giving early adopters tremendous advantages in terms of lower costs, better customer experiences & a significant lead in pursuing new business opportunities. While the full impacts of this disruption will not arise overnight, they will come a lot faster & sooner than most businesses are currently expecting.
Be Proactive not Reactive – Are You Ready?