Why now is the right time to make the IoT investment
Like any other business decision, if you are looking at or working with IoT technologies, you’re focused on how to leverage the technology to most quickly improve business results. Almost every enterprise focusing on IoT implementations looks at a starting point of operational value. If you can get the data and bring it in, you can do whatever you are doing better. You can often pay for cost of instrumenting with short term savings from optimizing operations.
From there, the added value pays for the cost of the upgrades needed to take fuller advantage of IoT data-leveraging, allowing enterprises to move focus to improving efficiency, pushing new dynamics with business partners based on acquired capabilities, and engaging in more meaningful dialogues with clients.
IoT is also enabling companies that have been physically oriented to now digitally connect with clients. Think of an appliance repair situation. A washing machine under warranty needs a repair. A connected appliance is able to self diagnose, ensuring the repair person arrives with the correct part. This means a repair truck only has to be sent a single time and the customer only has to be home to let the repair person in once. This not only reduces transport and labor costs by ensuring the right part is delivered the first time, but also provides an opportunity to identify the cause of the problem and talk the customer through the procedure of repairing it themselves. This situation is becoming completely viable in almost every home and business as Wi-Fi is becoming more widely available. The move from a reliance on wired functionality to the ubiquity of Wi-Fi, cellphone connectivity, Bluetooth, and various other specialty options is creating seamless experiences.
Beyond traditional IoT implementations, cognitive computing is increasing the amount of data to improve the learning environment and increase the possibilities of what can be done with edge analytics – making sensors capable of diagnosing and adapting to their environment without the need for human intervention. Another huge advantage of cognitive IoT is the ability to combine multiple data streams that can identify patterns and give much more context than would be otherwise available.
The old datacenter adage of “reduce your data” is no longer relevant in the world of cognitive IoT. The more data, the better. Cognitive analytics is about increasing the amount of data you process to create a better learning environment. Combining other data sources such as weather and social data provide the kind of insight that can give a huge leg up over competitors and the ability to connect with clients on a deep and personal level.
IoT is disrupting the market in ways that have yet to be fully explored. It’s exciting to see how quickly the Internet of Things is developing and realize what an impact it will have on everyday life. I recently discussed what’s coming for the Internet of things and how cognitive is helping drive the transformation. Take a look at the video above and let me know what you think.