Why Internet of Things (IoT) is the Next Big Thing

Why Internet of Things (IoT) is the Next Big Thing 

If you’ve ever wondered what the next big thing is, take a deep breath and pay attention to … this post is for you. I am sure you have already heard about IoT, which has become a popular buzzword these days. But let’s first, define what IoT is and its impact on today’s business world and life. IoT (Internet of Things) can be defined as an intelligent interactivity between human and things to exchange information & knowledge for value creation.

IoT Kosbit

It is easy to argue that the Internet has transformed the way people and business interact and buy products. The Internet, which is only 26 years old, has and will continue to profoundly influence everything. It is easy to argue that the Internet has a reached a ‘tipping point’ what Malcolm Gladwell points out in his book, ‘people prefer to be connected to connectors’.

Moreover, in today’s connected world, information is a new currency. Eric Schmidt, Google chairman, once argued that we create more information every two days as we did from the beginning of history up to 2003. Further, IBM research suggests that around one trillion devices will be connected to the Internet by the end of 2016. Studies show there are more connected devices today than people. This trend is influencing and making companies re-think their business models and changing how companies and consumers engage. Furthermore, Cisco’ study indicates that the market potential for IoT is expected to reach £$1.9 trillion in the next decade.

Some analysts now argue that social media has been the biggest revolution since the industrial age. But, perhaps the Internet has always been social. Remember, Msn, AOL, Yahoo, Chats, Messengers were social, too. So, social media is not a second revolution – the IoT is a revolution waiting to happen, sooner rather than later. At the same time, it is easy to argue that we are living through the second industrial revolution and technology shift of all time, making this a disruptive period.

However, it could be argued that given the data, IoT is not a buzzword anymore, but a reality that is likely to go mainstream, expanding rapidly and relentlessly. So, enterprises cannot afford to ignore this significant phenomenon. Some tech firms have already realised the power of IoT and, therefore, have created a business unit in capitalising on this emerging trend. A prime example of this is a tech giant, Cisco. Others haven’t realised its potential yet.

The IoT is coming faster than anybody thinks. Yes, you have heard that right IoT is massive and it’s not the next big thing. Instead, it’s already here – happening right now. IoT is sensors, smarts and systems, wrapped around context. One might wonder what are the implications of IoT? IoT could affect every aspect of business and life in general. Some of the main benefits of IoT adaptations are: reduce costs, better efficiency, new revenue streams, and innovative services, improve performance, and better value to customers.

One implication is that of big data. The data has become the eyes and brains of business that deals with consumers. This enables companies to make things that not only what people need but want. Another implication is that of improving processes and removing inefficient ones.

For instance, machines will replace human decision making. Some devices are being embedded with software, sensors, and connectivity at a rapid pace. One can look at his data and learns what he needs to do to be productive, stay in shape, be healthy, check his heart rate, and even set lights to a specific shade in his bedroom so he can sleep peacefully. Simply put, it is like having your 24/7 personal assistant telling you where to eat, what to eat, etc. and helping us to know more about ourselves. According to Maslow Hierarchy of Needs, people need to connect with one another. So, connecting has become as important as water, this has been made available through IT as a utility and enabler. The crucial question may therefore be; are we eventually becoming robots, or are robots are taking over?

IoT, as a second revolution, is already here, closer than you think; thus, it is important that IT leaders, business executives, and tech people be aware of, work together and put a strategy in place. The winners will be the ones who get IoT right and can monetize it, the companies that won’t take IoT seriously and plan well will be left behind – after all, this revolution happening now.

What do you think? Have you adopted IoT? What benefits can you see? Are there any challenges? Please share your thoughts and suggestions in the comments below.