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Tuesday, July 17, 2018
HomeFuture SightThe Business of The Internet of Things

The Business of The Internet of Things

Internet of Things

Vernon Thaver, Chief Technology Officer of Cisco South Africa spoke about the commercial value of the Internet of Things, or at least the developing markets around the new industry.

Although he doesn’t look like it, Thaver describes himself as a recently converted Millennial although he admits he isn’t, at the very least, he speaks like one: full of confidence and enthusiasm.

Based on their research as Cisco: “53% of millennial would give up their sense of smell to be connected to the internet 247, 40% of millennials would have a device implanted in their brain to be connected to the internet”. The future looks exciting and full of opportunity according to Cisco’s data.

Thaver goes on to mentioned that the digital revolution of the Internet of Things will be 15 – 20 times more impactful than the industrial revolution was, it’s a time of great innovation and transition.

“We are seeing this rapid technology innovation spilling into new domains and innovating vertically throughout everything. Changing how every industry works and each business model functions”.

“The challenge is not that the technology isn’t there, the challenge is the pace that everything changes. The change is extremely abrupt and sometimes without much notice, this leaves businesses confused or behind quite quickly”. So what do we do to make sure this doesn’t happen to our businesses?

The great upside of the Internet of Things, is the mass of data analytics that come with it. We are able to not only record everything we do, but understand how that information access helps us.

Although, it seems that real time data is too late for us to use. Sure we could create historically based forecasts, but we need predictive responses in data, applications that can suggest a course of action before the action has occurred.

We need a better understanding of all that data outside of just stats and graphs, we need insight and context, “just because you know my name, it doesn’t mean you know me. We are making this transition where businesses are knowing our habits, but we need to move away from personalisation to hyper relevance”.

As we begin to see big data and analytics being used, we’re going to see new business models being developed. We’re moving into a world that is hyper aware and hyper predictable, hyper agile, hyper relevant.

“Everything we do to drive value, depends on the network that we are in. The Internet of Things is simple, we start with things, and we connect those things with applications. But for that to happen, we need to add infrastructure and enable those applications to connect.”

Once we bring all these devices and businesses together, we then need to scale all that insight, more than just provide the insight we need to be able to articulate it in such a way to make it useful and valuable.

It’s an architecture: if we can capture and articulate the date with the correct context, we can create personal customer experiences better than what we were able to before.