CIOs Take On Internet of Everything.
Across the globe, Technology trends (including cloud and mobile computing, Big Data, increased processing power, and many others) and business economics (such as Metcalfe's law) are ushering in the IoE economy. Given that currently, 99.4 per cent of physical objects that may one day be part of the Internet of Everything are still unconnected, there is undoubtedly a huge opportunity for businesses.
A study by Cisco IBSG puts $14.4 trillion as the IoE "Value at Stake" Index, which is the potential bottom-line value that can be created, or that will migrate among private-sector companies and industries based on their ability to harness IoE over the next decade. To get the most value from IoE, business leaders should begin trans-forming their organizations based on key learnings from use cases that make up the majority of IoE's Value at Stake.
IoE will be an enabler of new products, services and consumer behavior. It will be driven by whoever has ideas. It will have many facets. Like the Internet, it is not one thing. The Internet has Facebook, Amazon, news websites, Twitter and PirateBay. The Internet does not dictate one app or one market. It enables diversity and similarly, the Internet of Things will be about diversity too, as different markets adopt it at different rates and times.
For consumers, the Internet of Things is about personal use, convenience and health also known as the 'the quantified self', a movement to incorporate technology into data acquisition on aspects of a person's daily life in terms of inputs (e.g. food consumed, quality of surrounding air), states (e.g. blood oxygen levels), and performance (mental and physical). Such self-monitoring and self-sensing, which combines wearable sensors (EEG, ECG, video, etc.) and wearable computing as exemplified by the Nike fuel band.
Guru Ganeshan, Managing Director, ARM India says, "The future of the IoT is that one size will not fit all, but they will all be based on ARM. ARM's technology designs enable the current and future IoT applications and services to become truly ubiquitous and intelligent. While ARM's partners sold 8.7 billion chips in 2012, the total market for embedded control was 17.2 billion chips. By 2020, the prediction is that the market will have grown to 27 billion chips driven mainly by Internet of Things devices. Many of those embedded controllers are in products that in the future will become part of the Internet of Things."
ARM has recently sponsored an Economist Intelligence Unit report titled - The Internet of Things business index: A quiet revolution gathers pace. This report portrays the growing scope of the Internet of Things (IoT) in most organizations and how IoT is fast becoming an integral part of lives. According to the EIU Report, "The cost of a RFID identification tag, which is commonly used to track assets and manage inventory, fell by 40 per cent in the 18 months to April 2013.
One tag now costs about 10 US cents. Meanwhile, the price of MEMS, such as accelerometers, gyroscopes and pressure sensors, has fallen by 80-90 per cent in the past five years. Based on current estimates, the number of "things" predicted to be connected to the Internet by the end of this decade range from 30bn to 50bn." Are Enterprises Leveraging IoT? Are enterprises willing to go the Internet of Everything (IoE) way? The bigger question is what would be the requirement for enterprises to adopt IoE?
Subhamoy Chakraborti, General Manager - IT, Magma Fincorp says, "We are definitely looking forward to adopt IoE. We have around 280 branches and most of our assets are managed manually. There is a lot of scope in our organisation. We are looking forward to automation in a big way. In the future, we are planning to embrace machine to machine communication for our field work as well." Effective use of the IoE can provide deep insights, combined with a comprehensive security framework, effective security controls, and flexible security architecture, that can help enterprises reduce risk and improve security. For example, embedded intelligence in the form of smart analytics shows the IT team the state of every device on the company network. This can help understand vulnerabilities, the risk they pose, and which devices and software releases may be affected by known issues.
Subhasish Saha, CTO, Apeejay Surrendra Group says, "We are looking at leveraging IoE for our retail initiatives and essensially our Typhoo business. IoE would play an essential role in the quality management for tea manufacturing. For Apeejay Tea Group, which has 17 estates spread over 50000 acres in Assam, we are facing a problem where we are not able to deliver proactive whether information to our estates. This is one area were we want to bring in automation."
Apeejay Surrendra Group- a conglomerate having multiple verticals in hospitality, retail, plantations, shipping, logistics, real estates, and business centre operations. Out of three modes of communication- machine to machine, machine to person and person to person, M2M is really starting to catch up. Internationally, in the health care industry, M2M communication is already in use. Also,M2M communication will play a huge part in industries which are highly concerned about safety and security. Another area where IoE will have a huge impact is collaboration. IoE will change the traditional collaboration methods. From Apeejay's perspective, IoE might play a crucial role in Oxford bookstores from a retail perspective. IoE will change customer engagement in a big way.
Saha adds, "We are already in the era of vehicle level tracking, in the coming days we will enter the age of product level tracking where the enter supply chain would get automated. For any new technology, doing a trial is a must. We are looking at IoE in the coming days and will start testing in different business aspects."
Published by HT Syndication with permission from The CTO Forum.
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