The Internet of Things, or IoT, is a term that describes the ever-growing world of connectivity between the internet and everyday objects. IoT generally refers to any object embedded with software, electronics, or sensors that have network connectivity. This marketplace is exploding. With this explosion arise opportunities and concerns.
For businesses, IoT offers a new horizon of technological support that facilitates opportunities to grow and creates challenges to overcome. For example, alliances forged in the IoT marketplace will experience unforeseen growing pains. As these partnerships are already inclined towards connectivity and networking, they will need to adapt to the supercharged connectivity of IoT. Companies cannot succeed in the IoT marketplace without partnerships.
Books are being written about IoT. The subject is massive. This short article is point out opportunities and some concerns as this market explodes.
Opportunities and Concerns in IoT
Potentiality for Innovation & Development
With the creation of an expansive web of networking resources, comes the opportunity for greater vision. Business alliances rely on the ability to efficiently communicate and share knowledge. With IoT’s mission to produce connection, this new marketplace will open the door to business alliances for more innovative product that meets a larger pool of consumers.
Businesses alliances working to keep up with technological advances will find IoT is a great resource. User-friendly platforms and applications remain in high demand as well as the emergence of starter kits, which allow for an even greater range of diverse development. Opportunities to either create alongside or utilize these developing technological aids are ever growing. Alliances allow for faster penetration into the market.
Bridging the Gap between Humans & Technology
While the idea of artificial intelligence is a hotly debated topic, it is recognized as an emerging technology that could be highly beneficial. Possible human-technology hybrids include wearables, 3D bio printing, driverless cars, virtual assistants, geo location, mobile health monitoring, and prescriptive analytics, to name just a few. Each of these technological developments offers its own benefits towards streamlining the efficiency of business connectivity and generation.
Better Use of Telemetry Data
Telemetry data, an automated communications process where data is collected at remote sites and is transmitted to receiving equipment, is a very useful source of analytics. The best way to utilize telemetry is by compiling and reviewing the connectivity between the different points. This form of fusing different points of data together is called sensor fusion. By implementing sensor fusion, data can be translated into tangible information, which then leads to newfound wisdom.
Differing Standards & Protocol
As the number of internet-based companies creating IoT platforms grows, so do the number of standards. The main goal, as well as the most difficult challenge, is developing an outline that has cross-industry abilities. Standards must allow various systems to work cohesively, while also providing easy deployment and maintenance. Major technology companies such as Google, Nest, Cisco, Samsung, and Microsoft, are all developing separate or alliance based standards. This fragmentation has the culpability to disconnect the cross-industry quality of IoT. Pick your partnerships carefully.
As more data is collected, more opportunities for sensitive data being delivered to the wrong people. IoT for medical necessitates stringent safeguards to protect a patient’s health records. My home has IoT devices, and I don’t want strangers entering my network or home. The CIO’s are concerned about IoT devices in the office, as an entry point into the corporate network.
With the increase in technological advancements comes mass production to meet the demand. One of the most prevalent concerns looming over the technological boom is e-waste. E-waste refers to any technological device, such as a television, mobile phone, laptop, copier, or stereo, that is nearing the end of its life. Newer technological devices are made with poisonous compounds such as heavy metals, rare-earth minerals, and highly toxic synthetic chemicals. These devices with batteries are usually incinerated or included in the regular landfill, therefore allowing the harsh materials to leach into the ground.
Smart companies benefit from this new marketplace. Find the right partners, and your company can expand your marketshare.
3rd Eagle is a premier consulting firm that specializes in many aspects of business start-ups and ventures including aiding in the kindling, building, and sustaining of positive business alliances, partnerships, and generative collaborations. For more information, contact me.