Would you like a piece of a $13 trillion pie? That’s how much an expected, world-wide, $6 billion investment in IoT solutions will generate by the year 2025.
The predictions and statistics around IoT are numerous and impressive. We can experience it in our homes, and have watched as disruptors reshape industries, or create new ones, with businesses built around it. But there is more to IoT than big numbers and high profile companies - it’s giving businesses of all sizes, in a broad range of sectors, more visibility and control over their operations than ever before.
What an IoT solution involves, and the business case for implementation
The industries and businesses implementing IoT
The benefits and impact of an IoT solution on business models
Legal and security issues associated with data collection, storage and exchange
Anat Efron, Ecosystems Director ANZ - Thinxtra
Matt Sinclair, Senior Technology Specialist - Telstra
Travis Crothers, CEO & Cofounder - Creator Global
Patrick Duffy, CEO - E Agri
IoT consists of three layers – physical (device hardware), network (that transmits data collected at the physical layer to other connected devices) and application (protocols and interfaces used to identify connected devices and facilitate communication).
Benefit of IoT is it enables the exchange of copious volumes of data and real time analytics, shining a light on systems, processes, or behaviours that may have previously been obscured.
IoT also enables businesses to have greater control over their activities through continuous, remote monitoring.
IoT applications fall into two categories - Information and analysis (i.e tracking behaviour) and automation and control (i.e. process optimisation).
Before embarking on IoT develop a problem statement that has buy-in from all stakeholders and define what success looks like.
Keep stakeholders engaged and educated.
Consider maintenance capabilities and security. The latter should be a priority, discussed from the outset. Reset default passwords for devices!
Be aware that IoT solutions have a domino effect. The deployment of the solution often requires a digital transformation, which can lead to an evaluation of existing systems and processes.
IoT provides great opportunity for SMEs. Being nimble often means it’s easier to adapt to the impacts of an IoT solution, particularly one that is incremental, which can also allow for manageable costs. Consider yourself a testing ground for IoT providers.
Don’t underestimate the transition involved for embarking on IOT - it's an organisational wide commitment, but one that comes with tangible benefits if executed well.