The Internet of Things (IoT) will no doubt drive significant innovation in the way businesses deliver their products and services to their customers. But what will it mean for your business?
According to some of the biggest names in the business, we’ll see up to 220 billion connected devices by 2020, exchanging up to 40,000 exabytes of data with a market value of up to $15 trillion dollars1.
In reality, the quieter impact of the Internet of Things on the company environment points to a future that’s less about sensors, connectivity or consumers and more about organising meaning by building much-needed intuitive associations in disparate and highly complex data.
While the hype has focused on sensors, connectivity and fashionable consumer applications, the true value of the Internet of Things will not be defined by connected fridges or smart toothbrushes.
It's what happens once we have a world of smart machines and sensors in place that really matters.
The newly-available insight will drive an evolution of a “digital cortex” with such an unparalleled understanding of our complex physical world that it will predict outcomes for any complex system – from markets and behaviours to processes and prices.
Beyond the efficient allocation of business resources, the collection and analysis of data opens up a vast new landscape of opportunity. Employees will develop their own approaches to solve unique challenges, creating new algorithms to deliver actionable intelligence in a whole new array of business scenarios.
1 ITWire, Australian Internet of Things Explodes, August 2015
The Genius of Things looks at the big picture, the innovations driving these developments and its application to your business.
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