It Might Be Time to Get Excited About The Internet of Things

July 10, 2017 at 9:00 AMChad Moulder

The Internet of Things Illustration

The Internet of Things


This week, we take a look at the Internet of Things, a buzz-y phrase that is getting more and more attention as the nation and the world move towards a truly digital future.


Let’s talk about the future.


The most popular definition of the Internet of Things (IoT) is that it is a network of connected devices that operate with a binary connection (on/off) to the Internet. This can include a variety of “things” from cell phones and wearables to the components that comprise them. It can also include other less obvious “things” like virtual items, information or even people. But why should you or your company be thinking about the Internet of Things?


Technology research company Gartner recently estimated that by 2020 there will be more than 26 billion devices connected to the Internet. Some analysts even suspect that number to be much closer to 100 billion devices or roughly 12 internet-capable devices per person in just a couple of years. Essentially anything that can be connected to the Internet will be connected very soon. Companies that are looking to improve customer satisfaction, operational efficiencies, and product or service quality should certainly be looking at IoT as a way to address them.


Unfortunately, many industries are currently struggling to find a point of access as processing such large amounts of raw data and attempting to create systems that rely upon this connectivity remains one of the most difficult barriers to overcome. Despite these growing pains, I can assure you that it is no longer a question of if but more a question of when large companies begin to integrate IoT into their business models.


One of the first industries to adopt IoT on a large scale has been in manufacturing. As many consumers look to curb capital expenses and replace them with operational expenditures, the IoT allows for a more seamless and efficient source of revenue for many businesses. IoT devices also have the benefit of improving the end-user experience which in turn increases customer loyalty and driving sales.


In a broader sense, we may begin to see how the IoT might become useful on different scales. Applications and devices could be used on scales large enough to manage traffic or parking. Smaller applications might be to have your refrigerator monitor what foods you have, their expiration dates or the ability to compile shopping lists or recipes based on that information. Although still very early in its current use and adoption, the Internet of Things will most certainly prove itself to be a game changer in ways that aren’t immediately clear.


As more consumers begin to move towards cutting capital spending and increasing operational expenditures, businesses may find that early adoption can lead directly to a more seamless and efficient source of revenue. Although it will still take some time to fully realize the potential of IoT, companies that figure out how to collect, process and analyze the vast amounts of information may find themselves at the vanguard of their industry.

Any business can implement IoT, but scale and investment are key to success. Cisco recently conducted a study about the Internet of Things where the discovered that about 70% of IoT campaigns ultimately fail. Why? The top contributing factors from the study revealed that internal expertise, quality of data, protracted implementation, and inconsistent implementation to be among the most challenging obstacles to overcome. The most damning, however was too much emphasis on the technology and not enough on the human element.


When trying to define metrics to gauge success, the study went on to suggest that the alacrity with which IoT is implemented and the company’s engagement consistency/commitment were the most important to track. Businesses should be looking at the Internet of Things like they would any traditional implementation. This means competent teams, technology and proper accounting (time and money) all contribute to the success of an IoT rollout. 

Posted in: AllOrder | Did You Know | General | News


Add comment

  Country flag

  • Comment
  • Preview