How the Internet of Things could affect your business
There’s been a lot written about the Internet of Things (IoT), but as far as your business, its needs and prospects are concerned, it boils down to five areas that may change or benefit your organisation. They are represented by the five key connection points along the IoT chain, between the things and your business. Some companies will be able to address only one, while a few will span the whole chain to potentially dominate the IoT market. Allied to this are key enabling technologies like cloud computing, network security and mobility, all of which will play a key part in the IoT’s success.
Each company needs to ask itself where they fit in, and what technology they need to focus on, or partner with others to offer a solution or business advantage. Here are the five areas you should consider:
Thing-centric usage, where the thing has most of the processing and data. Providers of these will either be massive vendors selling billions or niche makers (perhaps start-ups) selling to enthusiasts, a small market or a particular industry.
Gateway-centric, where the thing remains a relatively dumb device with a gateway device in the field acting as the primary control point. Internet and mobile service providers will play a key role here, helping to link devices.
Smartphone-centric usage is where the user’s smartphone acts as a hub for a range of IoT devices and objects. The Apple Watch and other wearables are likely starting points for most consumers, but businesses will find increasing numbers of them providing data that a company can use to add value or sell products alongside. Developing apps that can access that data is one area that some companies could exploit.
Cloud-centric usage, where most businesses will find value through a cloud service working as the major point of interest. This can be either providing live dashboard information based on data from the things (smart traffic systems, for example) or providing reports, analysis and predictions. Most cloud players are preparing to adopt IoT, but service sellers could create all kinds of products in this market.
Finally, an enterprise-centric focus is where most large and vertical businesses will see value from the IoT, as they control or use the IoT that is anchored to their existing IT systems.
Any one of these areas is currently rife with potential for technology companies to break into this growing market. It could be an idea from a tiny player that is just as relevant as something put out there by the likes of BlackBerry, for IoT security or Nest, provider of IoT home gadgets.
