Internet of Things (IoT) is one of the hottest topics today. Everyone is talking about it and how their products and services fit in with IoT. With so much discussion around the subject, a healthy amount of confusion will follow. In a nutshell, IoT presents a significant opportunity for both companies and consumers.
The purpose of this post is to break down the subject into two core areas. From there, one can delve deeper into how companies are engaging within the two categories. Within those, there are opportunities and challenges that both companies and consumer need to consider.
The two categories of of IoT:
The first category of IoT solutions are what I call the mechanics. These are the solutions that connect the different devices together. It involves the end-device, data collection and transfer. Management and security layers provide governance of both the devices themselves and the data they collect and transfer.
The second category of IoT solutions move to working with the data itself. A fundamental opportunity for IoT is to gain greater insights from the data itself through analytics. Consider the sources of data and how they can provide greater insights on customers, their services and the ‘Market of One’. More data sources can lead to better decision making.
Granted, IoT is a complex subject with many facets. Not all tools (mechanics or analytics) are the same. There are a huge number of very specialized solutions on the market today. Before delving into IoT, understand what components are most useful for your ultimate objective. For most this will lead to a clearer path of execution and better decision making.