Imagine a situation that you are on your way back home by car from the office. Suddenly you realize that a fresh pizza was left in the micro oven and your wine chiller is off. Also you recall that there are unwashed clothes in your washing machine. You want hot pizza, chilled wine and after bath you need fresh clothes. What do you do now? Imagine!
You pull out your smartphone click an app that turns you wine chiller, micro oven and washing machine on and you are just 30 minutes away from your home. You reached home, had your pizza with a glass of wine and after that had a bath and wear fresh clothes. Possible? Yes, it is absolutely possible. And it is possible because of ‘Internet of Things’ which is currently being experimented and used by corporates across industries primarily energy, manufacturing and mining.
Undoubtedly, ‘IoT’ is about to disrupt industries as it is disruptive in itself in terms of technology. It is the next big thing for sure and an early adoption will be critical success factor. We are still in the early stage of ‘IoT’ and we can compare it with the internet of the early 90s.
Very soon we will see grocery chains sending information to their customer over smartphone on the availability of their ingredients in the shop cart. Alarm will trigger the car to start the car at a preset time while mobile apps will remind daily schedule at regular intervals. All these are possible with ‘IoT’. We are just heading towards a revolution that is yet to happen but very soon it is going to be realized.
‘IoT’ is transforming our everyday life by integrating all physical objects surrounding us and thereby creating an ecosystem of information that will enhance our experience. From micro wave to car, the ‘IoT’ is bringing more things into the digital fold every day and as such technology pundits forecasts that it will be a multi-trillion dollar industry in the immediate future. According to a recent study by McKinsey & Company says that if policy makers and businesses get it right, linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.
The wide adoption of sensors worldwide along with more investments in the semiconductor industry is an early indicator of the progress of ‘IoT’. It can help consumers achieve their goals by greatly improving their decision-making ability via the augmented intelligence of the ‘IoT’.
Let us take the example of manufacturing industry. Plant monitoring and optimization task are being done via remote, interconnected control points. Specialist who earlier performed these tasks is no longer required thereby increasing economies of scale. Similarly in retail, products and cart sensors collect data from the entire supply chain which is processed through predictive analytics applications thereby optimizing the supply chain at any given point of time.
More and more businesses are adding sensors to people, processes, locations and products to gather and analyze information that helps better and informed business decision and increased efficiency and transparency. It is all about bringing order and sophistication to data.
What primarily remains the area of concern for now is ‘data security, privacy and compliance’. As a corporate entity, we strongly advocate data security, privacy and compliance as a priority area that needs to be addressed on a much larger platform and more proactively so that fool-proof protocols and frameworks are put in place to eliminate unauthorized usage and malicious attacks. ‘Security’ is said to be an art that involves cryptography. Most businesses today don’t have the required talent for developing secure products. Once security issues are addressed, ‘IoT’ is surely going to disrupt our overall life experience.