“A live, freshly-cut nerve is infinitely more sensitive. So I’ll just drill into a healthy tooth until I reach the pulp. Unless, of course, you can tell me that it’s safe.” – Christian Szell, “Marathon Man,” Paramount, 1976
2016 is just really under way and there has already been an explosion on the scene of technology. There is a 3rd wave of the Internet, that is transforming how we do business and how we connect in our everyday lives. The Internet of Things is so big that many think it will never happen.
If you were unfortunate you hit CES a few weeks back, where everything was the most important thing there was in the universe. And each one was collecting data about the car, the house, your universe, the people around you, you. Yes we’ll have IoT sensors everywhere – about 30M for business, 20M for consumers. That’s a whole lotta data gathering all designed to help you. Well you and the company who is holding your data in a “safe, secure” place for you. Actually that’s a place where they can try to figure you out more and sell you more product/services or simply tap into the information and use it. Folks have everything figured out except how to store it somewhere long enough to figure out what to do with it and keep it away from prying eyes. That as they say is still “a work in progress.”
Even in today’s understanding of Data we have stored more information in the cloud on our mobile phones this information can be easily accessible to even some of the most unsophisticated techies (my wife) . Recently my Icloud and her Icloud some how synced and she saw a few pictures I saw online, well you get the picture. If we can’t protect our Iphone Pics.. how can we trust large companies to protect our information from hackers, rogue governments and baby mamas ?
How could I be so right and so many really smart people at IDC, ABI, HIS, Gartner, Cisco, Ericsson, Apple, Samsung, HP, Ford, Audi, Google, Facebook, you name it, be so wrong?
After all, depending on whose numbers you believe, it’s going to be a connection of 30-50B things and will rack up about $1.9T in sales.
Its very definition dooms IoT — The Internet of Things is the network of physical objects or “things” embedded with electronics, software, sensors and connectivity to enable it to achieve greater value and service by exchanging data with the manufacturer, operator and/or other connected devices.
The flip Side is will you be able to be on the leading edge and come up with the next disruptive product or service to shift the entire landscape.
Almost daily there are new disruptions in technology; we are on a trajectory that will allow us to achieve what has been looked at as science fiction. For the African diaspora and the African community this has been an area that is rarely discussed in a way to connect, mobilize and create innovation. Recently Business Insider published an article about the top Unicorn companies of 2015 of the 72 companies with Billion Dollar Valuation 0 included African American or African founders. That is over $72 Billion missing from the diaspora in revenues and VC funding. While these numbers and stats are typically never included in missing revenue, there is a real need to see the value that we must bring to the disruptive innovation movement.
How to get in the dance?
We must adopt new technology and utilize current technology to turn the tide in the growing movement. There are many programs currently aimed at getting minorities to write code, and learn computer science. Van Jones and programs like Black Girls Code are changing the face of the movement. There are many other app developers and programmers but the African American community is very underserved in the tech community. As we become more educated on how to mobilize and create new innovation the arms race before us is to convert existing systems.
Moore’s Law will states that there will be a growth in chips that will double every two years the amount of transistors has increased and doubled even more.
That’s being done with scary regularity because right now, business- and personal IoT-enabled products have infrastructure issues:
– 90 percent of the devices collect at least one piece of personal info via the device, cloud, mobile app
– 6 out of 10 devices have user interfaces that are vulnerable to “issues”
– 80 percent don’t require robust passwords
– 70 percent let attackers identify user accounts
– 70 percent use unencrypted network services
Businesses are rapidly implementing IoT because the benefits can be quickly seen.
Adding data collection sensors on factory production equipment, office buildings and warehouse shelves can reduce manufacturing and customer services costs, improve organizational collaboration, enhance decision making, enhance growth and improve profits.
BI Intelligence found:
– Manufacturers will invest $140B over the next five years to make themselves more competitive
– 18 percent of industrial machinery firms will use IoT to increase production, reduce costs
– 17 percent of auto firms will use IoT to streamline the parts supply pipeline
– Transportation/warehousing will invest to reduce warehousing and shipping costs
– iNet infrastructure firms will invest to improve their data and data analysis needs
So even with understanding the issues that IoT presents, there are tremendous opportunities to carve out your niche and even build upon the red hot Internet of Things Market.
The potential is enormous. Analysts project the economic impact by 2020 will range from $2 – $14T.
That’s serious money that will reflect well on the bottom line.
But the focus that will win in the mad rush to IoT will be the one that centers on getting to know the customer and providing services that satisfy their wants and needs.
We’ve never seen something this complex, so far reaching, so flat out new!
We’re still in the early-adopter phase but management has to come to grips with the brutal fact that they can’t control the world of IoT.
They have to figure out what role they’re going to play, the capabilities they’re going to need and the types of innovations they want to focus on.
If your company wants to stake a claim with the Internet of Things, you first need to develop a distinctive “way to play”—a clear value proposition that you can offer customers. This should be consistent with your enterprise’s overall capabilities: the things you do best when you go to market, aligned with most or all of the products and services you sell.