The Internet of Things is going to change everything about interaction among different objects and networks. The Internet of things is about interconnectivity of networks and objects. The network of smart devices and objects communicates seamlessly over the Internet. This interconnectivity leads to an interconnected fabric of networked systems.
An individual device connected to the Internet enhances the functionality of that device. As a result, there is an enormous value addition to the consumer using the device or thing connected to the Internet. Connected devices change the way consumers think about product and this may lead to substantial changes in consumer behavior. Furthermore, IoT provides an opportunity for companies to improve customer experience of an offering. Therefore, IoT is a huge business opportunity for different companies. The leaders of IoT refer to the connected business world as Industry 4.0 or the fourth wave of disruptive industrial innovation.
IoT provides a broad spectrum of uses across different industries. Companies are no more constrained by strategic actions pertaining to one industry. The convergence of different kinds of technologies unleashes new possibilities and capabilities.
Early adopters will reap the benefits in a connected environment and will also have a competitive advantage. From a strategic perspective, companies will need to evaluate new opportunities and threats due to the emergence of IoT. As far as opportunities are concerned, there will be some collaborative strategies employed by the companies due to the nature of connectivity. For instance, AT&T, Cisco, IBM, GE and Intel are collaborating to connect sensors, objects and large industry machinery systems thereby enhancing engineering standards of each company. These companies have also realized that interoperability is the key to enhance IoT. Hence strategic actions of these companies seem to be entwined.
There is a whole gamut of applications, from a smart parking system that alerts drivers about open spots on real time basis to engineering electronic sensors that measure smell and taste food in order to detect diseases in the early stages. Such capabilities will revolutionize many industries. In future, IoT will play a crucial role in the automobile industry predominantly in the driverless car segment. There will be numerous data points when autonomous cars hit the roads, such as emergency braking system, back cameras, adaptive cruise-control and self-parking system. Therefore, IoT is bound to immensely transform Big data by introducing next level data management techniques. The new data management techniques should be integrated with robust communication to provide real world benefits. For instance, in the field of robotics, robust communication is of paramount importance for machine to machine communication. Machine to machine communication is critical for adaptive learning and converting data points into sensible information for humans.