Earlier this month, we gave you our top technology trends for 2015, and, not surprisingly to anyone observing the latest market trends, we highlighted the Internet of Things (IoT). There is often a lot of ambiguity surrounding the concept of IoT, but it all essentially boils down to connectivity. IoT refers to the connection of any powered device to the Internet, enabling interactive device-to-device and device-to-user communication to automate tasks for optimal efficiency and understanding; it has become a catch all phrase for utilizing device-driven data to create something useful.
Often, IoT brings to mind very “techie” inventions like smart home thermostats and wearable devices, and while these energy trackers are early growth areas for the industry, they are just scratching the surface of possibilities. Rather, these technologies demonstrate a major influencer of IoT that will have an astronomical impact on the business sector – Big data.
You see, the Internet of Things is not evolving in isolation; it is maturing alongside another huge market changer. Our lives are driven by data. Every interaction in our day-to-day creates an endless stream of data waiting to be transmitted, stored, and analyzed to make our lives better, which is basically what the Internet of Things is enabling. These two interconnected trends are shaping the market in vast ways. On its own, a small device with no storage or processing capacity would add little to our lives, but by backing it with the curation and correlation of high volumes and varieties of data, the outcome is utterly valuable convenience, optimization, and efficiency.
At the intersection of IoT and big data is true business intelligence. The insight gained through these trends creates competitive advantage. Improved customer experience, optimized processes, elevated business forecasting, and empowered decision making are all created at the convergence of the Internet of Things and big data. There are virtually endless opportunities for connections in the future of IoT, both personally and in your business. Whether that is your car syncing with your work calendar, road conditions, traffic congestion live stream, and available parking detection to provide you with the optimal morning commute, or the ability to track your business’ inventory shipments for quality control and maximum agility. IoT will change how we live, interact, parent, consume, and work.
Recognizing the need to manage and make sense of your business’ data is an essential first step. It is not as simple as slapping a wearable on your wrist – though, at some point in the future, wearable devices for office equipment to auto-manage supplies and self-diagnose issues could be a reality. Industries will be disrupted, markets will evolve, and security will become more crucial than ever as this technology becomes more prevalent in the marketplace. Meet next generation consumer expectations and automate your business by enabling visibility into your underlying data trends. If your business is ready for the cutting edge of business intelligence, consider these areas; a world of interconnectivity is upon us – Are you prepared?
Joey Skinner is Business Applications Senior Manager
with Eide Bailly Technology Consulting. Joey has
more than 22 years of experience in the information
technology field in roles ranging from application
architect and developer to technology consultant.
His expertise includes a strong understanding of
accounting principles and work flow procedures
with advanced application development and systems