There are just three simple rules of engagement for IoT, according to a new white paper from Flexeye

Flexeye-logo

Whatever their size, interest, geography and industry – all businesses will benefit from remembering just three simple rules of engagement when embracing the Internet of Things, says a report published by technology company Flexeye. The concept of the Internet of Things (IoT) has been discussed since at least 1991, originally conceived as providing all objects in the world with a machine-readable identifier that could be used for tagging. Today the term is used to denote a world in which everyday objects are connected to the internet via a network, allowing them to send and receive data.

So the big change is to connect all the things that have not been put online before. That means everything from toys to towns, houses to skyscrapers, shoes to shoe factories, cars to cows and packing crates to pack animals. The list of candidate things to be connected is all inclusive – literally anything and everything from the world around us.

The potential value of IoT to industry is huge – embracing it will allow businesses to perform tasks faster and cheaper than before and even interact with the world in new ways, opening up fresh opportunities.

Gartner estimates that the resulting global economic value-add to industry as a result of increasing sales and decreasing inputs and costs will be $1.9 trillion across multiple sectors with manufacturing, healthcare and finance being the ones to benefit most. By 2020 Gartner estimates that over $300 billion incremental revenue for IoT suppliers with around $250 billion derived from services, and IoT will include anywhere from 30 billion to 50 billion connected devices. Some analysts say even these estimates may be conservative.

Flexeye CEO Justin Anderson said: ‘IoT is not a fad, it’s an industrial revolution that will irreversibly change how, why and in what way we all work and play, bringing with it pivotal changes in industry and business structures.

‘Interconnectivity between devices will ultimately change business strategy from vertical to horizontal, with silos breaking down and tech taking over where human intervention is no longer required. IoT will bring enormous competitive advantages to its industrial adopters.’

Richie Saville, author of the white paper and CTO of Flexeye, said: ‘Business leaders know they need to embrace IoT but how to go about it can be a thorny issue. Whether you are a large or a small business, whatever your interest or geography, you can begin to unlock the enormous potential of the IoT by remembering three simple things: identity, visibility and intelligence.’

A summary of the three IoT rules of engagement:

1. Identity – take the real-world object (or ‘thing’) you want to connect and define and capture it in the digital world.

2. Visibility – find a way for your chosen object to be digitally found and accessed by stakeholders, including other connected objects.

3. Intelligence – use digital processing to enable the newly connected object to become ‘smart’ – that is, able to make decisions and take actions autonomously and without the need for human intervention.

For further advice on where to start with IoT the full the report, entitled ‘Lords of the Things’, is available at: www.flexeye.com.

RECENT ARTICLES

DANA bolsters financial inclusion in Indonesia with HERE Technologies

Posted on: August 9, 2022

Jakarta, Indonesia. 04 August, 2022 – HERE Technologies, the location data and technology platform, announced that DANA, one of Indonesia’s digital wallet services, is utilising HERE location services to bolster inclusive financial services in the country.

Read more

Putting fleets in the fast lane: AT&T Fleet Complete launches FC Hub, a suite of next-gen fleet management tools

Posted on: August 9, 2022

Dallas, United States. 05 August, 2022 – Fleet Complete is introducing AT&T Fleet Complete FC insights solution suite, a big data IoT platform with web and mobile apps for fleets to monitor and manage all aspects of their mobile operations.

Read more
FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox