Wednesday 24 July 2013

Internet of Things: Getting a better sense of the opportunity

The Data Strategist of Cause Analytics, David Pidsley, shared a cool article in the Anticipate Change community about how the adoption of wireless and battery-free sensor platforms in industrial settings are resulting in the “real meat and potatoes” use cases behind big data. The article from Practical Analytics focuses on the 1% efficiency gains of the "Industrial Internet" advocated by GE. Have a look at the infographic.

View on Pintrest

The author, Ravi Kalakota, concludes that these benefits will arise from "intelligent feedback control systems" that help us learn, automate, and make better decisions by analysing the data gathered from sensors. David Pidsley highlighted the following:
If the analytics around machine data achieves just a 1% efficiency improvement in cost reduction or efficiency gain then the business case for Machine or Sensor Data capture, harvesting and analytics is truly impressive.
The biggest data opportunities will follow where sensors are being deployed and are in greatest demand. That may be obvious, but the challenge is in reducing the learning curve and increasing acceptance of sensor networks that may threaten legacy systems.

Today's Challenge

Cisco reported earlier this year that businesses feel there is another $544 billion that could be captured through the Internet of Everything this year. Cisco president of sales and development Rob Lloyd suggests that the challenge involves changing business models and company cultures built upon command-and-control structure. Executives and managers that need processes and systems that feed them the right information at the right time may begin by facing the challenge that Lloyd describes.

Care to Disrupt Healthcare?

The infographic suggests that the $63 billion in healthcare savings is possible by reducing process inefficiencies. Kalakota provides a use case in his article that describes how linked assets and seamless information transfers can reduce wait times and help doctors and nurses route patients to the right care stations more quickly, reducing waiting times. Future possibilities may be considerably more disruptive.

Anticipate the Future

The big data opportunities surrounding the Internet of Things involve disruptive innovation and future technologies that may seem threatening. For example, portable medical devices that are small and inexpensive, like the Scanadu Scout, which monitor heart rate, temperature, blood oxygenation, and other vital signs could present a preferable alternative to visiting a hospital, especially if you're uncomfortable with a future where robots are the doctors and your body is repaired as easily as a machine.
Meanwhile, if you would like to get a better sense of the opportunity, enjoy the following YouTube playlist as well as our Pinterest board and G+ Community.

Internet of Things Pinterest Board

Internet of Things YouTube Playlist

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