01.09.2023 Executive Data Bytes – Investing in IoT for a better tomorrow

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are discussing how the Internet of Things (IoT) can positively impact the future. 

Focus piece: “The future of IoT: On the edge”

Executive Summary

Internet of Things (IoT) technology has turned many assumptions upside down. Previously, people had to know what problems they were trying to solve before collecting data to analyze, but the IoT has reversed that model. This SAS article explores how the IoT will dramatically alter the way we collect and learn from data.

Key Takeaways

• The "edge" is where it all starts in the Internet of Things. Appliances, machines, automobiles, streetlights, smart devices in the home, turbines, locomotives, pets, and healthcare equipment all generate data at the edge but can't fully analyze it yet.
• IoT may allow us to learn from wind turbines, scissor lifts, and blood analyzers without having to sort it all out first.
• The future of IoT lies in extracting the right business insights at the right time and place based on factors like cost and latency.
• Streaming data from the IoT helps organizations understand their businesses better because it allows constant monitoring. But to get the full value, you need a data-driven culture.
• The IoT opens the door for new business models in manufacturing, power, water, agriculture, transportation, construction, health care, oil and gas, and every other industrial sector of the economy.

Focus piece: “What IoT Means for the Future of Business Models”

Executive Summary

The Internet of Things is about to change the way we live. While IoT helps people live, study, and work smarter by offering smart devices and homes, it is essential for business because it provides real-time information about how their system work. This article from The Daily MBA explains the impact of IoT on businesses.

Key Takeaways

• The IoT transformed various businesses from the inside out and established entirely new business models. It will definitely transform key industries such as supply chains, smart homes, cities, buildings, health care, and cybersecurity.
• Thanks to cloud computing, connectivity, and related technologies, a new business model called "as-a-service" is born. The IoT has taken this model to the next level.
• IoT helps companies produce on demand, reduces the need for stocked products, and gives businesses information about the preferences of the customer.
• The IoT is the most promising technology for people and businesses, and when combined with robotics, Ai, VR, and blockchain, it will lead to new business models.

Focus piece: “The Future of IoT: What Should We Expect?” 

Executive Summary

In today's world, we can create customized customer experiences with connected device ecosystems just about anywhere, but businesses need to innovate while establishing trust. This IoT For All article explains what you should be looking out for in the future of IoT.

Key Takeaways

• The Internet of Things is a fast growing industry that can be divided into several categories. It is able to collect data from all across the grid and optimize energy consumption.
• IoT companies are helping to pave the way for a future with minimized waste, energy efficiency and greater personal autonomy.
• Though the technology has been around for years, the Internet of Things is still relatively in its infancy when it comes to regulation and security. Companies need to improve trust by addressing the public's privacy and security concerns.
• The Blockchain approach to decentralized networks is computationally intensive, and IoT devices typically have limited computing power. This will put a strain on cloud infrastructure and maintenance costs.
• Real-time data can be used to predict and mitigate risky events, such as machinery breaking down, and deliver adaptive or autonomous response.

Let's talk tech!

Who We Are

Data Products partners with organizations to deliver deep expertise in data science, data strategy, data literacy, machine learning, artificial intelligence, and analytics. Our focus is on educating clients on varying aspects of data and modern technology, building up analytics skills, data competencies, and optimization of their business operations.