The Internet of Things – Challenges and Opportunities [Video]

In November of 2014, Daniel Burrus wrote an excellent piece in Wired Magazine titled:  “The Internet of Things is Far Bigger than Anyone Realizes.”  Vitria recently created a video that plays off the theme of that article.

IoT Analytics and Challenges Video

The question now is why does IoT still remain early in its evolution 15 months later in January of 2016. In Vitria’s new video, we attempt to explain why IoT is moving slowly and put the challenge in a business value context.

  • IoT is complex, and it can be tempting to focus on technology issues when considering adoption cycles and pacing. But managers of potential IoT projects should resist the temptation.  Instead, focus on asking if the project delivers business value quickly.  What are the specific and most challenging business issues where IoT and analytics can help?
  • With rapid business value as the goal, the next question becomes: how do companies drive business value with IoT? Focusing on analytics with the large volume of data generated with IoT is a good start.  By some industry estimates, analytics will generate 35-40% of the economic value ultimately generated with IoT.

With business value and analytics as the focus, IoT project managers need to consider how to build the applications and use cases that achieve these goals.

Use cases that take advantage of IoT analytics include a wide variety of scenarios such as predictive maintenance for complex equipment, real-time energy management for utilities, and management of assembly line operations in manufacturing.

The key for IoT is to realize that the nature of IoT applications and use cases demand a much shorter time to action for business decisions and actions than in past years.

IoT data arrives in such high volume, velocity, and variety that decisions and actions on that data must be made quickly, or the business value will evaporate.  This combination of massive data and much shorter time for action is an unprecedented challenge, and new technology and approaches are needed to meet it.

At Vitria, we believe that the scale of this challenge is only beginning to be understood.  And that this lack of understanding is one reason for slow IoT adoption.  We recently created this video to bring to light some of the challenges in IoT. Check it out and let us know what you think – does it change your view of IoT adoption?

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