Is IoT the Ultimate Driver of Digital Transformation ?

June 1, 2018

Scott Raynovich, Principal Analyst, Futuriom

The hot buzzword IoT, but IoT is a massive area, but it’s of interest, when we talk about the transformation of business, its interest applies across just about any industry, any vertical market is looking at IoT technologies, says Scott Raynovich, Principal Analyst, Futuriom.

IoT technologies range anything from a specialised chip for a device, to a giant software cloud that’s running analytics.

Scott Raynovich said that there were lots of cloud-based, automated apps – even a cocktail maker. There are so many buckets of IoT tech, he said.

He added: “But the real question I like to ask is how is this going to transform business, how is this going to allow business operators to either stay in business or be more efficient or deliver more profitability to their shareholders or deliver more functionality to their customers. So you can look at – and this information comes from a variety of sources, including companies and places like the Harvard Business Review, which sadly I read, but these are kind of the buckets that I’ve seen over time where things get thrown.”

In IoT you have predictive data analytics, so big data algorithms crunching a lot of data and tells you what’s going to happen, how you can avoid things like a truck engine failure. You can speed up the development cycle with IoT because you have so much more data and telemetry. You can implement just about any cloud service with IoT.

You can alter your supply chain, you can know ahead of time when you’re going to run out of something and have an automated machine order it ahead of time, without humans being involved. You can connect these many digital systems together. A lot of the IoT activity in retail, you walking into the store and the store knowing more about you and being able to provide better customer service.

So, many different applications for IoT, yet also many moving parts and of course security, which we’ve covered in the last panel. So let’s talk about some – I’m a realworld guy, I like real examples, give me examples in the real world, right? So there’s lots of them, there’s actually stuff happening. We know about the industrial automation story, Rockwell is collecting data from all these devices and crunching algorithms, figuring out how their factories are running and when things aren’t running properly and trying to predict maintenance.

You have Southern Company, which is a big utility provider, trying to optimise how they respond to service outages and give their drivers better information about where to go, when to fix the problem, especially if there’s a storm, for example, to restore power quickly. So on offshore, I’m sure you’ve all heard about predictive maintenance in IoT, lots of predictive maintenance applications using sensors to make sure everything’s operating correctly. Then in automotive you have a lot of stuff going on and this is an example of the V2X vehicle, the vehicle communications standard, helping safety and autonomous driving. So lots of real-world examples.

Let’s go on to my favourite application, making cocktails. So I found this interesting, this is a German company, Keith & Koep which makes this hyper fast industrial cocktail mixer, which can mix 60 different ingredients and make a cocktail for you in six seconds. I mean that’s about a smooth an application of IoT that I can give. Clearly the advantage here is that they do this at festivals, bit rock festivals, where you just need to move a tonne of cocktails in a hurry. But it has other – it’s multidimensional, they also know they contract their supplies and automatically know when they’re going to run out of something and have it be ready, so instead of somebody running around looking for lemon juice or something, the machine knows, so just a great example.

Real quickly, where does all this happen? Well there’s Futuriom, we did a bit report last year on IoT, we found there’s just so many buckets of IoT technology, starting at the top, specific enterprise applications to the software platforms which range from analytics to connectivity platforms, like Cisco’s Jasper is one of the more famous connectivity platforms, to the cloud platforms, the Amazon and the Azure, they all have their own IoT cloud platforms. Then of course you have the communication services and the standards, how you communicate to the devices through these new low-power LAN networks that the service providers are running, he concluded.

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