The 3 Elements The Internet Of Things Needs To Fulfil Real Value

Tuesday, July 21, 2015

The data itself is the key to unlocking a number of benefits, and how we act on that data.

Which leads to the three core elements to achieving success in the Internet Of Things.

The Value Is In The Data, Not The Thing

IDC claims that we only analyze 0.5% of the data being generated globally right now. The typical human obsession over the size and scale of the Internet of Things (Gartner says 26 billion connected devices by 2020, Cisco says 50 billion, Morgan Stanley says 75 billion) has become the illogical focus by analysts, attention shouldn’t be on the Things or the Internet, but on the Data that’s going to be generated.

In fact, data is going to change a lot more than just the internet. Data will affect business models as technology platform providers struggle to sell their solutions based on value propositions decades old. Larry Ellison just announced that “the Oracle Cloud is complete.” Cloud is already looking outdated now. Selling on the value, transport and analytics of the data rather than the infrastructure to hold it is king.

But unlocking that value and the relevance may be the tricky part. You may not be aware of the relevance of the data you possess in because finding the information to put it all in context isn’t clear or immediately apparent, so how can you look for it ?

And how does someone else who may need it for their own decision making ?

And so the Relevance Paradox exists:

“This occurs when an individual or a group of professionals are unaware of certain essential information which would guide them to make better decisions, and help them avoid inevitable and undesirable consequences. These professionals will seek only the information and advice they believe is the bare minimum amount required as opposed to what they actually need to fully meet their own or the organization’s goals.”

As the full potential of the Internet of Things grows so does the need to unlock the relevance of the data being generated. It was never about the size of the information (again, that human desire to compare stats…)

This is where the next two elements of IoT are critical in realizing value.

Read the full report via Forbes. original source.

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