Basically the IoE builds on top of the IoT because billions of objects will have sensors that will measure and assess their status. The IoE is driven by the development of IP-enabled devices and the increase in global broadband availability. This will impact business in new ways:
- Business processes - technology will improve products, services and processes
- Business models - as companies digitize products and processes more transformational changes will happen. Examples of this are the sensors in Nike clothing now being able to play a part in healthcare, and Google getting involved in self-driving cars because sensors can detect objects and relate them to maps.
- Business Moments - all these objects that contains sensors will generate real-time data, which can be collected, analyzed and stored. Privacy and security concerns may well increase.
A great quote from the article is from Dave Aron of Gartner:
Digital is not an option, not an add-on, and not an afterthought; it is the new reality that requires a comprehensive digital leadership.The IoE was listed as a top trend by Gartner last year. The prediction is that businesses will soon be making extensive use of IoE technology. Products that will be impacted by this include medical devices, factory automation, robotics, and infrastructure monitoring systems (roads, railway, water, electricity). Cisco predict that the IoE is a $19 trillion global opportunity, mostly for private-sector firms.
Are you ready for the IoE? What opportunities and threats do you think we need to consider?