Is IoT The Next Digital Revolution - Or Just The Impulse of The Moment?

Posted by Victoria Arrington | 23-Jul-2015 11:37:00

It’s no secret that the “Internet of Things” (IoT) is the favoured subject of discussion for the digital world at the moment – even the mainstream has jumped on the bandwagon, with talk of the “smart” digital revolution bringing us the home, car, and city of the future to the imminent present.

But not everyone is convinced – just last month, Steve Wozniak deemed IoT to be in a “bubble phase”, comparable to the heady days of the dot-com rush of 15 years ago. Numerous reports have claimed IoT to be more of a threat than a promise. At what cost does all of this smart technology come at, economic and otherwise? Is it worth looking at the potential of IoT, or are we simply coasting on the hype as we await the next big thing?

While researching the next IGNITE summit, I have come across a variety of commentary from both sides, with far more advocates than dissidents. Let us not forget that the internet itself was famously declared a fad by Newsweek in 1995 (Newsweek’s mis-prediction would prove extra bitter when they had to cease US print publication in 2013 due to overwhelming disruption by - you guessed it, the internet). And who, in particular in the digital world, wants to be the next anecdote of a missed opportunity? (see Kodak, the music industry, print media, et al).

Our Digital Benchmarking Survey revealed that IoT is widely considered to be the most optimistic trend for digital, with 47% of respondents citing IoT as a medium or a high priority for their organisations, and another 27% of respondents say they have already implemented it. 

So, the future is going to be a connected one – there is no question. With billions invested in IoT, industry has long surpassed the point of no return. The question is no longer if, but rather how IoT will alter the landscape. How do we take this impending technology (which will inevitably rise to the level of expectation for the consumer), and make sure that we not only implement it well, but also monetise it to its full potential?

How to capitalise on the potential of IoT is a major theme of the next IGNITE summit: Demonstrating the value of disruptive innovation: proven transformational strategies and best practice to optimise your digital progress, with specialised sessions on:

  • Monetising IoT; how pioneering organisations are exploiting the intelligence gathered from connected devices to deliver competitive advantage.
  • Exploring the new business models for monetising the Internet of Things.
  • Overcoming security and privacy concerns to safely unlock the potential of the Internet of Things.
  • How IT must re-evaluate and re-engineer processes and procedures to prepare for IoT readiness, and ensure that you monetise IoT.

As IoT continues its development, questions will be answered, but only with new challenges to sprout up in their place. Ongoing solutions are best found through a two-pronged approach - learning from the past successes of others, and through ongoing cycles of innovation.

Taking on a trajectory of innovation can be accomplished in many different ways – through research & development, proof of value work, workshops, and innovation days. For further information about how to implement these practices, click here.

The quickest and easiest way to learn from the past successes of others is through IGNITE November 2015. The summit will deliver heaps of best practice guidance, collaboration, and masterclasses from the UK’s top thought leaders in IoT and other areas of tech, in a concentrated two-day format. Sessions will discuss a variety of topics, including IoT’s promise and pitfalls, along with many other subjects in digital innovation.

To register your interest in attending IGNITE November 2015, please click here.

Topics: Research & Reports, Thought Leadership

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