How real is the Internet of Things?
David Sherburne, director of Smart Link (IoT) and Engineering Applications at Carestream, stresses the reality of IoT and the importance of being proactive. “For companies that can pull the internal pieces together and hyper-innovate around data, the opportunities will be endless,” he said. “The ones that can’t evolve will become a technology doormat in 5-10 years.”
In other words, your competition is going to wipe their feet all over you.
At LiveWorx last week, Sherburne explained shifts in consumer preferences and the constant market disruption of today. The world is changing whether we like it or not, he said.
But what’s causing this change?
Two major trends are combining to create the “perfect storm,” one driven by technology, and the other by social acceptance of connectivity. This is largely due to today’s consumers—Millenials, the generation of people born between the early 1980s to the early 2000s. Sherburne calls them “Really Open Customers.”
Millenials’ acceptance of connectivity, personal data sharing, and the green movement have all influenced the evolution of today’s economic model.
Adapting to this generational transition is only part of the success equation. To meet the world’s changing needs, companies need to innovate through technology.
The impact and future of technology should not be underestimated, said Sherburne.
The multitude of recent trends in technology must be combined as companies take advantage of the accompanying new business opportunities. Cloud computing, powerful connected devices, low-cost sensing, and data sharing must be linked for any company to operate competitively.
Sherburne’s parting advice: “There are companies that can innovate and go up the value chain, and there are those that can’t. If your company is one of those that gets stuck, the more innovate companies will take advantage of the data coming from your equipment and use it to offer superior services to your customers.”
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Photo courtesy of Carestream.