What is IoT?
Internet of Things is not a new concept. But, in recent years most of professionals and organization are hooked on to this term. Unfortunately, many of them are struggling due to their lack of operational understanding and silo technological approach. Many professionals look at AI, ML, Big Data, Robotics separately, and think of IoT as a physical device. IoT is not a physical sensor, or an analytics platform, or a hardware device, but an operations research and workflow optimization challenge with technologies- that is Sense to Sense (S2S), to do that, your solution need to:
make a sense (the result, the value it creates) for the challenges you are trying to address.
use some sense (intelligence; if complex- go AI/ML, simple- go spreadsheet macro).
sense the relevant data.
Everything as a Service (XaaS)
In traditional approach of businesses, when a product is sold with thin margins, the ownership is transferred to the buyer. The intentions and expectations of seller (mostly) are that the products should fail fast, so the additional services could be charged as support, replacement as after sale service. Not a good approach at all, and that is where the most companies fail in customer satisfaction, leave aside being termed as bad product and “service" companies.
When you design and sell the product (everything) as a service with IoT:
You own everything
You won’t want it to fail fast
You will make it easier to upgrade, update or replace
You will be able to quantify the value it creates for the customer over a period.
EaaS with IoT will drive:
Innovation, to make better products
Improvement in performance and services
Opportunities for co-innovation, and co-investment
Customer will be able to quantify the value it gains, better engagement
Current IoT Ecosystem Challenges:
Being deeply engaged with the IoT Ecosystem and leaders for the last 3 years, we have found the key challenges are:
Where are the leads? /how to create projects?
This is due to the lack of operational/domain experience, tech leaders are unable to articulate the business/operational challenges of their clients. Hence the conversion to actual leads are low for them.
We have a lead; but how to scope, plan & deliver the project?
Every IoT project is different and requires varied technical and operational skills. It is very difficult for an organization to have all skills in house, hence right validated partners with complementing skills are must.
We would like to be a part of the IoT ecosystem & be visible.
With too many tech players mushrooming everywhere, the ecosystem is very crowded. It is very difficult to be visible, let alone to be a leader in a technical area, e.g. platform.
Opportunities wit IoT:
In my observation of industry, I list some areas that companies shall focus on in next 5-7 years. First major stage is the Infrastructure transformation, that will be driven primarily by the governments, and then we will see greater acceleration of solutions deployment. I am not categorizing smart cities as separate area because cities are made of various blocks, priority and level of focus may vary depends a city’s needs.
We don’t have enough food to feed 9 billion people by 2050. We have heard it many times. What business owners and policy makers choose to ignore is the data that we waste 1/3 of the food produced, and if one does simple math that with current production we can feed 10+ billion people as we speak today. It is a supply chain loop issue. Technology can not only enable, but also enforce the efficiency and pass the benefits to the bottom of the pyramid with help of larger players with distributed production and farming; and manage the storage and supply chain.
Health is wealth. This old saying is so true. While many of us choose to intentionally ignore it (because we think we can afford to fix it against the insurance premium), but most of us have no choice but to ignore it (because we can’t afford to pay a cent). As we see the big insurance firms reaping in 7+ $ trillions globally, young technology companies can disrupt and distribute the insurance premiums dynamically as well as the benefits. Healthcare is one of the areas least affected by the automation in replacing jobs (doctors/nurses), but same time can be most benefitted with the technology. Focus should be to make healthcare cost effective and efficient without compromising the quality of services.
I or AI? Are AI and robots taking over humans in future? We should instead focus on preparing our current and next generation for the future. The traditional methods of education and skills development must evolve, we need more analytical and fundamentally strong architects of the future. As much as we need our kids to learn how to code, we need them more than ever to learn how to connect dots. Anyway, coding is also getting automated. We need extensive collaboration among educational institutes and industries.
We all need entertainment to relax and to energize our brain and mind. Relaxation comes in many forms; running a marathon, playing soccer or golf with friends over the weekend, watching movies on Netflix, going with friends for a concert, or just shopping. Entertainment is all about experience. Technology can help to improve the experience and engagement with customers. Your quality of service will drive your business in entertainment.
Most of the Industrial revolution has been driven by the mass production. The key challenge of mass production has always been the to keep the cost low, and hence we have seen production facilities moving from cites to cities and countries to countries. In this process without one realizing, we have been producing tons of garbage. With technology manufacturing will shift into High Value- Low Volume production mode from HighVolume- LowValue.
Some believes that we need autonomous cars for improving our life and productivity in the cities. But I believe that we need to focus on better public infrastructure and transportation network for the masses in the cities and then may be autonomous vehicles for specific services/needs. Transportation is about moving goods and human from point A to point B efficiently and cheaply. IoT will enable that.
Everyone & everything needs energy. As things get more digitized, and powerful, and we need more energy to run those machines and systems. Right now, we are limited by the size, cost, production, distribution & density of energy. I personally believe that energy will drive the next revolution. Energy might even be freely available to everyone, in exchange of a data.
Everyone deserves to live a better life, and most of human think that the life in cities are better than in villages, so obvious migration. However, shouldn't we focus on to make our villages smart instead of cities?
How do we get there?
No one can do it alone, IoTisClollaboration. IoT solutions and projects require collaboration of various skills, and integration of different technologies. To assist the goal of building a smart nation I decided to focus on bottom up organic approach, the people.
Founded in Singapore IoTSG is the biggest IoT & Advanced technologies focused Special Interest Group in South East Asia. IoTSG is addressing the challenges of DeepTech ecosystem, and assisting young professionals, business leaders, end users with knowledge, network and collaboration. IoTSG has hosted and supported 60+ IoT focused regional and international events & conferences as a knowledge leader. We have over 3K professionals in our network. We enable Thought Leadership with Actionable Objectives by:
Raising Digital Solutions awareness, knowledge among professionals.
Validating & Identifying IoT solutions partners across skills set, & industry verticals.
Enabling collaborations among Startups, SMEs, Corporate, Government Agencies, and Institutions in areas such as Smart Cities, Industrial, Agriculture, Building, Healthcare and so on
Bridging the gaps between innovation & business-readiness.
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