There’s currently a lot of buzz around Internet of Things or (IoT) as it is being seen as the next key technology enabler after the Internet in all domains- consumer electronics, industrial automation, healthcare, security and surveillance, semiconductor applications, energy and utilities and more.
According to an IDC forecast, the estimated market for IoT will be worth of $1.7 Trillion by 2020. Surely everyone would want a slice of this pie have a chunk of this business. But the real question on the mind of every company in the IoT domain is simply this: what sense does it exactly make.
Here I have made an attempt to answer the above question with three quick points:
Does your product collect data?
We need to intelligently look at the business case of device data. If this data can be used to interpret meaningful answers to burning questions of energy management or healthcare predictions, your product rightly fits as a candidate for IoT. Judge how much your customers have to pay for the intelligence you can/are providing with your device data; does it make a difference for to have this level of intelligence; if yes, your product is the right fit for IoT domain.
Does your product communicate with other machines? What sense does automation make to you?
If your product talks to multiple other machines and needs an enhanced grade of automation, it can surely add value with IoT enablement. It can run far more intelligent algorithms remotely on cloud while making life easy for your end customers. Machine intelligence needs to be looked at with great precision as it requires huge investments and the business use case has to be really strong.
Do you have existing product deployments; will it make sense to integrate the data with cloud?
If your product is already deployed, can you create more value by integrating it with cloud. You should be clear about the investments that will be needed to have it cloud enabled and the returns you can expect with these investments.
eInfochips (EIC) is working at the most advanced stages of IoT revolution. EIC IoT Xcelerator, a unique framework that encapsulates the maturity cycle in IoT from Smart Sensors to Gateways to Cloud and to Smart Analytics. Drop us a line to know more or visit: /solutions/internet-of-things-iot.html
