This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
In today's fast changing business landscape where the consumer is in the driver's seat and barriers to entry across every industry are falling, digital transformation is no longer a theory or a future possibility. It is a pre-requisite that will enable businesses to stay competitive in this Idea Economy.
We are at the inflection point where the needs of business and society have come together in a powerful way. Technology is the biggest enabler for this and digital transformation is now touching every aspect of a business, from the datacenter to customer relationships. In this era of disruption - in this Idea Economy - the enterprises that will succeed are those that are able to turn ideas into profitable products or services, more quickly than anyone else.
Many of these changes are being expedited by the rise of the Internet of Things (IoT). The growth of IoT has occurred rapidly because it brings a real contribution to people's lives, whether as citizens, customers or employees. It enables a long list of tangible improvements in society, including access to energy, improved quality of healthcare and better transportation services. IDC forecasts IoT in Asia-Pacific is set to explode to 8.6 billion devices by 2020, growing from a current annual market of US$250 billion to US$583 billion in 2020.
IoT is a broad term that comprises a few things. First and foremost, it's about devices-"devices" in the Internet of Things includes everything from tiny sensors to single-application embedded devices like ATMs, smart meters, personal health monitors and trash cans that monitor their own "fullness," to large-scale industrial systems such as wind turbines, medical equipment and even aircraft engines.
IoT is also about data. The primary value of IoT is in that data, because the convergence of analytical insights enabled by connected devices can be used for enhanced decision making, automation and continuous improvement of business processes.
Finally, IoT is about connectivity. Incredible things happen when you connect the unconnected. Suddenly a simple forklift on a shop floor is a mobile business intelligence unit, translating inputs from all kinds of connected devices around it into insights that make the whole factory operation run better-from lights that turn on only when needed, to sensors within the forklift that notify you of needed repairs. The whole factory becomes a data-driven operation that prizes human safety, efficiency, and cost savings.
To be able to maximize these opportunities from IoT requires digital transformation with a focus on four elements:
1. Computer systems that can process and provide actionable insights
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