Reports 

The Internet of Things

 How its used and how its changing 

IoT and how its being used and
The Internet of Things (IoT) is more of an architecture than a technology. One of the
chief issues with utilising many a technology successfully is that whilst they
individually and collectively represent new ways of doing things, many actors will
simply attempt to overlay digital onto old processes and systems. This issue is
perhaps even more pronounced when it comes to an architecture; without a
reworking of processes, structures and even work cultures, the IoT cannot yield its
potential. Go to market strategies, how suppliers are used, together with internal
structures will all need to be re-thought if IoT deployment is to succeed.

Whilst IoT data is growing twice as fast as social and computer-generated datai,
some 46 percent of companies report a shortage of staff with the analytics skills to
support their IoT plansii. If this is problematic now, the impending surge of IoT
growth will create even large structural issues. By 2021, Gartner continues, one
million IoT devices will be purchased around the world every hour of every dayiii. In
the middle of the next decade, up to 152,000 devices a minute could connected to
the networkiv. By 2027 there could be 150 billion networked measuring sensors,
which equates to roughly 20 times more than people on Earthv.

The very nature of this growth also presages the need for reorganisation. Data, and
therefore data processing will happen at the edge (i.e. with individual consumers)
with the IoT, requiring an ability to ‘reach’ this far and to this end, almost a quarter of
companies working on IoT projects send data, or receive data from, a competitor’s
devicevi. Collaboration, platforms, not to mention cybersecurity and data compliance
with GDPR and similar standards all point to the encompassing architecture of the
IoT. The ability to meet overcome some of these obstacles prevent many
organisations from moving beyond piecemeal IoT deployments, and in some cases,
eschewing it completely. Perhaps most importantly, 68 percent of businesses that
aim to implement IoT, or that are already doing so, are struggling to find employees
with the skills to address IoT-focused business modelsvii.

For those with the foresight and capacity to change, the IoT will prove a key catalyst
of further enabling, or rather compelling, businesses to reinvent products and
services, internal operations and business modelsviii.’