When It Comes To The Internet Of Things (Iot), Small Things Make A Big Impact

Recent studies predict that by 2025 there may be as many as 100 billion IoT devices deployed worldwide. That’s roughly 14 connected devices or sensors for every person on Earth.

My good friend Rob Mesirow and I have been spending a lot of time talking about the most practical ways to integrate “smart” technology into business processes. Rob leads Connected Solutions for PwC, and they have engineered some very interesting, and very practical, IoT solutions. Here are some of the core principles underlying their approach:

Things + Data = IoT

Many people think of the IoT merely as “things.” It’s true that the IoT is made up of devices and sensors, but network-connected hardware is just one component. Data generated by IoT devices (and their associated platforms) can be analyzed to offer actionable insights and business intelligence.

Execution Is Everything

 A well-executed connected solution will improve the quality and efficiency of your business, drive revenue, and be a decision engine for your company. If you apply solid IoT design principles to alert/notification systems, detection devices, and predictive maintenance, that will also give you peace of mind.

Low Risk, High Reward

To minimize your risk and maximize your chances for IoT success, start with a small investment, build from that foundation, and stay away from single-purpose, nonplatform solutions. Data is more powerful in the presence of other data, so a lot of small bits of data can add up, very quickly, to valuable business intelligence.

Connecting the Right Combinations

The IoT consists of almost everything you can attach to a network: computers, smartphones, robots, drones, printers, thermostats, and even consumer packaged goods with RFID tags. To create business value with the IoT, you need the right combination of sensors, devices, software, and systems. That’s why PwC prefers the term connected solutions.

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Disclosure: Rob Mesirow, PwC Connected Solutions Leader and Principal in the Technology, Media, and Telecommunications Risk and Regulatory practice contributed to this article. Learn more about ...

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