We currently find ourselves in the midst of what many are calling the Fourth Industrial Revolution. But what does that mean, exactly? In each of the previous three, an innovative spark completely disrupted business models and led to rapid change – though rapid change is defined much differently today than it was even just 30 years ago. Let us put it into historical context:
Today, business models in the Fourth Industrial Revolution are being disrupted by digital – or more specifically, the blurring of digital and physical worlds. The ability to use connected devices to improve old ways of doing things and create previously unimagined methods is unprecedented. IoT is at the heart of this incredible transition, allowing businesses to create efficiencies within their internal processes and integrate just about any product or service they may be trying to monetize – whether B2B or consumer.
A range of enterprises, from insurance and fleet management companies to product OEMs and Operational Technology (OT) vendors, are using IoT technologies to drive not just incremental improvements, but also business transformation, to differentiate in their specific markets.
Data as a disrupter
Perhaps IoT’s greatest differentiator will be the data it provides – information that was once unavailable. So, to be sure, there is a very steep learning curve. Yes, you have a treasure trove of valuable information, but most organisations are not fully equipped to sort through it and realise its full value. The culture at most enterprises will need to change to integrate rich sets of data from assets and leverage this data across the organisation.
To make the best use of this newfound information, we will start to see employees at all business unit levels — from technicians to managers and CxOs — expanding their data analysis skills. This means prioritising it, valuing it and monetizing it. Organisations will not only will need to empower employees to take actions based on this data, but they will also need to determine when and how to automate processes and workflows. Once that has been achieved, we will see that information being used to accelerate almost every industry. Here are some examples:
As the Fourth Industrial Revolution enables businesses to extract meaning, efficiencies and differentiators from data, IoT is serving as a veritable nerve center for this change. The unprecedented volumes of usable data IoT can collect holds the key to untapped business intelligence – and it will be critical to create an environment where stakeholders understand the importance of the data they collect, and select the right partners to help analyse it and put it to use.
Need help extracting the IoT’s ROI for your business? KORE can help. Learn more here.