2015 has brought with it a revolution, when it comes to disruptive technologies and innovative methods of utilizing the same. One of the most popular trends to grace the world today is the Internet of Things(IoT). Actually calling it a trend would be counterproductive.
IoT is not really a trend- because it is definitely here to stay and spin the world in new directions. IoT has already made itself indispensable. From smart cars to smart homes, IoT exists in the grey area between accepted technologies and awesome new gizmos that rule the market today.
The surprise though, is that in spite of IoT being a buzz word, it has not become as mainstream as, say the internet or the mobile, or even virtual. Not everyone everywhere is aware of the huge implications that IoT already has and will have in their lives.
This is largely because IoT is not retail ready. Of course there are many new gadgets coming up every day that are collectively termed as IoT. But can you really imagine one person wearing or using 50 different objects to harness the power of the Internet of Things?
Retail only takes a product seriously, once it is integrated and ready to penetrate the popular imagination. However, retailers and their supply chains are ripe for adoption of certain uses of IoT — especially when it comes to the connected home, connected warehouse, connected truck, or even connected store shelf.
The question that comes up now, though, is this- What are the near term business cases for retailers? Because retail, just like law, usually works on precedents. Of course there are new, unheard of cases that grace the market. But there is a roadmap that retailers tend use when large amounts of investments are involved.
One of the greatest plus points (or cons if you will), for IoT, is the existence of data. Big data to be exact. IoT requires large amounts of data to function accurately. Any device that falls under this category is bound by data; precise, correctly decoded and categorized data. Retail, though, has yet to harness the large amounts of data available.
There are so many devices and gadgets already out there, and this sprawl of devices translates into a sprawl of data. We hear of data being collected and analyzed every nanosecond, but if data doesn’t change your behavior or help you grow, why bother collecting it?
Perhaps the biggest data problem the IoT faces is correlating the data it collects with actions you, the consumer, can take. Many retailers are already struggling with the data they already have and how to handle it and make it actionable. IoT has the potential of adding another massive amount of data on top of that existing information.
At IntelligenceNODE, it is our dedicated and focused effort to clear the cobwebs and undo the curtains behind which good, actionable data is hidden. We want to see a connected world- one that is paperless, and wireless, but also, at the same time, one where technology translates into collective human and environmental growth. You can connect with us to be a part of this ever changing story, too! Contact us here.