Going Digital

Is going digital the new normal? Collecting data from IoT devices can be considered going digital, and every second 127 new devices are being connected to the Internet of Things. Today, IoT devices can not only track and monitor your assets and operations, but the data is also being used to recreate the physical environment using cyber-physical networks. 

Simply stated, we digitize information and digitalize processes in order to digitally transform a business. The rollout of advanced technologies intended for digital transformation is happening much faster than predicted.  

Years ago, when Ericsson predicted there would be 50 billion connected devices by 2020, the number may have seemed exaggerated; however, 2020 was actually a turning point for IoT and their predictions aren’t that far off after all.  

The COVID-19 pandemic has increased the need for connected solutions and rate of IoT adoption. According to Security Today, there were an estimated installation for over 31 billion connected devices in 2020, taking us to a total of nearly 35 billion connected devices in Q1 of 2021.  

 The Big Picture 

As a species, the human race is constantly evolving, finding new ways to go further, faster. Innovations using advanced technologies are being used to digitize and digitalize anything and everything.  

From your connected coffee pot to your energy efficient thermostat, to your vehicle to the machines that made your vehicle, a mind-boggling amount of data is being collected and computed to create digital twins of the physical environment. Cyber-physical networks bridge data from connected ‘things’ to create digital representations of many areas in society and our lives.  

For example, the data transmitted from machines can be used to recreate a digital factory floor, which can be used to optimize production and increase energy efficiency.  

Another example is using the data from a smart retail establishment to monitor consumer buying patterns, for creating a more personalized shopping experience.  

Many SMBs are still doing business the old fashion way, and for some businesses, it makes sense to use traditional processes. But the pandemic shook up things around the globe, and with travel and operations restricted, we were all forced to rethink the way we do things. Prolonged lockdowns and social distancing restrictions pushed many businesses to close operations, while others adopted new technology to close gaps and provide alternative means for delivering goods and services to their customers.  

Although restrictions are being lifted in some parts of the world, at this point, there are a lot of things up in the air that will need to be resolved before things will be anything close to “back to normal” or even “a new normal” for that matter.  

It is important to understand the shift that is taking place and carefully consider your options and available technologies before going digital.  

What to Avoid 

To avoid falling behind the digital curve, businesses are hastily implementing IoT solutions that lack purpose and have not been thoroughly planned.  

74% of IoT implementations are failing, but that does not slow the speed of digital transformation as it swiftly sweeps its way across almost every industry and vertical.  

This large percentage of failed IoT initiatives is primarily due to a lack of proper planning, which includes not taking into consideration what data to collect and how it will be used to generate actionable data. 

Considerations 

Just because connecting your businesses assets and processes to the internet of things is possible doesn’t necessarily mean it’s what will provide you with the most optimum results.  

Finding the right IoT solution can be as tricky as finding the right life partner or lucrative investment.  

If you are planning to deploy a connected solution, consider these important factors: 

• What data will you collect 
• Who will manage and secure the data 
• How to make the deployment more efficient using green computing
• Where will the data be stored 
• And most importantly, why are you collecting the data and how will this provide short and long-term ROI? 

The Future 

Just as the first, second and third industrial revolutions have transformed our lives and the way we do things, the fourth industrial revolution (Industry 4.0), will do just the same. 

We are living in what researchers and experts are calling “the new paradigm.” The phrase represents the shift to data-driven processes and decision making. As we adjust to the new “normals” for remote work, virtual events, e-government/governance, digital health, and automation, the shift to Industry 4.0 will ultimately result in the digital transformation of our entire existence. 

Researchers and experts suggest the evolution to Industry 4.0 will transform the way customers and companies engage and interact, which will cause even greater changes to all aspects of businesses, across almost all industries and verticals as a result.   

As our society shifts to smart everything, we have to look at the big picture and consider how this evolution will affect life as we know it. 

• Data will be the new “black gold,” but at what point is it too much data?  
• If the intention is to go one hundred percent renewable energy and the machines we currently use are seventy percent fossil fuels, how will we power billions of new IoT devices? 
• Renewable energy and electrification have the potential to reduce carbon emissions, however eliminating the need for oil and gas could negatively impact the economy.
• Manufacturing will be reshaped by IoT, automation, Industry 4.0 and the availability of 3D and 4D printing, but how will these new processes affect transportation, logistics, and retail as a result?
• Transportation is getting more intelligent, autonomous and multi-modal, eliminating the need for individual cars and total ownership of vehicles, but what if the new system was hacked and we were unable to travel beyond the capacity of micro-mobility? 
• Smart cities and regions will emerge to replace the power-hungry buildings and factories of the past, but what will happen to current cities?  
• Traditional careers will be replaced by emerging positions that will enable further expansion of digital initiatives, but how will the workforce of tomorrow obtain the skills needed for such a paradigm shift?  

While we can’t rewind time and go back to Industry 1, 2, or 3.0, we can choose how we incorporate new technology into our lives. Before embarking further on the digital journey to Industry 4.0, be sure to carefully consider the long term impact, our dependence on technology and the points listed above to reduce the chances of your IoT initiative doing more harm than good or becoming just another statistic.