Internet of Things (IoT) - Keep it Simple and Easy to Understand

As per Gartner Research (https://www.gartner.com/newsroom/id/3784363 ), IoT is one of the Top Technology Trends that will drive the next decade. What exactly is IoT and how it will affect Businesses and People all over the World?

Here is my attempt to simplify IoT to all so that it's easy to understand…

If you go back to the last 2 decades and how the Internet, E-commerce and Smart-Phones have changed our lives, one can notice that all the 3 Innovations started off as a luxury (nice-to-have) and not as a must-have for us. But, it slowly became part of almost everyone's lives because?

1. Internet - Easy and fast access to Information.

2. E-Commerce - Easy to shop from anywhere and with choices from all around the world.

3. Smart Phone - Access to Internet and E-commerce on your fingertips.

IoT is also being seen as a nice-to-have by Businesses & Consumers all around the world today. But, Similar to how smart phones replaced traditional phones, slowly, all the essential products and services will become IoT enabled. Businesses will be forced to make their products and solutions IoT enabled to stay relevant in their line of business.

What is IoT?

My simple definition of IoT is - Make a Product or Device Internet enabled, so that you can Measure, Monitor and Control the way it works.

Why IoT or Why do I have to Measure, Monitor and Control a Device?

You may not want to measure, monitor and control all the devices in your workplace, Industry or at Home. But, you can ask these simple questions to check if it makes sense to make your product or solution as IoT enabled.?

1. Is your device expensive (100,000 dollars or more) and if there is a device failure, will it affect your Organization's Productivity?

2. Is the Commodity managed by your device is becoming expensive or it's availability is scarce around the world (E.g., Water, Gas, Energy)?

3. Are you increasing the convenience level of the Users by providing remote access to the devices for which the Customers are willing to pay?

Natural resources all around the world are depleting and if we cannot increase the supply or reduce the demand, then the only way is to reduce or avoid wastage. IoT will play a big role in reducing wastage today and also help in planning for the needs of the future.

How do I make my Product IoT enabled?

I am giving below the 6 Essential Modules that make up a IoT Product or Solution.

Product -> Sensors & Firmware -> Gateway/Communication -> Software/Cloud -> Analytics -> Business Insights and Action

1. Product

You need to build your products in future in such a way that, you can transfer key data like Usage, Capacity, Location, Installation details, etc.,?

2. Sensors & Firmware

The Sensors and Firmware (Embedded Software) should be built in such a way that it can transmit and receive key product data on regular Intervals.

3. Gateway/Communication Device

The Gateway/Communication device (LPWAN/Cellular Modem/Wifi) should be generic enough to gather data from multiple devices and transfer data for current and future needs of the Product throughout its Life-cycle. There are many Technologies and Companies which provide these features (E.g., Synapse, LoRa, SIGFOX, NBIoT, GSM Cellular, etc.,)

4. Cloud Software

The Cloud Software to receive and process the data sent by the devices can be built by the Product Companies themselves or you can use IoT/Cloud Service providers such as Amazon (AWS), Microsoft (Azure), Google Cloud, IBM, etc.,

5. Data Analytics

Applications to do Data Analytics on the data received by the Cloud is essential to convert raw data into meaningful product and operational data for your Subject Matter Experts. You can use commonly available Data Analytics Software from different vendors or build it yourselves. Amazon AWS and Microsoft Azure also provide their own Analytics services along with their Cloud Services.

6. Business Insights and Action

The Data collected and analyzed will provide very good Insights to SMEs and End Users of your Product. This needs to be converted into actionable and value-added features to your Customer. So, the Business Insight and Actions module should be developed by the Product development company themselves for better Business results. The Output of the Business Insight and Action module can be a Report to Customers or an Operation back to the Device itself to improve its effectiveness.

Challenges?

Converting your Traditional Product or Service as IoT enabled is not going to be easy and there will be challenges.

1. You need to upgrade on a regular basis to the latest technologies (Synpase, LoRa, NBIoT, 4G/5G, AWS, Azure, etc.,).

2. Protection against Cyber Attacks.

3. Supporting your existing Customer base with old versions of your Products along with the IoT enabled versions.

4. Selling your Product as a Service (PaaS) and getting recurring revenue from your Customers.

There are many more challenges, but remember - Smart Phones faced the same challenges, but they did succeed because of the value it created. With every new opportunity and innovation, there will be new challenges. But, if you can provide value to your Customers through IoT, it will be hard for them to go back to their old ways of doing Business.???

Closing Comments & Thoughts..

Even though IoT is not just confined to what I have explained in this article, I hope I had made it simple enough for many to understand and make use of it. As always, I look forward to your valuable feedback in the comments section below to enrich my knowledge on this topic. Thanks for reading and have a great day !!