Ever Wonder What The Future Will Hold?
So do we. At JVT, we are constantly looking to stay ahead of the technology curve. In our almost 20
years of experience, we've had a lot of practice it. Take IoT (Internet of Things), for example. We actually
remember when the notion phones on our wrists were only the stuff of comic books and movies – not the
technology norm amongst, well, everyone. IoT, a system of objects infused with network-connected
technology, is officially changing the technological landscape. And it's not just doing it with Mission
Impossible wristwatches; just look to the Roomba the remote-control vacuum cleaner or the Nest by
Amazon to see this cutting-edge innovation in action. These are both prime examples of IoT
demonstrating how, with just a couple of taps from our smart devices within Apps developed specifically
for these items, we can control the temperature of our homes or tell the Roomba not to chase the cat
(unless you're making a YouTube video…then chase away, Roomba).
It's A Thing: Addressing The Gap Between IoT And ERP
Despite the popularity of IoT devices, there are still some distinctive hurdles to consider. A recent study
conducted by IFS, a global enterprise applications company, indicates that 84% of industrial companies
are currently facing a gap between IoT and ERP. These statistics demonstrate an internal struggle as to
how IoT will integrate itself into industrial environments.
It's not enough to just identify this gap; it's also important to discover why there is competition between
IoT and the ERP (enterprise resource planning) or the EAM (enterprise asset management) systems. The
same IFS study indicates only 16% of the IoT decision makers within this group consume IoT data in their
ERP software. These possible limits placed on the digital transformation potential between devices and
decision makers may be a major contributor to low integration between IoT and enterprise technologies.
Fortunately, the versatility of IoT innovation, coupled with its sensational popularity amongst consumers,
is likely to play a major role in bridging the current technology gap. To quote Steve Andrew, IFS Vice
President of Marketing for North America, “This study shows this technology is required to connect IoT
with strategic data from around their organization. This in turn lets businesses use IoT not just for cost
avoidance strategies such as condition-based maintenance, but to add new or enhanced product or
service lines, increase enterprise agility, and realize the growth and revenue benefits of digital
transformation.”
Examples Of IoT (And IoE) In Action
Several well-known companies are currently harnessing the power of IoT and leading the way on IoE
(Internet of Everything), which is the next evolution of the Internet. For example, Harley Davidson, in its
manufacturing, uses Cisco’s Industrial Ethernet, wireless networks, and integrated video/digital signage to
produce multiple models' same assembly floor while improving worker training.
Additionally, Coca-Cola utilizes VOIP to be more responsive and accurate with its Supply Chain. This
allows their customers to interact with the supply system to order service and in turn those voice
commands convert into data to drive order through supply chain. Some other examples are how Volvo
embeds sensors in their vehicles that house terabytes of data that provide in real time information their
Engineers use to improve product safety and increase brand equity or how it is used in genome analysis
by 23andMe. The applications are endless where you can connect the unconnected, processes and data
in business.
At the end of the day, IoT/IoE is currently billions…and is projected to generate trillions of dollars in Value
at Stake for private sector companies over the next decade. As consumers, we will clamor for more
savings and that is where these businesses will rely more on the data being generated, the algorithms
processing that data and protecting it will become indispensable in the cost cutting advances. Majid
Ahmed may have said it best when he noted in a recent article, “the vice grip of the IoT on society will
only grow stronger, powered to a large extent by the wondrous world of machine learning.”