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Internet of Everything (IOE) is the integration of people, process, data and things into networked connections. Internet of Everything is basically Internet of things combined with data from humans, business processes, and data structures. IoE is picking up quickly and we can see good potential for future growth and development. Currently, Internet of Everything is seen in smart cars, smart watches, health monitors, fitness trackers etc. Internet of Everything showcases a huge potential rise in big data and this data if processed correctly can deliver many useful insights for businesses.
4 Constituants of Internet of Everything:
To understand it properly we will need to dive into the core parts of IoE. IoE is an umbrella term combining the following 4 properties in one place:
1. People:
People are the humans using connected devices to deliver insights about their personal and professional self. This data can include interests, preferences, work, personal health etc. Connecting this data to enterprise needs can provide insights relating the needs and desires of prospects for businesses. Additionally, this can be used to track performance and pain points of human resources.
2. Process:
The process is the way to ensure deliverability of right data at the right time to the right person or machine. Here data is more about insightful information or an action than just random chunk. Figuring out a way to decipher the right flow of information is key to making the best use of big data.
3. Data:
With the increase in sources and types of data, we will also need to classify the information and analyze it to bring useful insights. Data alone is nothing but once combined with analytics and analysis this new data can help businesses in decision making and managing the organization.
4. Things:
This is where we come across the term Internet of Things(IoT). Internet of things is the interconnectivity of devices that send and receive information across networks like the internet. With every signal injected into the network, data is generated which needs to be collected, summarized and analyzed efficiently.
The Impact of IoE on Businesses:
Internet of everything is expected to reinvent the business wheel all-together. From processes, models to business moments everything is expected to change with the change in data available for critical decision making.
Business Process:
With the process, we refer to the methodology of performing an activity for example manufacturing process, market strategy etc. By using Internet of Everything, we can generate insights to guide decision making at every stage of business. A host of data sources also opens gates to new types of information that can be used to convert qualitative insights to quantitative numbers. For example linking employee’s output based on a change in a variable in the work environment.
Business Model:
The way new businesses are emerging is disrupting the current business practices. For instance, Nike’s health equipment is changing the way HealthCare operates. Nike at its core is a fitness and sports brand but with the use of intelligent technologies, it will not only enter but also change the HealthCare industry. Similarly, Google is an IT company but its smart cars will revolutionize the automobile industry.
Business Moment:
Business Moment is the need to compete with agility and speed in accordance with the speed of the generation of data. Internet of Everything reflects the of the internet connected world. With every new initiative, we are adding sensors and data sources to the currently available amount of data. This will create opportunities to generate insights for businesses at a rapid scale. But with the availability also comes the complexity. Businesses will be competing to leverage this data faster than their competitors leading to agile and fast business decision making.
As we can see Internet of Everything is a growing phenomenon which will gain more traction with time. There are a lot of other benefits than the ones mentioned above and these will grow forever. We are just at the tip of the iceberg and we still have a lot to explore in terms of ROI and complexities that will come along the way of using these technologies.
If you want more information then feel free to read our blogs on IoT, Big Data and Artificial Intelligence