Hyper-connected IoT devices will transform the digital era

In the digital economy, consumers look for speed, efficiency and customisation. They are accustomed to, and are expecting, seamless connectivity as an integral aspect of the total consumer shopping experience.

From fitness trackers, to security cameras and home appliances, the Internet of Things (IoT) is fueling this consumer movement with connected devices and driving the digital transformation of many companies.

Many enterprises understand the key role devices play in their digital transformation journey as it gives them a competitive edge to meet the demands of the digital consumer. Nevertheless, while some enterprises are already enjoying the benefits, they often struggle with a series of challenges when attempting to aggregate available technologies and devices to maximise the potential of their IoT ecosystems.

While IoT represents one of the fastest growing segments of the global economy, we are already generating more data from sensors, transmitting devices and wider network connectivity that we can manage. Even as these devices and connectivity are essential, it’s the data, how we capture it and turn into knowledge that truly transforms businesses.

Enterprises seeking to leverage IoT technologies recognise the value of data analysis to enhance the lives of consumers and society in general. What makes IoT a powerful game changer in digital transformation is its capacity to combine data and intelligence to create smart services with data exchange models and business model innovation.

In fact, according to the IoT Barometer 2017/2018¹, 66% of executives say there is no digital transformation for them without IoT. Big data analytics, cloud computing and other related technologies will enable this shift from data to knowledge to outcome as critical digital transformation technologies.

Many enterprises and experts make the mistake of focusing on devices and connectivity when they perceive the value of IoT. But IoT is much, much more.

The intersection of IoT technologies and the business value this brings to operational transformation cannot be understated. IoT spurs innovation and change in many related technologies, processes, staff training, benefits, outcomes and real-life applications beyond the hardware and connectivity. But this only works when it all comes together.

According to a report², only 26% of all companies embarking on IoT projects are actually successful. A key reason for the low success rate is the failure to leverage technology partnerships and integrate into the IoT ecosystem that is developing around IoT platforms and applications.

These partnerships exploit their combined, broad level of expertise to achieve successful IoT outcomes. For example, Singtel and China Mobile are partnering to help their enterprise customers deploy their IoT devices installed in cars, consumer electronics, and industrial equipment across China and Singapore. They are leveraging their combined network infrastructure services to integrate technology and expertise that will improves outcomes and drive better digital transformation results.

Hyper-connected IoT devices and technologies move data to actionable insights and real transformation of businesses.

This transformation is occurring at massive scale, disrupting supply and demand for goods and services, the existence of the middleman, go-to-market processes, even the nature of work. The more intensively connected devices and processes become, the greater the impact of the ensuing data and insights will have on business and even social transformation.

The Industrial Internet of Things (IIoT) is a prime example of how hyper-connectivity is achieving newfound digital transformation. An information intensive transformation of manufacturing, IIoT is leveraging hyper-connectivity to power new capabilities such as product design, prototyping, diagnostic services, monitoring, predictive maintenance, etc.

IIoT represents a bridging of industrial systems with digital technologies to create cyber-physical systems that feed intelligent data continuously across the business value chain: from the supplier and processes to product development, logistics, distribution and finally the customer.

This is hyper-connected data about supply and demand for goods and services at scale and in real-time to draw actionable insights. Without IoT, this would not be possible.

IoT will propel digital transformation among even the most reluctant of enterprises and drag them into the digital era. Like electricity, IoT will be an essential digital infrastructure that will power industry and society whether we like it or not. Converging everything into one seamless connected experience, IoT will be a key pillar of what IDC calls, the digital transformation economy³.

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¹https://www.i-scoop.eu/internet-of-things-guide/large-iot-projects-2017-2018-analysis/

²IoT Value: Challenges, Breakthroughs, and Best Practices. Cisco Research: Connected Futures

³https://www.idc.com/promo/thirdplatform/digitaltransformation