How the Internet of Things Changes Everything

Description: Currently in the business world we are witnessing something like the epic collision of two galaxies — a rapid convergence of two very unlike systems that will cause the elements of both to realign. It’s all thanks to the Internet of Things.

Source: Harvard Business Review

Date: May 7, 2013

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If you are not familiar with the term, the Internet of Things refers to a dramatic development in the internet’s function: the fact that, even more than among people, it now enables communication among physical objects. By 2015, according to my own firm’s projections, not only will 75 percent of the world’s population have access to the internet. So will some six billion devices. The fact that there will be a global system of interconnected computer networks, sensors, actuators, and devices all using the internet protocol holds so much potential to change our lives that it is often referred to as the internet’s next generation.
For managers, this development creates challenges both long-term and urgent. They need to envision the valuable new offerings that become possible when the physical world is merged with the virtual world and potentially every physical object can be both intelligent and networked. And, starting now, they must create the organizations and web-based business models that can turn these ideas into reality.  READ REST OF STORY

Questions for discussion:
1. What is the INTERNET of THINGS and why is it important?
2. List some market technologies that you see around you that are part of this INTERNET of Things.

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57 thoughts on “How the Internet of Things Changes Everything

  1. Luc Nguyen

    Internet of Things refers to a dramatic development of internet functions. I believe it is important because it is expanding at a remarkable rate. The access to the internet is enjoyed by approximately 75% of the world’s population which means that everybody with the capability of accessing the internet will be interconnected through forms of communications and will have the ability to access information enhancing ones intellectual mind.
    The internet has torn down a barrier that was once prevalent in the past and now people are free to communicate ideas, thoughts, and essentially use the internet for anything ranging from sharing knowledge, marketing through social media sites, and communicating with people who may be on the other side of the world.
    An example of Internet of Things is Sportchek. Sportchek has a retail store but it also uses the internet to sell its products as well. By using the internet Sportchek can essentially use a inventory system called just-in-time, and this could enhance their abilities to improving margins since they don’t have to keep so much inventory. With globalisation being such a huge factor in the world at the moment the Internet of Things compliments the consumer world immensely. By having a website, corporations and companies can essentially hit markets around the world through the online market. Consumers will no longer have to go into malls to buy things that they need and by directly buying from a company, consumers can avoid paying the extra charge that retailers tack on to generate a profit.

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