Will 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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72 thoughts on “Will the Internet of Things Changes Everything?

  1. Jacob

    ‘The Internet of Things” refers to a phenomenon in which more and more physical objects are connecting via the internet. By 2015 it is projected that some six billion devices will have access to the internet. There will essentially be an interconnected system of computer networks, sensors, actuators, and other devices, all using the internet, causing many to call this the internet’s next generation. The importance of it is the expectation is that it is going to change the way we live, work, and socialize, and in fact, it already is. Many businesses, both big and small, are being forced to build web-based business models that can be used to transition into the age of a merged physical and virtual business world. An example of this is the connection of my music on my phone not being stored directly on the device itself, but instead on a cloud server in a location that is unbeknownst to me. Another good example of this evolution of the internet and physical devices is the way I send my Dad in Vancouver a photo. I wouldn’t even have to send it. By simply taking the photo, it is immediately synced to a cloud server we both share, which he can then access on his apple tv which allows him to almost instantly have access to and be able to share to a wide variety of friends and family members at say a party on our TV at home. I look forward to seeing more movement in technologies in this direction.

    Reply
    1. chitra

      internet of things is an idea of the dramatic development of internet’s function.it is about how technology will affect a person’s life as well as big and small organizations. according to some company’s survey by 2015 there will be 75% of world’s population using technology. this interconnected system of networks,sensors, actuators and devices are going to change our lives in a bigger and broader way.this is referred as “Internet’s next generation”. many companies are replacing their old technology with the new and advanced version of technology because in this competitive world if they want to survive they have to serve the customers with the best and advanced service possible. for example, instead of old school transistors and Walkman we carry apple iPod. now people download their music from online iTunes stores. for technical services many companies provide online assistance so that the customer can get faster services, it saves their time and for company its profitable because that’s how the company do not need to pay a customer service technician. with the help of internet managers of different companies can contact each other easily they do not need to arrange personal meetings. many companies launch their business models online and they are easy to access by other companies.

      Reply
  2. Morgan

    The internet of things is the development of the internet’s function in society. We are now at a stage where physical objects are able to communicate with each other. The internet of things is important because it is changing the world as we know it, from simplifying our lives to allowing business to merge with technology to streamline operations and management. The internet of things is able to be a prominent force in our world due the fact that 75% of the world now has internet access. Now almost every object we own is intelligent and can be networked. Examples are how we can download music through iTunes and wirelessly sync it to our apple device, or how our smart TVs allow us to access Netflix, rather than having to go out to a video store in that past. These developments add tremendous value to our lives all while allowing companies to constantly develop new functions for the internet, to gain a slight competitive advantage within their market. Now old economy businesses (production) are merging with new economy (software) to improve anything from day to day office work, to supply chain management. Old economy companies are now able to develop products faster but add the element of connectivity or smart devices into the mix. The new partnerships created by combining old economy companies and new economy companies are able to provide more value to their products or services. Overall, the internet of things is causing old economy companies and new economy companies to provide greater value for consumers but also create new marketplaces entirely.

    Reply
  3. Xuan Wen

    Internet of Things is talking about internet is not only a way that we get information. Today, we want to get more from internet such as shopping .Therefore, the understanding of internet is also a major case for companies. By 2015, according to my own firm’s projections, not only will 75 percent of world’s population have access to the internet, which means internet have vast of customers. In this generation, people are more willing to buy things on internet because there is vast of choice on internet. Traditional manufactures begin to lose competitiveness. Internet gives people more choices of shopping and makes shopping more efficiency. For managers, the development of internet creates challenges both long-term and urgent, but the development of internet also creates lots of changes for managers. In today, internet already become one of the most indispensable thing in our daily life. For companies, this become a challenge because they have to built a web side of their companies in order to advertisement. Internet of things also gives business partners another way to communicate with each other. In addition, the internet create lot of databases which help companies do research more efficiently. Overall, the internet is changing everything we used have, and the internet will not stop developing. I do not know it is good or bad for us, but it is a change for new economy companies and new generation.

    Reply
  4. Ayesha S

    The internet of things is basically a concept that suggests that technology is over taking and becoming interconnected. It is going to be changing the way we go about our lives and ways of business strategies. When we think about the ways technology has impacted our lives in the last few years and how much it has grown is a substantial change. People are able to talk, watch movies, and listen to music together despite the thousand miles of distance. Apple, Skype and companies like Samsung have changed the way we connect, adapt and behave. We can easily purchase music and play it in a massive room wirelessly within seconds. We can book tickets, trains, view complete schedules, explore everything virtually before doing it physically. People can now talk on the phone while driving using a Bluetooth and using other forms of technology simultaneously such as radio, GPS and much more. Technology has evolved so much in the last few years that even children can now use smartphones easily as well us as. We use our phone’s for everything and it is truly so simple. University students can now pay their fees, check their mails, lessons and much more on a single app. We can make purchases from the other side of the world through a click of a button. We can even turn our car on with a click of a button inside our warm homes. We are surrounded by the “things” Millions of collections of data daily is stored on the phone, uploaded, backed up and used daily and it will only advance from here.

    Reply
  5. Ashley Nelson

    The “Internet of Things” is talking about how much our society now depends on the internet in our day to day lives and how it only seems to be getting stronger and more connected. Technology has significantly changed society over the last 20 years especially in the business world. It has allowed international trade and communication to be easily assessable, you can see what is going on all around the world with a click of a button on a news website and it can ever be as simple as having all your personal devices being connected in your office to your home. Apple is a huge market technology through the connection of iCloud in your personal devices. With this you can have your phone, computer Ipad and any other Apple divice connected to each other. Your able to share, load and view information one your devices even if they are not all together. There are also smaller market technologies that make an impact. There are things such as apps in your phone that you can turn on and off lights in your home while you are away or draw the blinds if you know it will be a sunny day and don’t want your house to get warm. This is a common thing for people in Canada that have summer homes in the Southern States. They can operate multiple things in their home without even being there. Social media is another big thing. The fact that if you want to upload a picture on Instagram you can upload it to Facebook, Pinterest and other sites at the same time instead of individually on each site.

    Reply
  6. Anish Singh

    Internet of Things refers to the ability we have achieved through internet and allied technologies when not only humans but devices are also able to interact. Internet of Things is all set to be the next generation of internet as it will help us achieve the level when devices will be able to make decisions without human interaction, for example, an industrial equipment, with the help of sensors installed and previously recorded data of downtime or similar mechanical failure can take decision itself to initiate a repair or preventive measures.
    The Internet of Things is important as it will act to bridge the gap faced by the traditional manufacturing companies and their consumers by enabling them as a more service friendly companies. While these companies can now reap benefits of services as well as manufacturing, the consumers enjoy a more simplified technologies like home automation where your home actually interacts with you and also takes decisions on your behalf like when to turn heating on or off and many other things. It is also referred to as a crash between newer and older economies as the focus shifts from only manufacturing to providing specialized and more demanding services. Consumers demand more flexibility and remoteness and this can only be achieved when devices actually talk among themselves and deliver the best.
    While Home Automation is one of the best examples for IoT technologies, retail has one of the best utility for this. The E-Commerce has grown to a totally new level where most of the retailers or supply chain companies operate an online store. The online store enables the reach for the companies and also provides solution to a complex supply chain management issue. The systems interact among themselves and the inventory is managed in such a way that for every item sold in one part of the world, an order would be placed at another part of the world.

    Reply
  7. Mohammad Ashraf

    Internet of Things is referred to the development of the functions that is used in the Internet. Internet of Things is pretty much referred to the Internet as a network where users can communicate with one another, with devices being able to do the same. The Internet of Things is very important, because tasks that are convenient for them, this means that companies have to keep up with the demands of the customers, so customers stay loyal to the company. For example, I have always used the iPhone and never thought about switching to Android or Blackberry. While I have been recommended by many family members and friends to switch brands, I will find inconvenient if I do so. Not because I find the iPhone to be a better phone, but I am simply used to the functions of Apple, which are very similar on all the devices. Since I own a macbook pro, iPad and use the iTunes for music, transferring information and data is a very easy task. I believe this technology is part of the Internet of Things.

    The Internet of Things has a very big impact on business. They have to continue to change their operations and products to keep up with their competitors and keep their customers from switching to other companies. Not only that, the Internet of Things can also be related to sustainability and how companies are changing their operations to produce their products in more environmentally friendly manners.

    Reply
    1. Jacob

      ‘The Internet of Things” refers to a phenomenon in which more and more physical objects are connecting via the internet. By 2015 it is projected that some six billion devices will have access to the internet. There will essentially be an interconnected system of computer networks, sensors, actuators, and other devices, all using the internet, causing many to call this the internet’s next generation. The importance of it is the expectation is that it is going to change the way we live, work, and socialize, and in fact, it already is. Many businesses, both big and small, are being forced to build web-based business models that can be used to transition into the age of a merged physical and virtual business world. An example of this is the connection of my music on my phone not being stored directly on the device itself, but instead on a cloud server in a location that is unbeknownst to me. Another good example of this evolution of the internet and physical devices is the way I send my Dad in Vancouver a photo. I wouldn’t even have to send it. By simply taking the photo, it is immediately synced to a cloud server we both share, which he can then access on his apple tv which allows him to almost instantly have access to and be able to share to a wide variety of friends and family members at say a party on our TV at home. I look forward to seeing more movement in technologies in this direction.

      Reply
  8. Shiqi Wang

    Nowadays, it is no exaggeration to say that more and more people cannot live without Internet. As one of the following questions, what the Internet of Things exactly is coming to the public. Well, the Internet of Things is essentially a system of machines or objects outfitted with data-collecting technologies so that those objects can communicate with one another. The machine-to-machine data that is generated has a wide range of uses, but is commonly seen as a way to determine the health and status of things — inanimate or living. There are some data to prove the huge development space of the Internet of Things. From this article, we can find that by 2015, according to author’s 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.
    There are some market technologies that I can find in my life which connect with INTERNET of Things. For example, we can control the temperature of our house and make sure everything (oven is closed) is safe for kids or senior people when we are traveling around the world; we can use our smartphone’s range of sensors and connectivity options and have a well-equipped Internet of Things device in our pockets that can automatically monitor our movements, location, and workouts throughout the day; we can also use iClouds to store essential data and use them whenever we need.

    Reply
  9. Ann

    The statement “The Internet of Things” refers to the fact that more and more devices such as smart phones or everyday items are becoming interconnected. It is referred to as the “next generation of the internet” because it is expected to change the way we live our lives and conduct our business. A good example of this is when a friend of mine downloaded an app onto his phone which allows him to turn on his vehicle by pressing a button within the app. Also in the recent years of Apple who have been somewhat of a trail blazer in this they have achieved making themselves a huge provider of music and television by allowing customers the ability to purchase music from Apple with their devices manufactured and sold by Apple and is available on any Apple product or on the Apple site.
    This is important because now businesses have to consider that in the near future they will need to envision that almost any object can be an intelligent co-part of a network of objects that work together it is also a challenge for companies because they will need to build web based business models. This is a foreign concept to companies that are referred to as “Old Economy” but is actually bringing some companies into partnerships to collaborate with each other even if they have never had dealings before. Old and new Economy are coming together and clashing together so that they can find their ground and hold it in the space of “the blue ocean.” With the clashing of New and Old Economies this is will ultimately change the process of how with do business and live our lives.

    Reply
  10. Ryan.kozole@uleth.ca

    The Internet nowadays is not only a major part of lives socially in regards to social media but also a major part of Business due to online purchasing.

    With the Inventions of social media, many people now have a new way to communicate with each other than in person or talking over the phone. Now, through the simple messaging and posting a “status” online, people that you know such as friends and family have an idea of what you are doing at a certain time of the day courtesy of the internet. However, this is only one of many ways to use the internet.

    Businesses then figured out that people many people may not have sufficient time to look at or buy a product or service in person all the time, which prompted businesses to sell goods and services online. This was not just to people in their city or country but all around the world. As well, it also gave business partners another way to communicate to each other and build partnerships to help benefit one another. An example of a business that is using the internet to their advantage right now is Itunes in accordance with Apple. By selling music online to people and giving customers a choice to buy one song out of an album that they like puts them at an advantage over Future Shop, Visions and other electronic stores that will make the customer buy the full album on a disc.

    These are only a couple of ways the Internet is changing everything, however, one thing is for sure; the internet will not stop expanding and there will be many more great ideas to make an interconnection with everyone around the world.

    Reply
  11. Jaime Zachery

    The Internet of Things is the use of the internet for communication among human beings and physical objects. Understanding of the Internet of Things is important for businesses because technology is always changing and has an effect on efficiency and consumer interaction. The article compared the importance of the Internet of Things to the past use of Walkman and the modern use of Ipods and purchasing music online. Due to this some things are becoming obsolete, such as movie rental stores due to Netflix, and “record” stores due to Itunes.

    Smart phones are an example of the Internet of Things because they connect you to others as well as objects around you. Smart phones enable you to control your TV, connect to your vehicle or connect with a friend. Another example is newer vehicles. Modern vehicles have GPS, push to start, and social media built in.

    Reply
  12. Chelsey Brown

    The internet of things describes the inter connectivity created by online sources that has grown from a manner of individuals communication to devices communicating boarding the use and reach of the internet. This too serves many of the roles and goals of Information technology as pointed out in the article the most notable of which is the increase of collaboration of industries. The article describes the Old Economy, those that are not digital of web based and the New Economy, those that are. The internet of things has found a way to bridge the gap between these items. A notable example of this would be the Ford sync technology, the is the ability to link your mobile devices with the your vehicle itself with little effort. Sync technology allows you to pick up calls and talk hands-free, navigate with GPS, connect your music all wirelessly and in some cases even provides LTE connections to passenger devices. This is clear example of bridging the gap from mechanical things (like the car) and digital (your smart phone).
    A seemingly obvious and well used example is smart phones. There seems to be few new devices on the market that do not offer at least Bluetooth connectivity to your phone. No longer are we bond my cords as many thing can be paired wireless or stored in the cloud. There is also a dramatic increase in the amount of apps available that also provide connection to ‘thing’ the ability to monitor your house remotely or change the temperature (nest) all through your smart phone .

    Reply
  13. Jaeger

    The “Internet of Things” refers to the development of the Internet from user to user communication to the communication of physical objects. For example my IPhone and MacBook being able to communicate to each other A global system of interconnected devices using the Internet holds remarkable potential and will have great impact on our daily lives some experts refer to it as “the internets next generation.” This impact of devices gaining access to the Internet is apparent throughout our recent history with ITunes becoming the major access point for music making traditional music stores obsolete, and mechanical equipment being having the ability to knowing when and how to maintain itself, making much of the maintenance sector obsolete. These Interdevice networks will change everything, innovations will need to occur much more frequently, companies who made no business partnering together now are and creating rather fruitful partnerships between old economy (production based) and new economy (software based). The importance of these developments can be described simple with convenience, our society strongly values convenience. We have become reliant on our technology, I feel lost without my Iphone as its much more than a way for me to communicate with friends and family. I used it to pay bills, access information, mails, I can even manage my home security from my phone. In business this is gonna have a huge impact on efficiency; allow much of the work to be done over networks and machines, eliminating variation caused by human error.

    Reply
  14. melissawhitegrass

    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.

    The “Internet of Things” is when different technological devices are able to communicate with each other using the internet, for example my iPhone communicating with my iPad, or my home security system in Canada being hooked up to my iPhone and I am able to control my security system in Rome, Italy just from the an app on my iPhone. Not only is the internet being used to communicate between living beings but it is rapidly moving to the internet being used to communicate with inanimate objects or machines as well. This is important because people really value convenience in their every day lives. I know I am reliant on my iPhone not only for calling my family and friends but to keep track of my schedule, my email and other correspondence, banking, weather, school assignments, opening my garage, tv remote, babysitting (movies and Netflix for my toddler while I am doing business and need that few moments to concentrate on what I am doing) etc. This is important in Business because then there can be more efficiency in getting orders out, not having to be physically present in doing business and being able to do business anywhere you have access to internet.

    Reply

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