Internet of Things(IOT) 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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63 thoughts on “Internet of Things(IOT) Changes Everything?

  1. Leigh

    From my understanding, the Internet of Things refers to the extended function of the Internet and how significant of a role it plays in the advancement of market share through rapidly growing networks that are able to transfer data using embedded sensors. Specifically, how businesses will not be able to ignore this sector of their industry if they wish to continue to be a player in the market. As stated in the article, the Internet not only connects people it now connects devices, labeling this practice the next generation of the Internet. I think this identification of a new generation is very important since it is paving the standards and new criteria to be met by producers and manufacturers if they wish to stay competitive in their field. With the Internets further advancements, the lives of more and more people are being defined by this phenomenon and it is becoming expected that businesses inherit this mentality and base future business decisions to provided products and services mirroring these advancements.
    I have personally see the Internet of Things concept most regularly through the use of personal training and fitness monitoring devices. Like Fit-bits, fitness apps and step counting devices. Where data is collected daily to these devices so users can track and monitor activity to understand their current activity level to meet future goals. The data that is collected through the Fit-bit is stored in an app and used to step targets to help participants in their fitness journeys.

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  2. Megan Thurlow

    The Internet of things is the integration of the Internet or networks of some sort into our everyday lives. Through devices (such as our smart phones), individuals have not only become accustomed to the everyday Internet use, but to some degree reliant upon it. Every day activities have become almost completely integrating with networking. Parking at the U of L for example has switched over to the Internet. Although you can still pay manually it has become much more convenient to pay wirelessly as needed. Rather than reject this adaptation organizations should embrace it; using it to their advantage.

    In the current market place there are a vast number of products currently taking part of the Internet of things. Many security systems will notify homeowners via their cellphones if there are any changes in the status of their house, or if their home has been breached. Similar systems can also be used to remotely lock doors, change thermostats, or control light fixtures. Applications such as Lyft, Uber, online banking, and mobile phone services are other examples of how the Internet of things has worked towards integrating our everyday lives into advancing society.

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  3. Sam Gleim

    The Internet of Things is a very recent, and game changing facet accompanying the internet. It grants everyday physical items, for example machinery, network connectivity. In essence, the Internet of Things allows communication between inanimate objects, sending and receiving data.
    It is very important for companies/organizations to utilize the technology. The advanced technology improves efficiency and decreases lead times in production. This is possible because the machinery is able to update and maintenance itself due to the embedded sensors. The embedded sensors allow the machine to “know” what condition it is in. It also decreases production costs and decreases risks due to personnel not needing to maintenance the machinery. The machinery performing maintenance/updating tasks on itself decreases risks/hazards as it is eliminating the need for personnel to perform these tasks. Moreover, the elimination of the human element in the process allows the funds that would have been spent on employee compensation to be used elsewhere.
    In addition, it is also beneficial to final consumers. The Internet of Things provides a very valuable asset, convenience. Society values convenience above all else. The elimination of physically having to maintain or update machinery is ideal, as there doesn’t seem to be enough time in the day. Some examples of everyday objects making use of the technology are ‘smart’ refrigerators. These fridges essentially make the consumers grocery lists through a smart phone app. This eliminates the need to physically look through a fridge and create a list with paper and pen. Medical devices are also utilizing internet advancement. The devices allow medical staff to monitor patients from afar.
    The Internet of Things is our future.

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  4. Tomara Noga

    The Internet of Things according to this article is dramatic development. In a narrow sense it explains the network of people and devices, which are connected to the internet and how everything functions with each other. This is becoming extremely important for our society because we want everything to be easy and convenient and that is what IOT is set out to do. We each currently have many devices that rely on internet and without it we are lost. This isn’t just a crucial part of our social aspects, but businesses rely on IOT to keep them connected and up to date with the rest of the global business environment. This helps them to stay ahead in profitability as well with their consumers, while facing new challenges everyday. IOT is also able to help build a bridge between old economies and new economies since the new technology will soon beat out the old economy. It is important for the bridge to be built because managers will now need to create the organizations and web-based business models that can turn these ideas into something real creating the most efficient and effective companies.

    My Apple Iphone is an object that is around me that is part of the IOT. As a society we use our smartphones for nearly everything from sending a text to someone in the same room, or facetiming somebody across the world to keep us connected. Another thing I use nearly everyday is Netflix, I can use it on my phone, computer, tablet or TV and gain instant access to thousands of TV shows and movies.

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  5. Austin Brady

    The internet of things is the process of our everyday lives being connected to the internet or networks in some way. It’s being called the“next generation of the internet”. This means activities that people routinely do each day will start to be connected to the internet. It will provide us with the tools we need to make those activities easier or better. It impacts people in both their personal and professional lives, depending on the activity. As mentioned in the article, this is not something that can be “fought off” by “old economy” companies who feel threatened by it. Organizations must begin to look to the future and start investing in assets that will help them transform to “new economy” companies.

    In the current marketplace there are a number of products that are already part of the internet of things. Earlier today I saw an ad for an app you can use from anywhere with an internet connection to lock your home, adjust the heat, and turn off the lights. Additionally, I have also seen NFL players wear a special shirt with a device attached to it that tracks their speed and heart rate, among other things. One time I saw a fridge that could tell what products were in your fridge, and a monitor on the outside of the fridge would tell you what you were running out of. You could also use the monitor to access Twitter and Facebook, so you could tell your friends what you were cooking.

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  6. Lina Zhang

    The internet of things refers to the development and expansion of the use of internet in our daily life. In the past years, we can only use internet to do researches, or play simple offline games. Now days, there is a dramatic development in the internet’s function, people can now communicate with physical objects. This is an important development because with more than 75% of the world’s population have access to the internet, people can connect to each other with the use of a total of six billion devices.
    There are few market technologies I see around me that are part of this internet of things are smartphones, tablets, and home security system. People can monitor the condition of their home without being present in the house. Also, they can turn on the heater on their smartphone few minutes before they are home, in this way their home will be warm and cozy. When they aren’t home, the heater can be turned off, this also helps to save on the energy bill. The function of a smartphone is enormous; people use their smartphone to do almost anything in their daily life. They can access and manage their online banking, or reserve a taxi.
    The internet of things is so important, that makes our lives much easier. By accessing to physical object without being present saves us so much time and money. People can manage a lot of times in a more efficient way. I believe internet’s function will continue to develop, because no one can live without the internet now.

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  7. Arjan Arends

    The Internet of Things:
    According to Stefan Ferber, the Internet of Things refers to the latest development in internet use: not only are humans using it to fulfill their tasks, but we now program all kinds of devices to use it as well to efficiently fulfill their tasks. This advance in internet technology will open up many new careers, and will probably leave many Westerners behind in the race for the best paying jobs. Examples of the internet of things around us include the ability to control every aspect of our home on one tablet computer: no more having to run up stairs to turn the lights off in the bedroom, simply open your phone or tablet and push a button. House feeling a little cold? Don’t get up from the couch, just open the furnace module and adjust your thermostat remotely. Realize you forgot to close the garage door when you came home from grocery shopping with your hands full? Simply swipe on your touchscreen and it’s done. These technologies will change the way we live and work. Many tech companies will hire the brightest and the best to stay competitive in offering these new technologies and many of these jobs are going to go to people in developing countries who are far more ambitious than the average American. While the American sits on his couch and controls everything from his phone, from his tv to his shower, he will have to wake up one day and realize that his life of comfort has set him back from the rest of the world and his lack of ambition will cause him and his family to be the next family below the poverty line.

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  8. Michael Forster

    The Internet of Things refers to the expansion and development of the useful function of the internet in everyday life. That is, the internet is now becoming accessible from many physical objects outside of just computers and cell phones. Enabling objects such as appliances, security and temperature control in the home to have internet access is making them more intelligent and allowing consumers to have a whole other element of control. This is allowing businesses to expand their horizons in terms of new products and interacting and gathering important data from consumers that could enhance their experience. Everything is becoming more connected and truly offline consumer items are starting to be the less favorable option and disappearing.
    The Internet of Things is most prevalent in the usage of our smartphones and what they can now allow us to access. Using a variety of apps you can check on your home security, make sure you shut the garage door or even adjust the temperature to your liking when you arrive home. This is made possible by enabling internet usage in these facets of the home. Mobile taxi services such as Uber are working to make conventional phone calls for taxis obsolete. Smart watches, FitBits and other accessories are making monitoring health and wellness easier than ever. Businesses use all of this to adapt to the changing the consumer needs. Businesses have more information on what the general public want and need more than ever, which is giving tremendous benefit to the growth of the Internet of Things as a whole.

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  9. Erika Lauer

    The Internet of Things (IOT) is the growing improvements of the Internet’s functions. The Internet’s development over the years has allowed for businesses to grow their web-based business. Technology has also increased the amount of data available online. This is important because it changes the way consumers can interact with businesses. It also allows for us to stay better connected with the world around us. When companies are able to share business ideas and bring the best of the best together, consumers are now able to have better selection of the goods and services that they desire.
    There are many examples of Internet of Things around us. One being the smartphones, tablets, and laptops that pretty much everyone uses everyday. One specific example I noticed lately is how we can now order groceries online. Many grocers offer this option, where customers go on the Internet and select what they need for groceries, and then they have employees who put together the orders. Once the individual is at the store, they send a quick text to the store to let them know where they are parked, and then their groceries are delivered right to their car for them. The continuing development of IOT has allowed for more convenient services to be provided to consumers and allowing for businesses to provide more better improved services to their customers.

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  10. Giuseppe Di Paolo

    IoT refers to the new phenomenon of extending internet, its advantages and challenges, to a new segment of our daily-life: things. Put in simple words, physical things, from PDAs to refrigerators, to heating systems are introduced to internet technology, creating networks of physical objects and concrete places extended to the internet. Physical objects stop being just objects and tools for people to use, to be turned on, to be set up and start being kind of “intelligent” objects, able to connect to other similar devices, communicating with the outside world as it was a new context mixing both physical and virtual world. A new entity. As the article suggested, most of the current application of the Internet of Things includes for example optimization and distance-automatization of production processes, or the creation of “smart cities”. Some examples of technologies’ implementation in the field of “Smart Cities”: Barcelona (Spain) with rubbish bins in the city automatically signalling to their authority/offices that they are full, or Portugal with the Wind Float, a floating foundation for offshore wind turbines moving to areas with more wind by analysing information about sea waves and tide.
    These examples, especially with reference to the smart cities technology, represent not only challenges the whole world (from businesses to governments and public bodies) should face, but particularly chances to be exploited to make our world better than it is now. Just think about the application of this concept to healthcare. “Mhealth” includes apps such as lifestyle and wellbeing apps that may connect to medical devices or sensors (e.g. bracelets or watches) as well as personal guidance systems, health information and medication reminders provided by SMS and telemedicine, wireless, which measure patients’ vital signs and brain activities. Obviously this application does not aim at replacing traditional healthcare systems, but it delivers higher levels of healthcare services.
    (http://www.salute.gov.it/imgs/C_17_notizie_1775_listaFile_itemName_0_file.pdf)

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    1. Blake Furgeson

      The Internet of Things refers to how the internet is expanding and becoming more prevalent in everyday life. The article talks about how an estimated 75% of the population is connected to the internet in some way, this is a good way for society to be able to communicate and have access to information from the internet that may have not been available before. It impacts the daily lives of those who are able to use it. One example of market technologies that I’ve seen around me that are part of the Internet of Things would be online banking. Before the internet, you would have to physically go down to the bank to deposit money or take out money. But now with the ability of completing these transactions online, you do not necessarily have to go down to the bank. This technology would have an advantage to market the banks services since they are easier for the customer to use.
      The Internet of Things is important to understand since there is a shift in society to use the internet for more things that are done in the daily life of an individual. As technology progresses it is important to be able to cope with the effects it will have with the daily activities of individuals.

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