AI-driven technologies are an essential tool in helping organizations make sense of and, perhaps more importantly, make decisions from the ever-increasing torrent of data flowing from connected devices. As the noted Stanford University AI researcher Andrew Ng said, "AI is open….Privileged access to data is more important than algorithms." In fact, it can be argued that without AI, much of this data will not be useful, so certainly AI developers working for companies with access to this data will be working with it. There is a trend that may help AI researchers access IoT data, at least for those whose organizations have the cash to pay for it.
One step toward sustainable IoT adoption is when companies leverage The Cloud for future computing needs. As IoT continues to develop there will stay constant changes in how companies use The Cloud and how they leverage big data techniques to understand the unlimited data generated by IoT devices. This can be especially important as IoT technology continues to broaden from smart personal devices and begins to creep into autonomous cars and even smart cities. The advancements in big data processing and IoT technology has allowed connected devices to build beyond mere personal devices.
The "CONNECTED: Insurtech and IOT" event to be held in Milan on June 15th @ Microsoft House, will be centered around one of the most exciting topics of 2017: the evolution of the insurance world through new technologies like Artificial Intelligence, Social Networks, Augmented Reality and IoT. Gartner currently predicts some 8.4 billion connected things in 2017, to reach 20.4 billion Internet of Things (IoT) devices by 2020. The graph above by Venture Scanner highlights venture investing trends into the Internet of Things (IoT) sector, with data through April 2017. In the meantime Insurtech startups are creating new businesses in 14 categories with a total funding up to date of 18Billion according to Venture Scanner data, with $417 million raised between January and March 2017.
In parallel, the telecom and internet revolution began to connect the world through internet where secured data can be accessed, shared, stored, viewed through the computers/mobiles using internet technologies. The linkage of computer, mobile devices with internet were restricted to specific industries initially and gradually spread to financial services, telecom, life sciences, medical, transport, aerospace and the likes. For eg, in a manufacturing sector, though Enterprise resource planning or ERP software is used to integrate the application and manage the business processes, an IOT connecting multiple applications and devices can use the intelligent data emanating from these applications to automate and improve productivity to a large extent. To conclude, as technology advancement is happening, an IOT with connected devices and sensors will revolutionize the day to day functioning with automation possible.
In certain industries, less than 1% of the data generated is leveraged to optimize and predict in the working environment. The most success has been gained by focusing and placing priority on building an IoT strategy and a roadmap – such as building efficient production environments, with the KPI's that will optimize for you, rather than a fully connected factory floor. Build a roadmap, and focus on the end KPI's rather than the technology and a platform. Take small steps towards adopting an IoT strategy as we have seen too much investment go into platforms too early and yield little ROI.
Of even greater interest, right now, is new revenue generation, particularly for hardware companies that see opportunities to introduce digital services into their product offerings. More and more companies are adopting IoT platforms, like the ThingWorx Industrial IoT platform from PTC, for their IoT initiatives. The best platforms provide companies with the capabilities that they need to be successful with their IoT strategies, such as application enablement, machine learning, industrial connectivity, and, increasingly, augmented reality. PTC makes ThingWorx available to partner companies and solution builders, which, in turn, use the platform to develop new solutions and applications that they sell to end customers.
Technologies such as robotics, artificial intelligence and sensors enable development of smart cities and automated factories and a wholesale upgrading of national infrastructure. And connected devices and sensors in the Industrial Internet of Things enable monitoring of every aspect of a manufacturing plant's operations. They could master the new technologies and help American firms design new factory floors and program and install robots. It is also possible to build smart cities, where sensors monitor every aspect of a city's functioning.
SAP's Leonardo IoT platform is a collection of software and services that embrace technologies like big data, analytics, blockchain, and machine learning. Leonardo will provide edge connectivity and will work with all types of connectivity protocols including cellular, WiFi, and even low-power options like Bluetooth. Leonardo will provide edge connectivity and will work with all types of connectivity protocols including cellular, WiFi and even low-power options like Bluetooth. Gandhi said that Leonardo is the underlying platform for Siemens' Mindshare IoT services.
David Widegren, Head of Asset & Maintenance Management at CERN, which manages the life cycle of each of the organization's millions of components and devices, explains that operational insight and data from each component is critical, in what is effectively a self-contained IoT: This combination of asset management with connected equipment, and the data we capture from the assets, is really the way forward. Smart Cities monitor the conditions of all critical infrastructure, including bridges, streets, water, and electric systems, and more. To qualify as a Smart City, a city must adopt five of the eight smart principles -- smart energy, smart building, smart mobility, smart healthcare, smart infrastructure, smart technology, smart governance and smart education/smart citizen. Some of these vantage points include large production structures, like oil refineries and offshore oil drilling platforms, railroad beds and bridges, and airplanes and cargo ships.
Onalytica published today IoT 2017 Report – Top 100 influencers, brands and publications that were leading the social media debate around IOT, so the team analysed over 10.8 million tweets mentioning the key words: IOT or "internet of things" OR internetofthings from Jan 1st – June 7th 2017. It is interesting to see that Artificial Intelligence, IIOT, M2M, Machine Learning and Big Data all accompany IOT as the top connected topics. SCADA and occasionally – AI, Artificial Intelligence, M2M and BigData etc), but we are in Top IIoT Influencers, a report from Onalytica that we are wainting for in the near future. The IoT Report 2017 can be accessed here.