McKinsey & Company: What’s new with the Internet of Things? | #IoT #bigdata

Adoption of the Internet of Things is proceeding more slowly than expected, but semiconductor companies can help accelerate growth through new technologies and business models.

Niccolò Machiavelli, one of history’s great futurists, might have predicted the Internet of Things (IoT) when he wrote, “There is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things.”

The IoT’s early innovators, who have grappled with mixed overall demand, a lack of consistent standards, and other challenges, would agree that their road has been difficult. But, like other visionaries before them, they have persisted in establishing a new order because they see the promise ahead.

Both consumers and the media are fascinated by IoT innovations that have already hit the market. These “smart” devices have sensors that communicate seamlessly over the Internet with other devices or the cloud, generating data that make the world safer, more productive, and healthier.

In just a few years, some IoT devices have become standard, including thermostats that automatically adjust the temperature and production-line sensors that inform workshop supervisors of machine condition.

Now innovators want to enable more sophisticated IoT technologies for self-driving cars, drone-delivery services, and other advanced applications.

Although some analysts are excited about the IoT’s potential, others have argued that it is overhyped. We take a more balanced view, based on our extensive research as well as our direct work with IoT application developers and their customers.

Like the optimists, we believe that the IoT could have a significant, and possibly revolutionary, impact across society. But we also think that the lead time to achieve these benefits, as well as the widespread adoption of IoT applications, may take longer than anticipated.

The uptake of IoT applications could be particularly slow in the industrial sector, since companies are often constrained by long capital cycles, organizational inertia, and a shortage of talented staff that can develop and deploy IoT solutions.

For semiconductor companies, which are looking for new sources of revenue, the rate of IoT adoption is an important concern.

Read more: What’s new with the Internet of Things? | McKinsey & Company

My point of view: i assume that – just like digital – households will be the early adaptors of IoT. But – just in B2B – sunk costs and capital investments will have an impact on growth and result in a much less steeper diffusion rate.

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How to Monetize IoT Data or who will benefit and pay

 

tumblr_od8uy2oas71s2tva9o1_500Got “IoT” data?  Struggling to figure out to turn all that sensor data into “moola”?  My colleagues Ted Friedman, Doug Laney, and I just published some really useful and impactful research to help organizations monetize their Internet of Thing (IoT) data.   “Prepare to Monetize Data From the Internet of Things” provides a 7 step approach to help organize, plan, and execute a data monetization strategy and highlights real-world examples of companies across different industries doing it toda

Source: How to Monetize IoT Data

True is it not? Don’t design for mobile, design for mobility

Just when we were starting to get used to the tools, frameworks and methodologies needed to design good mobile apps, we find the device landscape is changing again: smartwatches and other connected wearables, sensors and everything under the “Internet of Things” umbrella are bringing new complexity to our field, and makes it very difficult to tell where “mobile” or an “app” really starts and ends.

And we designers are having a hard time getting used to it.

Given that many of us first approached mobile design through responsive web design, it’s been much easier to approach mobile design as if it were some kind of “smaller web with touch support and camera access”.But the upcoming products and services are meant to live fluidly across a range of devices, sensors and network connections.

So I believe that mobility, rather than mobile, defines much better the kind of environment we will have to design for

Read all: Don’t design for mobile, design for mobility | Webdesigner Depot

Recommended Frank Palermo’s A new frontier for #CRM: The internet of things

Isn’t Customer Relationship Management technology supposed to be dead?

Apparently it’s getting a lifeline from the Internet of Things.

Gartner predicts “CRM will be at the heart of digital initiatives in coming years as enterprises look to create more targeted interactions in a multichannel environment.”

The research firm has now added IoT as the fifth dimension of its Nexus of Forces.

And, while estimates vary, we’ve all heard the numerous predictions that anywhere from 26 to 50 billion devices will be connected to the Internet by 2020.

The bottom line is that IoT is a big paradigm shift that is not only affecting the way people interact with objects and things but also the way customers interact with brands.

The advent of connected technology continues to extend people’s expectations, increasing the level of sophistication that is now required to serve the new digitally savvy customer.

All of this is driving remarkable change in the marketing and customer relationship management realm.

Terms like “omnichannel” are now the common buzzwords for managing customers through the various sales and service channels (online, mobile, call center, in-store, etc.) that your brand may have.

CRM solutions are now evolving to take customer service to the next level — enabling enterprises to better understand their customers and offer proactive support by leveraging IoT data to create improved, automated customer support environments.

Read all: A new frontier for CRM: The internet of things – Virtusa Official Blog

Interesting: 3 Ways CIOs Can Transform Digital Marketing –

Found at www.chiefmarketer.com

Author: Kevin Cochrane

Kevin Cochrane
Kevin Cochrane Passionate about CMS, Digital Marketing, and Customer Experience

Digital marketing technologies change fast.

Every year, businesses face more opportunities and complexities as new web, cloud, social and analytical tools emerge, promising businesses closer relationships with prospects, customers and partners alike.

According to Gartner, the public cloud services market alone is expected to reach $204 billion in 2016.

With the speed of technology today, there has never been such a scary and yet exciting time to be in business.

To win in the competitive digital era, businesses now require a combination of both technical and creative agility to delight customers at every touch point with the brand.

This significant goal requires pushing away the perception of the CIO as solely tech-focused and inflexible and the CMO as purely marketing-focused and “fluffy.”

In today’s third wave of digital marketing, the CIO and CMO are now after the same goal and are responsible for powering a strategic partnership that enables the organization to soar in meeting all performance targets.

Use APIs to liberate data

Every department now wants the ability to experiment, create and iterate with technology, especially marketing departments that rely on technology for the entire customer journey. However, many users often find their requested priorities stuck in the IT queue for days, weeks or even months before their project emerges as new development.As we enter the third wave of digital marketing, IT needs to give freedom and leeway to marketing to support their timeframes and to power their race toward stronger consumer relationships. Instead of having customer data sprawled in pieces throughout the organization in various technologies, CMOs require this information be brought together into one master record. This means that every touch point has all the data it needs; user information is always up-to-date, complete and accurate. This serves as the basis for providing better service and personalized, relevant experiences for every user, every time.CIOs can provide this value through application program interfaces (APIs), which allow businesses to innovate and continually evolve without the need to migrate, rip and replace or build technologies from scratch. Simply put, APIs allow users to integrate any component with any other component. They pave the way for businesses to innovate, expand and integrate new technologies that grant access to untapped data.

Strike a balance between privacy and customer data

Consumers expect companies to use their data wisely. Following Snowden’s revelations, many consumers are wary of how businesses collect and manage their data. For companies, tracking consumer data is complicated with different bits managed by different IT sub-systems. Further, if a company uses external marketing software or third-party services, some of that customer information may not even be under the business’ control.To strike the right balance between privacy and consumer data, CIOs need to implement technology that gives consumers the data privacy rights they deserve while still collecting the information needed to give them a seamless, personal digital experience. CIOs can reinforce their business’ data privacy standards by making the core code accessible by all as an open source project.

Below are seven fundamental principles to incorporate:

Ethics: Ensure fair and responsible collection and use of customer data

Transparency: Give customers a clear view of the collected data and ho

Read all at  3 Ways CIOs Can Transform Digital Marketing – Chiefmarketer

My point of view:  I would prefer that the title would be not transform but support. Transformation is for me the responsibility of all board members,