As a connected consumer, I can buy a book, plan a vacation, or choose a movie from any number of devices and from any location (home, office, car, or airport!). These interactions are not only convenient, they are more and more highly personalized and tailored to my likes and dislikes. We have all experienced this on Amazon and other commerce sites.
Unfortunately, we don’t get this experience from many banks.
In a Cisco survey of more than 7000 smartphone users and bank customers in 12 countries, 43 percent said that their primary bank did not understand their individual needs. Bank customers in China (54 percent), Brazil (52 percent), Mexico (49 percent), and India (46 percent) felt even more disconnected (see chart below).
The world is awash in data, and 90 percent of it was created in the last two years.1 In fact, every day we create 2.5 quintillion bytes of data2 and that number is growing exponentially. The explosive growth of the Internet of Things (IoT) promises to add to this data glut, with 40 percent of all data coming from sensors by 2020.3 Today, a jet engine may generate 1 terabyte of data in a single flight,4 and a major global retailer collects 2.5 petabytes of customer day each hour.5 Yet 99.5 percent of all this data is never used or analyzed.6
I have good news and bad news. First, the bad news: across industries, digital disruption is threatening to overturn incumbents and reshape markets faster than perhaps any force in history. Now the good news: companies can take control of their own destiny by embracing digital transformation and the Internet of Everything (IoE).
Let’s take a closer look. By “digital disruption,” I’m referring to the effect of digital technologies and business models on a company’s current value proposition — and its resulting market position. Digital disruptors innovate rapidly, and then use their innovations as a powerful competitive advantage to gain market share and scale far faster than challengers still clinging to traditional business models that can’t keep up with the pace of change.
Over the past few years, Cisco and Intel’s collaboration has extended into the realm of Internet of Things, allowing the strength of each organization to bring the industry as a whole, forward. In the Internet of Things, devices need applications, analytics, network connectivity, security, storage, and computing power. The partnership of Cisco and Intel offers comprehensive solutions working alongside several ecosystem partners.
A smart city demonstration, featuring Legos and Fog Computing, was on display in the Intel booth showing how easy it is for cities to implement IoT solutions
Carlos Morales presented a captivating “Pre-Zen-tation” on Fog Computing, elaborating on how companies can extend the cloud to the edge
A highlight during the show was partaking in a #CiscoChat with Brad Haczynski, Intel’s Global Account Director, Sales and Marketing Group, encompassed around making IoT and IoE tangible with the power of collaboration.
When we think of “cloud” we think of a vast collection of compute, network, and storage capabilities that resides somewhere high above us—a massive repository of functionality that can be accessed from anywhere and any device with enough bandwidth to handle the data flow.
With practically unlimited power and scalability, cloud technology has been a key enabler of the Internet. But the Internet of Things (IoT) demands something more. IoT is a broad collection of sensors, cameras, smartphones, computers, and machines—all connected to and communicating with applications, websites, social media, and other devices. To maximize value, much of the data generated by these “things” must be processed and analyzed in real time. For example, sensors and cameras in and around a large retail store may continuously collect data about customer volume and traffic flow. The store can derive some value from all this data by sending it back to the cloud to analyze long-term trends. But the value is multiplied if the system can process the data locally, in real time, and then act on it immediately by sending more cashiers to the check-out line just before a surge in customer traffic.
This sort of real-time, high-bandwidth application requires a new distributed cloud model that brings cloud networking, compute, and storage capabilities down to earth—to the very edge of the network. My friend Flavio Bonomi has worked tirelessly with both academia and other industry partners to advance the concept of fog, inspired by the way the San Francisco fog extends the cloud to the ground. Fog computing creates a platform—what we call a fog node—that provides a layer of compute, storage, and networking services between end devices “on the ground” and cloud computing data centers. Fog is not a separate architecture; it merely extends the existing cloud architecture to the edge of the network—as close to the source of the data as possible—to enable real-time data processing and analytics. Read More »