As we convene this week in Chicago for the 2nd annual Internet of Things World Forum (IoTWF), about 1,500 industry leaders worldwide are laser focused on capturing the $8 trillion economic opportunity of IoT. We launched the first annual IoTWF in Barcelona one year ago, and the industry has since progressed at breakneck speed.
A Forbes headline two months ago summed up the buzz: “It’s Official: The Internet of Things Takes Over Big Data as the Most Hyped Technology,” following the release of a Gartner Hype Cycle report. This is supported by the fact that media mentions of IoT have tripled since 2013 to more than 45,000 so far this year. Read More »
Tags: Cisco, Internet of Everything, internet of things, IoT, IoTWF, Smart Cities, Steve Koch
This week at the Internet of Things World Forum in Chicago, I premiered Cisco’s blueprint for vertical Internet of Things (IoT) success. When we envision how we can provide value to our customers, we don’t just look at one device or one use case. We want to completely transform how that industry does business. So, we consider the entire value chain of each industry, and then focus on business outcomes that will make the biggest impact.
Cisco’s IoT Value Chain approach can be boiled down to three steps: Read More »
Tags: IoT, iot world forum, IoTWF
Today we’ve successfully completed the IoT Innovation Grand challenge that was announced in April 2014. When Cisco embarked on this journey, our goal was to discover, recognize, promote and reward innovators, entrepreneurs and early-stage startup businesses with innovative ideas and solutions for IoT.
With over 800 submissions from 71 countries, the response has been absolutely amazing. We have received a diverse set of ideas that ranged from connected home to cognitive computing, connected manufacturing and advanced communications systems. Out of these submissions 19 teams advanced to Semifinals and 6 teams advanced to Finals. Read More »
Tags: Grand Challenge, innovation, IoT, IoTWF
Today’s connected and networked world has created a fast-paced environment for growth, innovation, and optimization. In retail, you’ll find businesses taking advantage of this new era of hyperconnectivity to deliver innovative consumer experiences for this new, networked economy.
MIT Technology Review calls the networked economy “the next economic revolution.” In it commerce is created not through manufacturing, but by using technology to open new routes to market. Together, collaborationsocial networks, the Internet of things (IoT) and business networks generate new forms of customer and product intelligence. Savvy retailers are using this information to earn customer loyalty, enable innovation, and enhance resource optimization in entirely new ways. Examples include Zara (redefining the speed of fast fashion), BMW (delivering a connected car with real time services based on the driver’s location and preferences), and Samsung (using technology to drive intelligent replenishment and avoid stock-outs). All of these product and process innovations are fueled by the networked economy.
Leverage Hyperconnectivity for Increased Omnichannel Sales
In retail, hyperconnectivity is reinventing customer experiences. It’s eroding the position of established players and creating huge opportunities for startups. It’s transforming sales channels and disrupting the supply chain.
ey to this worldview is seeing online (or digital) sales as not just a new channel, but a critical piece of an omnichannel shopping experience that, when channels work in alignment, drive overall sales. Retailers that interact with customers through social media and encourage online reviews can increase customers’ comfort with online purchases. Women’s apparel retailer Chico’s, for example, allows customers to select clothes online and have them waiting in a dressing room at their local store when they arrive. Chico’s also encourages customers to share their style adventures using Pinterest, Instagram, and twitter (#destinationfabulous) for added fashion inspiration. Read More »
This week, I had the opportunity to focus on digital business as an attendee and presenter at Gartner’s ITxpo in Orlando, Fla. It was a sold out crowd with 8,500 attendees and approximately 2,700 CIOs. And one insight that seemed to resonate with the audience was Gartner’s belief that by 2018, digital business will require 50 percent fewer business process workers and 500 percent more key digital business jobs.
At the ITxpo discussing how the Internet of Everything enables the transition to Gartner’s All Things Digital
We already live in a world that is rapidly connecting people, process, data, and things in ways that were unimaginable just a few years ago. I believe that IoE is a key driver of this transition and a fundamental stepping stone to making “All Things Digital.”
Gartner defines All Things Digital as “blurring the physical and digital worlds to create new business designs.” Interestingly, Gartner focuses on people, business, and things, but omits process. Gartner’s view is that process will happen dynamically and be measured in not months or weeks, but nanoseconds. While this is a true statement, it reflects the end goal. The key question is, how does an enterprise become digitally enabled?
A first step in transitioning to All Things Digital, is embracing IoE by lighting up “dark assets.” A dark asset is something that is currently not connected to the Internet. A dark asset in itself however, does not create value. ln All Things Digital, connected devices begin to talk with other connected devices. These devices interact with one another dynamically, which in turn creates processes in just nanoseconds. In this environment, IoE allows you to understand what process to focus on and which assets to connect. In other words, IoE is the pathway to Gartner’s All Things Digital. The overarching goal is business outcomes. One retail example is connecting a parking lot to a retail store. In a recent trial, we found that data from parking lot sensors, when analyzed correctly, can predict when checkouts will get busy, so that more cashiers can be deployed. There are many other dark assets in a retail environment that have the potential to increase revenue, lower costs, and grow margins once they are lit up.
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Tags: All Things Digital, analytics, CCS, Cisco, data, Fast IT, Future of IT, Gartner, information, IoE, ITxpo, Joseph Bradley, people, process, retail, things