Last month, Gartner published one of its well-known Hype Cycles, and a Forbes headline summed up a key assertion very well. “It’s Official: The Internet Of Things Takes Over Big Data As The Most Hyped Technology.”
This comes as no surprise to anyone engaged in this market phenomenon – the explosive growth of things connecting to the Internet. At Cisco, our engineers determine that about 13.5 billion things – everything from mobile devices and computers to sensors and machines — are connected today. By 2020, we forecast 50 billion such connections – a much faster adoption rate than electricity or telephony.
Web searches for IoT and media mentions of IoT each have tripled in the past couple of years alone. Our consulting services group confirms that global Internet Protocol (IP) traffic continues to accelerate exponentially, and the last two years have spawned new IoT-related consortia and standards bodies.
The hype clearly has accelerated. However, I passionately believe that in this case the hype is completely justified because it is underpinned by tangible hyper progress throughout all types of industries. Other markets in the past that have ranked high on the Hype Cycle have included ecommerce and wireless technologies, and nobody can argue the rocket success of markets engaged in online business portals, social media or mobile devices such as smart phones.
IoE Can Unleash $19 Trillion in Economic Value
IoT provides the foundation for an even greater – we think unprecedented – technology revolution that Cisco calls, the Internet of Everything (IoE). IoE includes the connection of things, people, data and processes, enabling the transformation of data into information, knowledge and wisdom. As a result, Cisco Consulting Services estimates that IoE can unleash $19 trillion of economic value worldwide over the next decade by generating new innovation, revenue streams, customer experiences and improving asset utilization, employee productivity as wel as sup0ply chain and logistics operations.
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Tags: Cisco, Gartner, Hypecycle, Internet of Everything, IoE, Wim Elfrink
Connecting Dark Assets: An ongoing series on how the Internet of Everything is transforming the ways in which we live, work, play, and learn.
If you’re trying to run a business today, you are undoubtedly dealing with global manufacturing and distribution systems—and competitors from around the world. The Internet has given companies of all sizes access to a global marketplace, and that means competing in an environment where cost is king, and margins are razor-thin. No wonder manufacturers and distributors are trying to squeeze every bit of inefficiency out of every link in their supply chains.
Fortunately, the Internet of Everything (IoE) is here to light up “dark” supply chain assets by connecting them to data, things, and processes that multiply their value. As a matter of fact, Cisco Consulting Services’ research shows that IoE has the potential to create or migrate $2.7 trillion in value over 10 years’ time by improving supply chain and logistics efficiency and reducing waste.
Take, for example, the common forklift. It’s an ubiquitous feature of factories, warehouses, and loading docks everywhere—but not tremendously efficient when you factor in the time it takes for a driver to locate the correct pallet, and the damage that sometimes occurs while navigating stacked pallets through narrow warehouse aisles. But when IoE “lights up” this dark asset by giving it sensing capabilities and connecting it to the right data and software, the forklift becomes an auto-guided vehicle (AGV) that can find its own way through a massive warehouse. The AGV can go directly to the correct pallet of goods and deliver it at the right time to the right place. It will even plug itself into a charging station at the right time to ensure optimal battery life.
But it’s not just auto-guided forklifts that are transforming warehouse efficiency—sometimes it’s robot-guided shelves. Amazon is using small Kiva warehouse robots to move portable shelves from warehouse storage to an area around the perimeter Read More »
Tags: industrial internet, Internet of Everything, InternetofEverything, IoE, IoT, Manufacturing, supply chain value
When you walk outside and notice dark clouds gathering, or a cheerfully bright sun, little may cross your mind except to grab an umbrella or your shades. But chances are, the team at The Weather Channel knew about these weather conditions days in advance thanks to Fast IT. And with this advance information, The Weather Channel offers what is relevant to you in the moment.
In our Internet of Everything (IoE) world, more consumers and employees are demanding more relevant content now. As such, organizations must keep pace. The Fast IT model built to transform and simplify IT operations is the way to evolve in today’s environment.
For many CIOs, including The Weather Company’s Bryson Koehler, a Fast IT model has resulted in more accurate, relevant and timely data with unprecedented and unlimited uses. Consider his insights in this video:
“When I look at network programmability, I see the same capability enablement that I see from all of the other things that have preceded it,” he said. “Which is how do we leverage technology to be more flexible, how do we free up engineers and developers to innovate quicker and how do we get the traditional shackles of rigid technology unlocked so we don’t have to be nailed down to a specific piece of infrastructure.”
Over the past year-and-a-half, The Weather Company, parent to The Weather Channel, has rebuilt their entire data platform, moving their forecasting over to the cloud, allowing them to ingest data through an extremely rich set of application programming interface (API). In doing this, the organization is able to improve the accuracy of their forecast, collecting data from across the globe and analyzing it at lightning fast speeds – essential when dealing with an unpredictable variable like the weather.
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Tags: Cisco, Fast IT, Internet of Everything, internet of things, InternetofEverything, IoE, IoT, network
The CIO’s Finance Summit and Insurance Summit were recently held in Atlanta, GA and Cisco was a main sponsor at both events. The CIO Finance Summit provided a great opportunity for executives to have in-depth discussions on the best practices and strategies necessary to build customer-centric organizations. The CIO Insurance Summit brought together C-level executives from the property and casualty, life and annuity, and health segments, along with innovative solution providers and analysts from the insurance industry to discuss the critical technology issues affecting insurance organizations.
Major themes discussed at the CIO Finance Summit:
Channel Integration: Bridging the Business – IT Gap: Many banks are now addressing the gaps between business and IT as they move forward with channel integration and an omnichannel strategy. Marvin Cortez, Cisco Banking Practice Advisor discussed the criticality of building an appropriate business with IT roadmap that supported these initiatives and how Cisco is working with retail banks.
Customer Centricity and Interaction – What Will it Look Like in 5 Years? Meaningful client relationships are fundamental to retaining and attracting consumer and commercial customers. Customer preferences and increasing tech sophistication are causing distribution channels to evolve. Al Slamecka, Cisco Banking Practice Advisor, outlined the evolution of customer interaction and addressed the challenges and opportunities banks are now faced with to create the optimal client experience.
Major themes from the CIO Insurance Summit:
As consumers become more educated and savvy about their insurance choices, carriers are addressing the need for greater customer centricity holistically with better insight, optimized processes, and enhanced customer reach through direct and indirect channels.
Bridging the Gap, Today and Tomorrow! This session focused on how business and technology gaps are creating both challenges and opportunities. Cisco’s Rob Cornwell, Insurance Practice Manager, and Don Canning, Financial Services Practice Partner Manager, addressed how insurance industry trends are impacting lines of business and the resulting impact on IT strategy across Data Center, Networking, Collaboration and Security as we move toward the Internet of Everything.
IoE for Insurance Roundtable: In this lively exchange, roundtable participants discussed how the Internet of Everything is affecting the Insurance industry. Cisco’s Insurance Practice Advisor, Jeff Tumpowsky, opened with the observation of how the industry is seeing new data sources and how this data is driving new products, intelligent processes, tailored communications and new insights around risk. He explained where opportunities lie, first mover advantages, and what value is at stake for insurers doing nothing.
These two summits provided an excellent opportunity to exchange ideas, share successes and paint a vision of where the banking and insurance industries are evolving to as they address customer centricity, omnichannel sales and service and creating new business models. If you attended, let us know your feedback from the event in the comments section below. And if you could not make the event, please join the conversation.
Tags: Cisco, customer experience, Financial Services, insurance, Internet of Everything, IoE, retail banking
Change has come slowly to higher education. This is understandable given the relative success that the American university system has had in granting four-year degrees that have helped students garner higher long-term earnings. Regardless, the traditional university system is facing crushing pressure from increasing student loan debt, rising costs, and expectations of hyper-connected students who want to learn anytime, anywhere from any device.
While the MOOC movement raised eyebrows and started people thinking differently about new delivery models, the sort of cataclysmic change some thought would happen with the advent of MOOCs didn’t. Most institutions, while including some form of virtual learning in their course line-ups, have remained doggedly tied to the traditional, in-person lecture-hall format for the majority of their classes. Talk about the need for a major revolution.
We believe that the Internet of Everything (IoE) is the catalyst for a revolution that we necessarily need to see in higher education. In fact, I believe that IoE will take the industry by storm. Successful universities will quickly learn how the IoE can and is helping to create compelling, Connected Learning Experiences for faculty, staff, and students, and then they will begin leveraging this important trend to transform how they’re educating students now and in the future.
IoE is the networked connection of people, process, data, and things and represents the confluence of multiple technology trends: mobility (ubiquitous, high-speed mobile networks, smart devices, and apps); cloud computing, social networks, instant collaboration with anyone, anywhere; data analytics, and finally, an explosion in connected “things,” via inexpensive, intelligent sensors. IoE brings these elements together with standards-based IP networks, and Cisco projects that it will generate a staggering $19T in value over the next ten years. Of this, $258B of the IoE value-at-stake will come from solutions for Connected Learning alone.
The network, which is at the heart of IoE, must be stable, scalable, reliable, and capable of handling the increased rate of traffic from the explosion of mobile devices, the use of video, and the implementation of new applications for communications and collaboration. It must be safe, secure, wired, and wireless, easy to manage and administer, and it must be designed to meet future growth requirements.
A number of universities have embarked on major change initiatives that take advantage of the IoE shift, and they are yielding concrete results: San Jose State University, Duke University, the 4-Virginia Universities, and others. These institutions are providing ubiquitous wi-fi, access to a world of experts, immersive learning environments, collaborative workspaces, blended learning environments, and a sharing of courses, content, professors, and credit. They have acknowledged that change is coming and that new technologies are accelerating change.
We are kicking off Educause today in Orlando, and we will undoubtedly be hearing a lot about IoE this week. Come by and visit the team in our booth at #Edu14, and check out this SlideShare to learn more about how IoE is transforming Higher Education.
Tags: EDU14, education, educause, higher education, InternetofEverything, IoE, IoT, orlando