DIGITAL IDENTITY SOLUTIONS FOR THE INTERNET OF THINGS
R&C: Where do you see the greatest potential for the Internet of Things (IoT) to create real business value?
Ferguson: An IoT ‘thing’ is a device that includes three elements: sensing, processing and connectivity. This is, in turn, connected to a service, be that on-premise or hosted in the cloud. Today, many of the IoT deployments are primarily focused on driving cost savings for a specific function, such as lighting or early warning of a machine needing servicing, for example. I believe that the real value is going to come from systems that connect more systems together to create a richer set of data from which to make better decisions, use data to make informed predictions such as through AI, and create new revenue-generating services.
Jefferies: I think that the IoT can create real value in two distinct ways. First, it can improve the efficiency of existing operations. The strongest ROI in early business IoT use cases are from the significant cost savings realised through IoT-driven predictive maintenance and subsequent reduced energy consumption. Second, the IoT will provide more profound business value when businesses use it to reinvent existing processes or deliver new, high-value services such as shared vehicles and personalised hotel rooms.
Apr-Jun 2018 Issue