Internet Of Everything (IoE) has been one of the trendiest topics lately and it is here. But, why should you care? Obviously, because the Internet of Everything is the upcoming most innovative and Ubiquitous technology advancement.
In reality, which is going to make networked connections more relevant and valuable than ever before. For instance, turning information into action that creates new capabilities. As well as, richer experiences and unprecedented economic opportunities for businesses, individuals and countries.
As of now, the internet connection is only restricted to Phones, Tablets, PCs and a handful of other devices. But, the idea behind IoE is that in the future, Machines will become more intelligent and cognitive by having more access to data and expanded network opportunities.
Uniquely, as objects become embedded with sensors and gain the ability to communicate, the new information networks promise to create new business models. In the end, improving business processes, and reducing costs and risks.
What is the Internet of Everything?
Simply put, the Internet of Everything (IoE) is the integration of people, processes, data, and things into networked connections. Internet of Everything is basically the Internet of Things combined with data from humans, business processes, and data structures. Not to mention, IoE is picking up quickly and we can see good potential for future growth and development.
Currently, the Internet of Everything is seen in smart cars, smartwatches, health monitors, fitness trackers, etc. Internet of Everything showcases a huge potential rise in big data and this data if processed correctly can deliver many useful insights for businesses.
Technically, the Internet of Everything refers to billions of devices and consumer products connected to the internet in an intelligent networked environment with expanded digital features. It is basically a philosophy in which our technology future is compromised of different types of appliances, devices, and things connected to the global internet.
In simpler terms, IoE is the intelligent connection of people, process, data, and things that will be transforming our world in such a way that there will be billions of connected devices. Especially, having sensors to detect, measure and access their status.
Is there a Difference between IoE and IoT?
Of course, Yes! And well, the difference is the Intelligent Connection. Whereby, the Internet of Things is mostly about physical devices and objects communicating with each other. While IoE brings with it the network intelligence to bind all these concepts together into a cohesive system.
Then again, IoT has been limited to only machines thus achieving Machine to Machine Communication. But, IoE brings together people, processes, data, and things and adds them to the network. Therefore, not just the Phones, Tablets and PCs but People.
As an example, Health Fitness bands, Coffee Pots, Marine Containers all become a Node in an intelligent network communicating with each other. The more expansive IoE concepts include, Besides M2M Communication, M2P, and Technology-assisted P2P Communication.
4 Constituents of the Internet of Everything
To understand it properly we will need to dive into the core parts of IoE. Whereby, IoE is an umbrella term combining the following 4 properties in one place:
People are humans using connected devices to deliver insights about their personal and professional selves. This data can include interests, preferences, work, personal health, etc.
Connecting this data to enterprise needs can provide insights relating to the needs and desires of prospects for businesses.
The process is the way to ensure the deliverability of the right data at the right time to the right person or machine.
Here data is more about insightful information or action than just random chunk. Figuring out a way to decipher the right flow of information is key to making the best use of big data.
With the increase in sources and types of data, we will also need to classify the information and analyze it to bring useful insights.
Data alone is nothing but once combined with analytics and analysis this new data can help businesses in decision making and managing the organization.
This is where we come across the term Internet of Things(IoT). Internet of things is the interconnectivity of devices that send and receive information across networks like the internet.
With every signal injected into the network, data is generated which needs to be collected, summarized and analyzed efficiently.
What is the Impact of IoE on Businesses?
The Internet of everything is expected to reinvent the business wheel all-together. From processes, models to business moments everything is expected to change with the change in data available for critical decision making.
With the process, we refer to the methodology of performing an activity. For example, manufacturing process, market strategy, etc.
By using Internet of Everything, we can generate insights to guide decision making at every stage of business. For instance, linking employee’s output based on a change in a variable in the work environment.
The way new businesses are emerging is disrupting current business practices. As an example, Nike’s health equipment is changing the way HealthCare operates.
Nike at its core is a fitness and sports brand but with the use of intelligent technologies, it will not only enter but also change the HealthCare industry. Similarly, Google is an IT company but its smart cars will revolutionize the automobile industry.
Business Moment is the need to compete with agility and speed in accordance with the speed of the generation of data. Internet of Everything reflects the of the internet-connected world. With every new initiative, we are adding sensors and data sources to the currently available amount of data.
This will create opportunities to generate insights for businesses at a rapid scale. But with the availability also comes the complexity. Businesses will be competing to leverage this data faster than their competitors leading to agile and fast business decision making.
As we can see the Internet of Everything is a growing phenomenon which will gain more traction with time.
There are a lot of other benefits than the ones mentioned above and these will grow forever. We are just at the tip of the iceberg and we still have a lot to explore in terms of ROI and complexities that will come along the way of using these technologies.
General Electrics predicts that IoE can add 15 trillion dollars to the Global Domestic Product. While Cisco estimates 19 trillion in savings and profits for companies that can leverage IoE.
Eventually, which increases security concerns but as these devices grow more intelligent, hopes are that the device and network will grow knowledgeable enough. In that case, to detect, stop and prevent any harmful threats. IoE is here and is inevitable, we should embrace ourselves to adapt our lives to the changes that it brings with it.
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