Hosted in the heart of North Carolina on June 21-22, IoT Slam 2019 was in its fourth year and climbed the ranks to become the premier global IoT event and hub of digital innovation. As a member of The Internet of Things Community, the world’s largest and longest standing CxO consortium of senior business leaders and IoT practitioners, and a Silver Partner of the IoT Slam conference, Intellias is there to capture all the insights firsthand. Ihor Starepravo, VP Delivery at Intellias and one of the conference speakers, discloses the latest trends in the rapidly changing IoT ecosystem and shares the hottest topics from the event.
Will AI rule IoT?
In a world that has more connected devices than humans, the potential of the Internet of Things is beyond question. However, with the number of IoT applications growing exponentially, businesses understand that data without analytics is value not realized. Therefore, Artificial Intelligence, as an emerging trend, has been mentioned throughout the entire conference.
AI proliferation seems to give another kick to IoT technology.
Dr Kristof Kloeckner, Technology Luminary, and Retired IBM Fellow and CTO, in his speech, focused on the application of AI to IT Services, specifically for incident management automation, risk analysis and self-service support. Dr Kloeckner assumes that solutions powered by AI components are a much better fit for real-world applications, as compared to fully automated systems.
Making sense of IoT data
Another top issue at the conference was the monetization strategy for digital transformation projects, as the Internet of Things is not about merely putting sensors on every piece of equipment, it is pretty much about the money.
The main challenge of IoT is that data hasn’t been effectively used for most business applications.
Many consider the Internet of Things to be the magic pill that delivers sophisticated analytics, but the majority of projects are limited to the bare collection of sensory data.
It means that companies need to proactively look at the data streams that are generated from their connected assets, as well as evaluate how these inputs can boost their own and their customers’ businesses. And the quicker enterprises start analyzing their data, the more value they can derive.
Fostering innovation with digital twin technology
The idea of the digital twin is nothing new. Virtual prototyping has been implemented in R&D for years. However, in combination with the Internet of Things, digital twins can be applied in previously unimagined ways, enabling companies to determine how their products are being used and how they can be improved.
The concept of digital twin is one of the safest ways to gain access to simulated data sets suitable for designing and diagnosing apps.
Apart from technological benefits that digital replication provides, its economic value can’t also be underestimated. Virtual prototyping helps industrial companies significantly reduce asset downtime and lower overall maintenance costs. Therefore, Gartner predicts that by 2021, half of the large industrial players will use digital twin technology, resulting in those organizations gaining a 10% improvement in effectiveness.
Security on the edge
As the Internet of Things is a vast network of connected devices capable of interacting and exchanging data, organizations place a high-priority on hardening their security profiles. The majority of IoT devices available on the market are vulnerable to attack and relatively easy to hack because most of them are not secure by design.
Security of IoT devices will be the most important aspect while designing and deploying every IoT solution.
For this reason, companies are communicating their safety concerns to IoT device manufacturers, announcing that built-in security will play a major role in their future purchasing decisions. This, in turn, evokes one more question: should the governments regulate IoT? In fact, the process has already started – over 350 standardization bodies are working in the space of IoT standardization across industries, geographies and applications.
Chris O’Connor also assumes that organizations can achieve better security compliance can by introducing the edge computing devices that diminish the role of physical security. It is crucial to keep in mind, though, that edge computing will be deployed in places other than data centres and, therefore, will require different security approaches, such as advanced data encryption and access authentication.
Platforms for “everything”: fact or fiction?
When it comes to IoT software, the market is overwhelmed with ready-to-use platforms like Amazon Web Services (AWS), ThingWorx, Microsoft Azure, or IBM Watson, claiming to provide a universal toolset for all possible IoT use cases. Still, a successful IoT project starts with a deep understanding of the equipment to be connected and monitored. In practice, any technician will confirm that it takes years of field experience to understand how assets operate and crash in different environments. So the logical question that arises is whether these one-size-fits-all solutions are suitable for any deployment scenario?
In theory, there is no difference between theory and practice; in practice, there always is.
Many business executives lament the failure of their Internet of Things initiatives, mostly because their initial expectations have not been fulfilled. As one of the conference speakers, Ihor Starepravo took a deep dive into this topic and rocked the stage with his talk on how to avoid hidden traps and pitfalls when launching an IoT project.
Ihor shared a practical approach to applying IoT solutions from the development process to business analysis standpoints aimed at helping organizations set objectives that pursue a clear return on investment.
The Internet of Things is not merely a trend, but a significant driver of revenue growth for organizations of all shapes and sizes. And while previously businesses were mostly concerned with how to get data from their devices, 2019 and beyond is high time for them to turn their data into profit by leveraging best industry practices and implementing novel strategies to keep up with ever-changing market needs.
Don’t hesitate to contact us to discuss the conference with Ihor Starepravo and grab even more ideas for your business. Also, as Top Custom Software Development Company, Intellias will easily match your current needs with actionable solutions on market.