The Halo Effect of IoT on Big Data
Joey Jablonski
IoT has emerged as a revolutionary method to create new markets and capabilities through connectivity .
IoT projects often seek to satisfy one of two financial goals : increase revenue or lower operational costs . Generally , IoT projects are often justified to leadership and investors based on their potential to add new products , features and sources of revenue . Though , these revenue increasing opportunities are often the most obvious means to justify IoT projects , do not discount the huge cost savings and efficiency increases that are also possible .
The Halo Effect
While these two primary dimensions often kick start new IoT projects , there is huge potential as projects mature and more data is collected with the capability to be shared , integrated and further sold for additional opportunities . In a world where the lines of competition and partnering are blurred , IoT opens up entirely new areas for companies to collaborate and create innovative new products that individually they could not . This is the halo effect of IoT .
Monetizing Your Data
The IoT ecosystem is a complex integration of different technology providers across different markets . Value is derived from the specialized vendors that work across layers from single to integrated data sets shown in Figure 1 .
The real value in IoT is the ability to monetize opportunities outside your immediate ecosystem and customer base . Data has become a commodity and the ability to gather and analyze this commodity is becoming more mainstream . IoT vendors are pushing towards new and innovative areas , expanding revenue streams and providing new capabilities for current customers while targeting new types of customers . In just one example , IoT presents unique opportunities to expose real time data to stock markets and other financial instruments to enable a much faster response to market conditions .
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