The term Internet of Everything (IoE) trended last year. IoE is a term that brought confusion to us, because of the other similar term the Internet of Things (IoT). To make it clear to everyone, let’s start with their definitions, use and the future of these concepts.
What is the internet of Everything (IoE)?
IoE is a smart connection of data, people, things and processes. The internet of Everything is the world full of sensors that can assess the status on their own and detect measurements. These sensors are connected through private and public networks that are using proprietary and standard protocols. Let’s dissect every component of IoE and see how significant is the role of its pillars to the concept.
Data – The collected data are converted into intelligence, to assess different options crucial for making better decisions.
People – Will be able to connect with other people based on their interest.
Things – These are the objects or gizmos that are connected to each other and the internet, to help us come up with intelligent decisions. This is often called the Internet of Things (IoT).
Process – The process or flow of information are delivered to the receiver at the right time.
What is the internet of Things (IoT)?
These are objects that are connected to a network and they can be accessed through the internet. The objects use an embedded technology so they can interact internally or externally, without human intervention. Meaning, these objects are capable of sensing and communicating with other devices, so they can assess the decisions that will be made based on the transmitted data of the other objects. One good example is the Nest thermostats.
The difference between the Internet of Things and the Internet of Everything is that the last one allows for users to initiate communications and interact with all networked machines.
What awaits us in the future?
The Internet of Everything will impose an industrialized revolution that will reinvent the industry. The changes will focus on business process, business model and business moment. The peak ascent of digital technology will improve the services that are provided to us. It will also provide better and safe products for consumers and will improve business processes for efficient operations.
“We do what we normally do, but digitalization allows us to do it better or develop better products within our industry.” – Hung Le Hong, vice president of research, Gartner Fellow.
As the companies switch to digitized solutions, new opportunities will immerse for different industries. For example, Google is a techno giant company and all of its investments and assets are making a huge contribution in the field of information technology. To achieve the business model level, Google is increasing their presence in the industry of autonomous vehicles. They are re-inventing their strategy for business, thus creating new frontiers. As you can see, this organization doesn’t specialize in making autonomous vehicles, but they engage and open up new opportunities.
The Internet of Everything will create billions of objects and sensors, which will all generate data in real-time. The data produced will be a source of income. Many businesses will need those data and huge data storage for their businesses, so they can use it for marketing, data collection and analysis. IoE will need to have the capacity to decide for itself, because IT leaders don’t have time to scan all of those data to come up with a decision. IoE will provide the processing power of creating decisions.
Now that digital is embedded in everything we do, every business needs its own flavor of digital strategy. Vanilla is off the menu.” – Dave Aron, Gartner Fellow Analyst. Going digital is not an add-on or an option, it is a new reality that needs full digital headship.
We can safely state that various enterprises benefit from the use of IoE technology. They are now able to sell their products on various markets, making them accessible to everyone. We can now access the products or services that we need, anytime, from healthcare and wellness to transportation, electrical devices and many other things.
The collection of data from different devices that are connected together is evident. This is where privacy and security concerns kick in. Balancing between the company’s interest and the customer’s privacy is a critical factor for companies that have a huge pool of data.