| |March 20198CIOReviewINTERNET OF THINGS: CREATING EFFICIENCIES ACROSS INDUSTRIESBy Sudhir Puthran, VP - Services, Schneider Electric- India oT is about digitisation of assets in a manner in which they can then communicate with each other like one would in the online digital space of information. This allows for a huge generation of data and also the possibility of leveraging this data to make life easier and more connected. The Institute of Electrical and Electronics Engineers (IEEE) took on the task of reviewing definitions created by various organisations and individuals and created a definition of IoT. "An IoT is a network that connects uniquely identifiable `Things' to the Internet. The `Things' have sensing/actuation and potential programming capabilities. Through the exploitation of unique identification and sensing, information about the `Thing' can be collected and the state of the `Thing' can be changed from anywhere, anytime, by anything."The fourth Industrial revolution (Industry 4.0) is upon us; the figure below illustrates the progression of this revolution. This development is being led by the Internet of Things (IoT) which is leveraging the internet and computing infrastructure to connect machines, appliances and people.Technology transformations involving large scale deployment of IoT can translate into business opportunities. Some of the trends which may emerge would be:1. Higher operational efficiencies2. New connected ecosystems around software platforms3. Greater collaboration between humans and machines4. Shift from selling products and services to selling measurable outcomesIndustry stalwarts have a very optimistic view of the IOT opportunity and some estimates suggest that around 50 billion assets will be connected to the internet by 2020 and the investment would top 60 trillion dollars during next 15 years. Sensors, control systems, feedback loops, internet, AI and other components have been around for a long time but IoT has only gained currency in the recent past. Some of the drivers of this growth include the following:1. Availability of inexpensive and high-power chips driven due to the high volumes in the cell phone industry. A wide variety of sensors like accelerometers, cameras, temperature are now available at sharply lower price points2. Standardization of the protocols like TCP/IP and of addressability of large number of devices using IPv6 3. Standardization and maturity of software technologies including artificial intelligence, cloud computing and cyber security. Rapid IN MY OPINIONI
< Page 7 | Page 9 >