President of BrightTree Studios, Bill McIntosh, has recently completed the MIT Sloan School of Management’s “Internet of Things: Business Implications and Opportunities” course. Well done, Bill!

But what is ‘Internet of Things’?

‘Internet of Things’, or ‘IoT’ for abbreviation, is the term to describe the all-encompassing power of web-enabled devices and their abilities to work together as a whole. It’s an abstract concept with some real futuristic results.
In fact, IoT is already being used by cities to monitor parking spaces, traffic, and air and water quality. For example, the city of Los Angeles synchronized all 4, 500 traffic lights to fight gridlock. Although these are small-scale examples, they are only the beginning potential IoT can have on cities. One can only imagine the capabilities.

What does this mean for business?

  • Improved tracking and management of inventory
  • New possibilities for remote work
  • Length of buying cycles decreased
  • Large-scale tasks can be accomplished faster and more efficiently
  • New consumer concerns. “Smart” will be the new requirement for objects, not just gadgets and appliances

IoT is already shaping the future of business. As a self-sufficient powerhouse of data, IoT can collect and provide better information of consumers for businesses, in turn, giving consumers more of what they want. And consumers are already demanding IoT from their devices. Recommendations and customizations according to the consumers preferences has already become the new norm for smart devices.

If you are still unsure about the potential power of the ‘Internet of Things’, let us remember Clifford Stoll in 1995 who claimed the internet would never catch on…”The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works.” Mr. Stoll has since retracted this statement.