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February 15, 2023
Businesses should bypass conducting proof of concepts for Internet of Things developments, according to a keynote presentation at IoT Evolution Expo today.
“Never do a proof of concept,” said Chase Hawkins, strategic engagements, Azure IoT Engineering at Microsoft. “Go to proof of value. We know the technology works.”
Most of the focus in the presentation, “IoT as Gateway to Digital Transformation: Leveraging Innovation to Drive Business Change,” was on business rather than technology.
“The Internet of Things is about competitive advantage and revenue,” said Hawkins. “By 2025, $11 trillion of economic value will come from IoT.”
Hawkins said companies typically go through three primary stages of IoT:
Connect and monitor. This is where smart devices get connected and signals from devices start to arrive.
Analyze and improve. When businesses optimize their usage of connected assets and information collected.
Transform and expand. This is the stage of growth when new business opportunities are developed.
However, businesses face numerous challenges in IoT implementations.
“There are organization challenges, investment challenges and technology challenges and 100% don’t have a comprehensive plan,” Hawkins said. “There are challenges in scaling, lack of expertise and infrastructure and no end-to-end plans for adoption and security concerns.
“There’s a gap between operational technology and information technology. Information technology stakeholders and operational stakeholders have operated separately.”
Hawkins suggested that the Internet of Things can mean artificial intelligence, edge, 5G, digital twins or metaverse.
He also touched on the impacts of artificial intelligence (AI). “AI should really stand for algorithm intelligence.”
Hawkins said that for IoT projects, companies need to focus on business outcomes.
“IoT empowers digital transformation across industries.”
Read more about:IoT Evolution Expo 2023
Editorial Director AI & IoT
Chuck Martin, a New York Times Business Bestselling author, futurist and columnist, is Editorial Director at Informa Tech, home of AI Business, IoT World Today and Enter Quantum. Martin has been a leader in emerging digital technologies for more than two decades. He is considered one of the foremost emerging technology experts in the world and his latest book is titled "Flying Vehicles" (The Emergence of Personal Air Travel, Flying Cars, and Air Taxis). He also is the author of "Digital Transformation 3.0" (The New Business-to-Consumer Connections of The Internet of Things). He hosts a worldwide podcast titled “The Voices of the Internet of Things with Chuck Martin,” where he converses with top executives from the companies driving the adoption of emerging technology.
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