The value of the IoT is not technology. The real value lies in the creation of new value propositions and potential revenue streams. The key is taking this technology and using it to move toward new business models and services that will help realize them. According to leading analysts and thought leaders, the growth potential is significant.
Businesses outside of your industry may know something you don’t. For example, highly powerful tools developed for clickstream analysis, fraud detection, cyber security, and genome sequencing are now coming to process industries. Don’t snub other industries, thinking that you are different from them. They may have a few tricks in their pocket that you need.
IT and OT are converging – deal with it. Data engineering can take significant time and resources. However, it shouldn’t stop you from moving forward with IoT initiatives. Instrumentation and controls engineers from the world of operational technology (OT) have to bridge the gap between the analytics and IT communities.
