Still grappling to get to grips with concepts like adaptive, agile, complexity and big data as challenges in the workplace, industries have to brace themselves for the next tsunami of change: the Internet of Everything (IoE). As companies are relooking at their strategies in the coming New Year, be aware of the disruption already under way. Very few industries, if any, will be left unchanged by IoE. The staggering predictions on the impact of IoE from the major industry players and research houses are generally difficult to grasp, says Marieta Goetz, Business Analyst and Researcher at ConVista Consulting.
Network giant, Cisco, predicts that IoE will create business opportunities of up to $14.4 trillion in private sector economic "value at stake" over the next 10 years. It is predicted that entire sectors in the economy will be re-engineered, resulting in new opportunities for visionary institutions, entrepreneurs and inventors, and the creative destruction of those that do not adapt their business models and value chains accordingly. The extreme complexity challenges of systemic innovation will require enormous cognitive efforts as people have to leave the comfort zones of their domain knowledge and industry silos. Companies and specialists will no longer work within the parameters of a brief. Instead, they will have to engage in continuous collective sense-making across various industries while working towards an emergent set of user requirements.
The Internet of Everything has been defined by Gartner as one of the top 10 Strategic Technologies of 2014. However, because of the systemic nature of the convergence of the physical world and cyber technologies, IoE should be seen as more than a technology. It is built on the intelligent connections among people, processes, data and things. It is not about these four dimensions in isolation, because it is at the intersection of all of these elements that the true power of IoE is realised. It has already quietly started reshaping the way we interact with our world, as Internet-enabled devices can sense their environment and communicate with each other and us, delivering the right information, to the right person, at the right time, in the appropriate way.