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One of the technologies which has a lot of potential and challenges is Internet of Things.
There are other related terms like IIoT (Industrial Internet of Things), and IoE (Internet of Everything).
As we move at a faster rate towards the future and technologies transform businesses worldwide, the need for professionals that understand IoT, IioT, and IoE is rising.
What is IoE?
We have all heard of Internet of Things but not everybody knows what Internet of Everything means. Below is a good definition of IoE.
The Internet of Everything (IoE) “is bringing together people, process, data, and things to make networked connections more relevant and valuable than ever before-turning information into actions that create new capabilities, richer experiences, and unprecedented economic opportunity for businesses, individuals, and countries.”, (Cisco, 2013).
Just the definition shows us the potential of IoE and why we should all dedicate time to learn more about it and start thinking on how we can implement it in our businesses. In today’s world it is also important to offer customers rich experiences and technologies that are
The company OpenMind BBVA further explains IoE as follows:
The Internet of Everything (IoE) describes a world where billions of objects have sensors to detect measure and assess their status; all connected over public or private networks using standard and proprietary protocols.
Pillars of The Internet of Everything (IoE)
- People: Connecting people in more relevant, valuable ways.
- Data: Converting data into intelligence to make better decisions.
- Process: Delivering the right information to the right person (or machine) at the right time.
- Things: Physical devices and objects connected to the Internet and each other for
intelligent decision making; often called Internet of Things (IoT).”
What does this all mean for us?
It means that our lives will have major changes and for the better since we will have less vehicle accidents on the road since cars will communicate with each other, we will communicate with the devices in our smart homes and be able to order things before they run
out, and also to plan ahead our daily lives in a faster and more organized way.
Differences between IoT and IoE – Internet of Everything
OpenMind BBVA further differentiates IoT and IoE as follows:
The Internet of Everything (IoE) with four pillars: people, process, data, and things builds on top of The Internet of Things (IoT) with one pillar: things. In addition, IoE further advances the power of the Internet to improve business and industry outcomes, and ultimately make
people’s lives better by adding to the progress of IoT. (Dave Evans, Chief Futurist Cisco Consulting Services).
So Internet of Everything is more powerful and further improves the Internet of Things. It’s definitely time to start focusing on how we can take advantage of this potential and make international guidelines so as we can make everything work as seamless as possible.
Different Levels of IoE
The company also states that the IoE will re-invent industries at three levels and we are already noticing that the business models that we have today need to be changed since everything is changing.
The Internet of Everything will re-invent industries at three levels: business process, business model, and business moment.
At the first level, digital technology is improving our products, services and processes, our customer and constituent experiences, and the way we work in our organizations and within our partnerships,” said Hung Le Hong, research vice president and Gartner Fellow.
As companies digitalize products and process, completely new ways of doing business in industries emerge. Gartner analysts expect more transformational changes as digitalization re-invents industries at the business model level. Mr. Le Hong gave the examples of Nike, playing on the edge of the healthcare industry with its connected sporting clothes and gear, and Google having a visible presence in autonomous vehicles. “These organizations had no business in your industry, and are now re-inventing them,” said Mr. Le Hong.
The third level of digital re-invention is created by the need to compete with unprecedented business velocity and agility. Gartner calls this the “business moment.
One important factor to take into consideration for the growth and potential of IoE is the billions of new users who will be coming online soon. This could be a reason for companies to move even faster in order to provide rich experiences and become a big player in the global
Challenges of IoE
The author that wrote the article on the company’s website, also states the challenges of IoE:
But as devices get more connected and collect more data, privacy and security concerns will increase too. How companies decide to balance customer privacy with this wealth of IoE data will be critical.
Space IoT is a good business opportunity as we read in the article “Space IoT Takes Off” from 2019. So already in 2019 companies understood the great potential of IoT in Space.
Space IoT is now considered as a “blue ocean” market opportunity by investors and the space industry alike. SAT4M2M intends to serve 1 million units, and the company has received support from ESA and NASA. Although the project won’t end until January 2019, Moretto emphasizes how “the first results have already confirmed our early expectations and even surpassed them.” Whilst a launch date has yet to be announced by Airbus and Space X, he says that his company’s focus is on delivering good preliminary services as soon as possible in partnership with FUJITSU Electronics.
The Future of IoE and IoT
To understand the future of IoE and IoT read the article “The Top 30 Internet of Things Experts” published on Inc.com.
Some of the voices are: David Rose, Guy Kawasaki, Chris Pirillo, Jason Silva, and Kevin Kelly.
The article says:
The book ‘Enchanted Objects’ by David Rose does a great job at explaining how the internet of things is actually going to change the human
experience of daily life. Smart sensors and applications will re-enchant the world and create a kind of magical experience when we interface with our objects.
Written by Veronica Chiaravalli