How and why businesses need to capitalise on the rise of the Internet of Things
Businesses need to understand the Internet of Things (IoT) and its potential value or risk lagging behind their competitors as the IoT takes off, according to Thinxtra.
Renald Gallis, Director, Thinxtra, said, “The IoT isn’t just hype: IHS forecasts that the market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025. In dollar terms, McKinsey says that could mean an economic impact in the trillions of dollars by 2025. This means businesses need to get on board now to avoid missing out on the potential benefits.”
Thinxtra has identified three steps for businesses looking to leverage IoT for improved competitiveness:
1. Create a C-level IoT strategist
Businesses should either appoint a new C-level position to identify and oversee new digital business opportunities, or they should add these responsibilities to an existing role. A chief IoT officer can develop the business’s strategy for maximising the value of IoT from a sales perspective or as a data analysis opportunity.
The C-level executive will likely require a team with strong knowledge of the digital landscape.
Renald Gallis said, “Executive teams need to know who their new and potential digital competitors are. They will also need to know how they are going to cooperate with others in their industry to anticipate and adapt to digital disruption, as well as knowing the short- and long-term steps the organisation must take to ensure a smooth and timely digital transformation.”
2. Design and execute a plan for investing in IoT technologies and skills
The IoT team needs to create and follow a strategic plan that dictates how the company invests in IoT technologies and skills. The team may need to reallocate resources across the business, invest in data collection and analysis, and identify the talent and skills gaps that must be filled to fully leverage IoT opportunities.
Renald Gallis said, “Increasing investment in people and the new skills required today should be the first order of business for all organisations. Furthermore, organisations need to understand the potential for the IoT so they can direct resources appropriately for the longer term.”
3. Expand user experience expertise and capabilities
Organisations need to integrate and/or expand their user experience expertise and capabilities to exploit the move to an IoT-enabled infrastructure.
Renald Gallis said, “Organisations can start by trialling and exploring diverse, small-scale solutions to see what provides the most business insight and value, only collecting and analysing the most relevant data. Choosing the right data, generated by the right sensors, will give organisations the best chance of successfully leveraging the IoT for significant business improvement.”
EDGEMATRIX and NTT DOCOMO deliver AI at the edge
Leading Japanese telecommunications firm NTT DOCOMO, together with startup EDGEMATRIX, is harnessing the power of 5G to support artificial intelligence-enabled video, real-time analytics and, ultimately, the next step in the evolution of the modern smart city.
Founded under the roof of Silicon Valley tech firm Cloudian, EDGEMATRIX has grown into a cutting edge startup based in Japan. NTT DOCOMO has been a shareholder in the company since 2019, having spent the past two years jointly developing and commercialising EDGEMATRIX's revolutionary edge-AI platform using high-speed, high-capacity, low-latency 5G technology. NTT DOCOMO, together with EDGEMATRIX, launched a world-first edge AI platform for intelligent video analytics, enabling high resolution, high security, and real-time video using AI.
Courtesy of EDGEMATRIX
The platform simplifies, manages and oversees the implementation and integration of AI at the edge, which captures, analyses and stores video close to where it is captured in industrial and retail settings, "on location at factories, buildings and other outdoor and indoor locations." The solution is also used in social infrastructure such as roads, railroads, and long-term care facilities for safety monitoring and anomaly detection.
Using Edge AI Box, a compact indoor and outdoor device equipped with a GPU for deep learning-based AI and a communication module (WiFi/LTE/5G) together with various interfaces such as camera connection, it becomes possible to process video streaming from surveillance cameras on-site (at the edge) and in real-time. EDGEMATRIX's Edge AI Boxes can be installed across a site and then monitored using the company's platform. The platform maps the locations of multiple Edge AI Box devices installed on site, monitors their operational status and enables the devices to be controlled remotely.
EDGEMATRIX's customers can use the platform to pruchase additional AI applications from a rapidly-expanding ecosystem which allow them to implement the right solution for the right situation. This simplifies the implementation and upgrade of edge AI for processing and storing video data captured with video cameras at customer premises either outdoor or indoor. Using "Edge View" feature, it is also possible to simultaneously display on the browser a large number of AI-processed real-time videos from the field.
Partnerships like this are key to NTT DOCOMO’s efforts to integrate 5G technologies into the modern enterprise.
Zaif Siddiqi, Executive Director and Global Head of NTT DOCOMO’s 5G & IoT Business Department, comments: “When you're approaching digital transformation, there's more to it than just leveraging cutting edge technologies into new customer experiences.” Unless the needs of the customer, and the underlying market forces at play, can be truly understood, “5G doesn’t mean anything,” he explains, adding that in order to find the right contexts for deployment, “Selection of the right partners is extremely important to delivering on the potential value of 5G.”