We have all heard a lot about Internet of Things (IoT) over the past year, how the data it provides offers deeper insight into business operations, and how IoT helps us know relevant things about our customers beyond our direct contacts with them. Recent announcements from last month’s SAPPHIRE NOW conference underscore the point I have been making recently at many events – that IoT has reached a level of maturity that makes it extremely valuable across all industries. What do I mean by that?
As I explained in my March SAP TechEd Strategy Talk, regardless of your industry, there are stages of development that happen in most projects to get the most business value out of IoT. They include:
- Data Capture and Analysis. This is the ability to take real-time data that is both structured and unstructured, customer data, sensor data, data from many different sources, and make it meaningful and reportable through analytics. Data transparency is the first step in harnessing IoT.
- Alert and Response. With the results of data analysis, it becomes possible to build alerts that become the basis for a reaction, whether that’s a process control or a business response.
- Self-Learning and Predictive Capabilities. The next step for systems that respond to data inputs is to learn over time based on historical data. With historical data, it becomes possible to develop predictive capabilities that anticipate events before they happen. As systems make more predictions and accumulate more data, the predictions become more accurate over time.
- New Business Models. Systems are designed to change and adjust based on what data inputs tell them. This enables new kinds of service and completely new business models.
What is really important to recognize is that the entire stack of technology needed to support these phases exists now. From the SAP HANA Cloud platform to a complete portfolio of IoT enabled applications, to apps that simplify customization of the app environment, such as SAP Fiori Launchpad, the stack is complete.
That is why the time for IoT has never been better than now. To find out more about how you can leverage IoT in your applications, you can go to Internet of Things Solutions on SAP.com
Watch the Strategy Talk from SAP TechEd at Bangalore: