RESEARCH TRIANGLE PARK – At the second day of IoT Slam, held at the Research Triangle Park headquarters on Friday, industry leaders gathered to discuss how the Internet of Things, data analytics and artificial intelligence are changing business.
According to Vincent Mihalik, director industrial IoT strategy, Jacobs Engineering, businesses want to leverage the data generated by IoT.
SAS’ Jason Mann and Jacobs Engineering’s Vincent Milhalik discuss the importance of IoT to business operations. (WRAL TechWire photo)
“Customers ask us, ‘How do we grab artificial intelligence and machine learning and get the predictive analytics?’” he said.
According to Milhalik and Jason Mann, vice president of IoT at SAS, one of the most important things a company can do as it faces the challenges and opportunities IoT offers is to create a strategy roadmap.
Many companies are doing this.
Morning panelists at the event cited a growing number of industries and case studies related to the use of IoT to improve business processes.
Take seaports, for example.
According to Milhalik, ports such as the Panama Canal are struggling with outdated infrastructure that has not prepared the port for growth. This is where IoT comes in.
The port is combining video analytics, radio frequency identification (RFID) and sensors to determine not only the location of the containers but also their content. This information allows the port to monetize the value of its operations.
Leveraging IoT and data will be critical to market success for today’s industry leaders.
“Four out of 10 market leaders will be displaced in the next three by digital disruption,” said Milhalik. “This is nothing new. To be successful in IoT companies will have to be able to connect devices and protect data.”
Developing an IoT ecosystem
Companies also are creating ecosystems built around IoT.
What exactly is that?
IoT ecosystems are deliberate combinations of technologies and companies in order to generate valuable outcomes in support of customers.
“Reaching the market with the correct offering, at the correct price, in the correct medium will be where these ecosystems compete in the market,” said Milhalik,
The four elements of a successful IoT ecosystem are:
- Well-architectured systems
- Reduce risk through specialization
- Speed time to market
- Market-ready, enterprise scale offering
More coverage: Internet of Things thought leaders talk data, artificial intelligence at IoT Slam Live
