Data, Data Everywhere
The data-powered IoT market in 2020 is estimated at anywhere in the $300 billion (Gartner) to $7.1 trillion (IDC) range with a substantial rise in the storage and analysis of data held in Big Data silos to exceed 40 zetabytes by 2020 (GP Bullhound). In reality the market is an order of magnitude greater as these estimates do not include derived things. Connecting what we encounter daily further multiplies this figure many fold, before even greater scaling driven by derived data addressing business, government and societal needs.
Because no business is an island the narrative needs shifting from big data storage, and associated communication networks, to collaborative use and reuse of information internally and externally. The ability to share and interrelate data and things is at the heart of the Internet of Things. When things connect to share data and silos are opened, we can create communities of unrelated things that can interact. Generate solutions and products with automated genres of service, operations and logistics. Disrupt business models and transform consumer expectations.
When can we start?
We don’t need to agree to one platform in order to progress. We don’t need to wait for 5G, bigger databases, new sensors, or better analytical techniques. The traditional structured inter-relationships between citizens, SMEs, enterprises, infrastructures, utilities, healthcare, transportation, cities, regions and governments are increasingly at risk of becoming redundant, we need to act.
There is no tipping point. We can today improve efficiency, effectiveness, and quality of life through greater collaboration, sharing, and innovation.
What are the emergent trends in data sharing?
The data and information that we need already exists, with more being created all the time. That information has a value currently, but increasingly we will see value creation through its reuse and recycling. A simple example is a temperature gauge. The data from your temperature gauge is only of value to you when you look at it, but what if that information, and its accuracy was continuously available and shared. How could servicing, repairs, and reliability be improved?
Upcycling in the IoT is an additive process. Combining things in previously unimagined ways will generate benefits for the data owners, end users, and the innovators who create the transformative relationships.
Interactions not interfaces
As the number of connect things, their data – direct and derived - rapidly outstrips the global population it is clear that interactions between things can not rely on individuals and interfaces.
Programmatic creation of relationships between data, things, systems learning, artificial intelligence, inspired industrial design and a host of additional tools, will be needed to bring us closer to David Rose’s vision of “technology that atomizes, combining itself with the objects that make up the very fabric of daily living.”
Communities not consumers
As enterprises realise that the value of data comes not from hoarding, but from sharing, we will see this reflected in innovative services. Users will enhance their experience by sharing information with self-selected communities - just like the internet. Allowing data- and information-rich communities to self organise and propagate.
Flexibility and expandability will become a core feature of successful technology. Expectations are changing, solutions will fail where overly proscriptive uses and interactions prevent users from curating their own experiences and sharing that curation with others, who can, in turn, expand, modify, combine and personalise their experience.
Data sharing enables collaborative, creative communities of individuals and organisations to not do things differently but do different things. We have the technology now to break down our data silos and work together to develop new business and creative models, service lines, delivery methodologies, and transform our experiences. Why not make yours an enchanted life?
NOTE: A VERSION OF THIS BLOG WAS ORIGINAL PUBLISHED ON TECHUK'S WEBSITE (www.techuk.org) AS PART OF DATA DRIVEN ECONOMY WEEK.