DMA 740 Final Project Sec 1 Sking


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DMA 740 Final Project Sec 1 Sking

  1. 1. The Internet of Things Trend The ‘Internet of Things’ Trend -- Challenges and Opportunities for Digital Analytics Final Project Section 1: Creating the Digital Industrial Economy Steve King DMA-704: Digital Marketing Analytics Professor Eric Brey February 1, 2014 King 1
  2. 2. The Internet of Things Trend Cumulative Midterm Assignment – Final Project Section 1 The ‘Internet of Things’ Trend – Creating the Digital Industrial Economy Kevin Ashton, a British technology pioneer and entrepreneur, is widely credited with coining the phrase, “the Internet of Things” (IoT). While he first introduced the term in 1999 while at Proctor & Gamble, it didn’t take off until he used it in a 2009 article in RFID Journal (Ashton, 2009). Today the Internet of Things is commonly used to describe a trend in which Internet-connected devices can sense aspects of the real world like temperature, lighting, and the presence or absence of people or objects then report and act on that real-world data. In this environment more and more information is produced and consumed by machines, communicating between themselves with the ultimate objective to improve the quality of our lives (Duncan, 2014). A classic example of the IoT is a smart refrigerator that can read RFID tags on grocery items as they’re put inside. The refrigerator tracks usage and sends alerts when a particular item is running low. The refrigerator could then place a grocery order automatically over the Internet. The global consulting firm Accenture recently released a report identifying six technology trends that are driving big shifts in large enterprises. It describes a phenomenon of the IoT as the “Digital-Physical Blur.” Accenture cites how this trend is causing the real world to come online in the form of wearable devices, smart objects, and machines that provide realtime intelligence, changing how consumers live and how businesses operate. For consumers, this provides new levels of empowerment; and for organizations, getting real-time, relevant data means both machines and employees can act and react faster and more intelligently in virtually any situation (Accenture, 2014). The IoT trend is already having a significant impact on consumers and businesses. IT analyst firm Gartner says the IoT is driving the beginning of a new era. It predicts that the impact of connected smart devices will add $1.9 trillion to the global economy while disrupting every aspect of business, starting in 2014 (Fogarty, 2013). King 2
  3. 3. The Internet of Things Trend References Accenture. (2014, January 27). Accenture Technology Vision 2014. Retrieved from Accenture: Ashton, K. (2009, June 22). That 'Internet of Things' Thing. Retrieved from RFID Journal: Duncan, G. (2014, January 24). You can't avoid the 'Internet of Things' Hype so you might as well understand it. Retrieved from Digital Trends: Fogarty, K. (2013, October 7). Gartner calls Internet of Things a $3.8 Trillion New Era. Retrieved from Slashdot: King 3