The Internet of Things (IoT) is a trend that has been around for a few years now and refers to the growing network in which computing devices can communicate with each other over a network. These networks of connected devices have the power to collect vast amounts of data. But what becomes of the vast quantities of valuable data that is gathered?
The Internet of Everything (IoE), is a technology trend that has emerged recently to try and answer this question. It collects and incorporates IoT data, aims to connect isolated, piecemeal information to make all data accessible and understandable.
Features of IoE
IoE is about sharing and connectivity. It is comprised of four key features, namely:
- Connecting people – through a range of connected personal devices from smartphones, tablets, smartwatches, and other wearable devices.
- Connecting things (IoT) – creating networks of connected devices that track and monitor the status or output of various machines or systems.
- Converting and analysing – using the data to make intelligent decisions.
- Processing information – ensuring that the information is delivered to the right person at the right time.
The Impact of IoE on Businesses and Individuals
While IoT enables companies to accurately ascertain where and when it is performing well, the information still often needs a lot of detailed interpretation and analysis. The IoE helps companies make sense of raw data by processing it into useful information that will lead to sensible decisions.
It can also have a huge impact on customer service, targeting, and interaction for businesses. The IoE can collect data from a much wider range of sources than an IoT implementation can. For example in a retail setting, while IoT could potentially track products and in-store conditions, the IoE can draw data from online and mobile channels, social media interactions, product reviews, point of sale metrics, loyalty system data, and more. The level of customer data collection and interpretation that is enabled by IoE means that customers can expect ultra-personal experiences and a greater measure of customisation.
With IoE, every device used is interconnected, making it possible for these devices to learn individuals’ preferences and predict their actions through data provided.
Challenges of IoE
Technological advancements unlocks endless possibilities for businesses, but with it comes numerous challenges as well. The most crucial issue facing IoE is the threat to information security. With the influx of data between devices, there is high probability of data becoming compromised or corrupted.
Other challenges of IoE include:
- Difficulty for businesses to keep up with the pace of technology
- Data passing between devices can be in completely different formats
- The financial burden of rolling out new technologies and training staff
- Possible job losses through process optimisation and automation
Although it is still early days, IoE, like IoT, has enormous potential to transform the way people experience the world and companies interact with its customers.