The Internet of everything, the new economic wave

In a few years you car, lights, heating system, shoes, clothes, fridge, oven and other appliances and electronic devices might be all connected to the internet. In the near future what will redefine our lives is the analysis and interpretation of data by individuals, companies and other institutions.

This is not sci-fi anymore; many things are already connected to the internet. For instance, automobile manufacturers are offering vehicles with built-in Wi-Fi hotspots, allowing passenger to check emails, play games, stream music and video and determine better routes with the navigation technology. Sensors can alert your insurance company, authorities and medical assistance when you’ve been hit; the GPS tracking can pinpoint the location and remotely block the ignition in case of theft. There are other advantages in the horizon like updating the car’s software and reprogramming it remotely in an event of a recall.

This major revolution in communications and technologies will provide many opportunities. During the 8th Edition of the Toronto Global Forum, a group of experts discussed the changes in our world and the impact that this will have in our daily lives.

Expanding capabilities

While computers drive efficiencies in how work is done, Internet helps extend the business processes beyond the companies’ walls, such is the case of social media platforms where they can interact and learn what customers are thinking about their products in real time.

Smart phones are computers in every person’s hands; the internet of everything is the transition to computers everywhere, explained Stephen Hoover, Chief Executive Officer of Palo Alto Research Centre (PARC). Low cost sensors embedded in the products will allow companies to optimize the user’s experience, offer more personalized services, make adjustments in the design, the delivery, etc.

Data banks like Google are extending the human’s memory capacity. Is not that computers will be in our bodies, “the Internet of everything is extending our bodies; we will be able to sense in real time what is happening in the world around us. That’s the change that is occurring”, said Hoover.

Global Brain

According to Marco Annunziata, Chief Economist and Executive Director of Global Markets Insights of GE, cost reductions in electronic sensors, computers, internet services, storage (clouds) and data restoring are helping to shape the new production processes. We’ll start seeing more intelligence embodied in industrial machines, which will communicate and offer more information, allowing users to predict technical problems, reduce time and expenses.

For Annunziata the Internet of everything will also increase the brain power. More and more we see humans digitally linked across the globe. Collaborative platforms are and will continue to help companies solve problems with the aid of experts from all over the world.

“This is a huge economic change. We had two big waves of economic innovation: the industrial revolution and then we had the information and communication technology revolution. This revolution we’re seeing now is the next wave, boosting productivity (...) innovation will drive better jobs “, said Annunziata.

Aída Ulloa, Editor The Visionaries Media Follow us: Twitter @VisionariesMed www.facebook.com/thevisionariesmedia