This post is also available in: Spanish
Both concepts are based on connectivity. The cutting-edge concept of the Internet of Things has quickly been overshadowed by the Internet of Everything, a concept which is more far-reaching than the first.
The Internet of Things is a concept which refers to the digital interconnectivity of everyday objects with the Internet. It also refers to a time in which more Things are connected to the Internet than people. The Internet of Everything (IoE) is simply an evolution of the Internet of Things which, in addition to objects and the Internet, involves processes and people. Thus everything is connected and intelligence is multiplied.
The Internet of Things creates intelligent objects thanks to their internet connectivity, whereas the Internet of Everything uses these intelligent objects to positively affect people’s lives through efficiency and effectiveness, hereby improving their quality of life. Smart cities are a perfect example. In these cities security cameras make it much easier to monitor the streets, urban transport waiting time Apps transform the E in ETA from estimated to exact time of arrival, they can monitor the units of irrigation needed in parks to avoid overuse of water…
Home lighting systems connected to the Internet is another example of how useful the Internet of Everything can be. IoT enables us to remotely control our lights whilst the IoE can go even further and provide our service provider with statistics of connection times as well as consumption. Using automated analytics the service providers can, in turn, generate cheaper tariffs and optimize the times of peak consumption. Heating systems, air conditioning, electrical appliances, etc. can all operate in this way.
The big advantage of having analytics and statistics representing the usage of all products and services is that the data can be used to save money, optimize use, save time and more.
In terms of business, the Internet of Everything has the potential to automate the majority of processes which are currently performed manually. The applications of these technologies are becoming increasingly promising and it is estimated that companies will generate global profits equivalent to more than $ 613 million each year. Companies all over the world that use the Internet of Everything will increase the efficiency of their operations and deliver better customer experiences.
Keeping abreast of the latest technological trends will greatly determine a company’s competitive edge. Nowadays, the companies that don’t undergo optimal digital transformation will find it difficult to survive.
The Internet of Everything is a reality, but still emerging.
Currently only 1% of Things are connected, which leaves a huge untapped market. The 1% of connected things corresponds to 7.000 million and is expected to become 50,000 million in 2020, an exponential growth that does nothing but confirm the future of this trend. According to a report by Lopez Research, improving efficiency by 5% in a small power plant can save more than $ 200,000 a year and that improved efficiency could occur through the application of intelligent devices. This data sparks interest in the application of this technology in various areas like cities (smart cities), hospitals (proactive patient monitoring), public energy services (saving plans using devices…)
That said, it is impossible to change an environment without the extreme digitalization of connecting everything. Therefore, knowing the current possibilities and market trends, companies should optimize their digitally orientated processes, and keep an open mind to new technologies that can bring returns on their products and, above all, add value to the customer who buys their products.