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The combination of lower-priced sensors, together with big data and analytics, is moving the Internet of Things into the realm of the practical, and the software and hardware industries are at the forefront of deriving bottom-line value from the IoT model. In other words, they're not just selling it, they're using it to make their own internal organizations more efficient and profitable. IoT goes far beyond simple automation, it delivers a profound change to any company's operational environment; not just in the IT industry, but in other industries such as manufacturing, retail and healthcare. The most obvious benefit is in the automation and improvement of workflow, but because each of those sensors is collecting potentially millions of data points, there is another perhaps greater benefit, and that is decision support. IoT has reached the next level of maturity and to realize this full potential, is incorporated into a Big Data/analytics environment that takes those millions of data points, makes intelligent forecasts, and assists management in making and executing the best decisions possible.
- Bill Bien, Partner, Waterstone Management Group
- Hubert Selvanathan, Principal, Waterstone Management Group