[INFOGRAPHIC] The Internet of Things

With the rise of Industry 4.0, much discussion has been done around the topic of analytics. A basis by which all new technologies depend on. Around 2.5 Quintillion bytes of data are created everyday, most of which are created by consumers (online research, past purchases, mobile payments), and who all contribute to the development of consumer-centric strategies.

The Internet of Things (IoT) refers to the ever-expanding network of interconnected internet-enabled devices that use data (stored in large cloud) as their main currency. 50Bn devices connected by 2020 entails new business models for companies, new ways of processing and manufacturing and new ways of marketing and buying. Smart-factories will be able to predict demand and prevent waste, produce in a more timely manner and reduce bullwhip effects. From the demand side, consumers’ demands will be met in real-time, their needs sustained and their smart-houses able to replenish food and detect security breaches.

McKinsey estimates that the IoT has a total potential economic impact of $3.9 trillion to $11.1 trillion a year by 2025. Although still in its infancy, this technology is becoming a reality everyday, with firms like Amazon and Google pioneering in the industry: Echo and Google Home.