The Internet has transformed commerce, and enhanced human interaction, and CIMdata believes that the Internet of Things (IoT) will do it again. Amazon, Orbitz, and Über are three examples of companies that leveraged the Internet to permanently change the competitive landscape in a range of industries—great examples of the “creative destruction” economist Joseph A. Schumpeter noted in his 1942 book Capitalism, Socialism and Democracy.
Electronic Timeline
Over the last decade several IT trends have emerged that are transforming business and society. Social platforms connect far-flung people with like interests, generating large volumes of data that businesses want to leverage to develop new, innovative products and to better engage with their customers and prospects. Mobile devices bring computing to the masses, and offer a platform for social and new forms of commerce. Compiling and using this data, most of which is unstructured, demands new storage and analytics solutions. The cloud provides the communication medium for much of this new traffic, and is growing in importance across many enterprise-software markets. Add to this complex mix the Internet of Things, a phrase used to describe smart, connected devices that communicate about their surroundings and actions using the Internet.
CIMdata believes that the continued growth of smart, connected products can enhance customer experience in existing markets, and create new opportunities across a wide spectrum of industries. Product companies must navigate the evolving IoT-standards landscape while optimizing their products and value chains to thrive in this new world. Any solutions must consider the privacy and security issues that can inhibit adoption.
Social, Mobile, Analytics, and Cloud + IoT Driving IT and Industry
To support these new use cases, PLM solution and service providers must adapt their offerings to support more agile and continuous development processes. As we have learned in recent briefings from CIMdata PLM Community members, most are facing this issue and many are building the skills and tools necessary to support their industrial clients to meet the challenges posed in this new IoT world.
At the upcoming PLM Market & Industry Forum series of events, CIMdata will delve into this issue, with knowledge gleaned from solution and service provider briefings, primary research with PLM Community members and industrial clients, and in-depth reviews of secondary research done by others on this important topic.
For more information on attending a CIMdata PLM Market & Industry Forum event visit our web site.
