Abstract:
IoT connects devices, humans, places, and even abstract items like events. Driven by smart sensors, powerful embedded microelectronics, high-speed connectivity and the standards of the internet, IoT is on the brink of disrupting today’s value chains. Big Data, characterized by high volume, high velocity and a high variety of formats, is a result of and also a driving force for IoT. The datafication of business presents completely new opportunities and risks. To hedge the technical risks posed by the interaction between “everything”, IoT requires comprehensive modelling tools. Furthermore, new IT platforms and architectures are necessary to process and store the unprecedented flow of structured and unstructured, repetitive and non-repetitive data in real-time. In the end, only powerful analytics tools are able to extract “sense” from the exponentially growing amount of data and, as a consequence, data science becomes a strategic asset.