I recently bought a Furbo. It’s a device that started life on the crowdfunding platform Indiegogo. You fill the Furbo with small dog treats and when away from home it’s possible to watch your dog using the camera and toss those treats remotely. It’s also possible to speak and listen to what your dog is ‘saying’.
It’s just a fun device, but it is also one more connection to the Internet. Our homes are becoming filled with connected devices and slowly our home environment is becoming far more technology-enabled than any office, where the focus is still on connecting little more than computers and printers.
Think about your own home environment. Do you have an Amazon Echo or Google Home system? That means you will have connected microphones dotted around the house. What about your phone, laptop, and Kindle? If you have a games console that that will also be connected and how else can your TV access Netflix if that’s not online?
Much of the traditional media we used to consume in the home such as records, movies, and books is now consumed electronically. We stream Netflix to a Smart TV. We stream Spotify music to a home theatre or speaker system. We download books and magazines to e-readers like the Amazon Kindle. The connected home has slowly become a reality and is no longer unusual or cutting edge.
Data published last year by Cisco estimates that by 2021 each person in North America will be using 13 connected devices. Thirteen for each person! That’s a lot of Kindles and Furbos.
Naturally much of this growth is because everyday objects are gradually becoming connected. It would be unusual to buy a new car today and to find that it does not ask to connect to your wifi. Tesla cars regularly upgrade themselves when parked overnight. A new channel between products and their manufacturer has been created allowing automated updates and maintenance to take place without user involvement.
Smart leaders need to look beyond the devices and think about the data. When people are streaming constant information on their location and behaviour how can your business tap into that information to create genuine value? Insurance companies are one great example of a sector that is benefitting from this move to an Internet of Things (IoT) environment. If a car driver only pays insurance for their car when it is used and they are rewarded for safe driving behaviour then that helps the customer and the insurance company. Insurance is being redefined by this real-time data on the customer.
How is your business reacting to this connected environment? Can you see the opportunities or does it just seem like a threat to the established way of doing business?