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The Internet of Everything: People-to-People + People-to-Machine + Machine-to-Machine
The Internet of Everything (IoE) is a term that is coined by Cisco Systems (NASDAQ: CSCO), incorporated in California in December 1984, and it is simply the networked connection of people, process, data, and things that makes it more valuable and more relevant turning information into outcomes that matter to the customers and the shareholders. IoE includes three types of connections: 1) People-to-People (P2P), 2) People-to-Machine (P2M), and 3) Machine-to-Machine (M2M) and as such it allows convergence, orchestration, and insights across the previously stand-alone and disparate systems. Data-driven business agility is at the heart of the IoE Economy facilitating decision making for new kinds of innovations, business architectures and operating models.
Source: Cisco Systems
Watch the Keynote of John Chambers, Chairman and Chief Executive Officer, Cisco at the Consumer Electronics Show (CES) held from January 6-7, 2014 in Las Vegas, Nevada in which he along with Toni Vives, Deputy Mayor for Urban Habitat, Barcelona City Council, Spain, Ralph de la Vega, President and CRO, AT&T Mobility, and Rick Smolan, CEO, Against All Odds Productions (The Human Face of Big Data) shared how the IoE creates new capabilities, richer experiences, and unprecedented economic opportunities for countries, enterprises, and individuals.
It is quite evident that that The Internet of Everything creates new relationships and opportunities and it is all about delivering the right information to the right people or machine at the right time.
It is quite evident that that The Internet of Everything creates new relationships and opportunities and it is all about delivering the right information to the right people or machine at the right time.
Value Proposition of IoE for the Public Sector
According to Cisco Consulting Services, The Internet of Everything (IoE) could generate $4.6 trillion in value for the global public sector by 2022 through cost savings, productivity gains, new revenues and improved citizen experiences. Similar, it also predicts that the IoE could drive $14.4 trillion of potential value at stake for the private sector. All in all, Cisco estimates that IoE to be a $19 trillion opportunity for businesses and governments globally 2013-2022. The five main factors that fuel IoE Value at Stake are: 1) asset utilization (reduced costs) 2) employee productivity (greater labor efficiencies) 3) supply chain and logistics (eliminating waste) 4) customer experience (addition of more customers) and 5) innovation (reducing time to market).
According to Cisco Consulting Services, The Internet of Everything (IoE) could generate $4.6 trillion in value for the global public sector by 2022 through cost savings, productivity gains, new revenues and improved citizen experiences. Similar, it also predicts that the IoE could drive $14.4 trillion of potential value at stake for the private sector. All in all, Cisco estimates that IoE to be a $19 trillion opportunity for businesses and governments globally 2013-2022. The five main factors that fuel IoE Value at Stake are: 1) asset utilization (reduced costs) 2) employee productivity (greater labor efficiencies) 3) supply chain and logistics (eliminating waste) 4) customer experience (addition of more customers) and 5) innovation (reducing time to market).
In 2013, Cisco also conducted economic analysis and surveyed 7,500 business and IT professionals from private-sector firms in 12 of the largest economies to create the Internet of Everything Value Index. This index enabled Cisco to measure the actual value realized (VR) by companies in 2013 as a share of the potential value at stake (VAS) available, the more connected their businesses become as part of the Internet of Everything (IoE). Listen to Jeff Loucks, Cisco Consulting talking about the the Internet of Everything Value Index
Rock-solid security (logical and physical) combined with privacy laws and policies will be the critical enabler of the Internet of Everything Economy. At the same time, a comprehensive set of government acts, laws, and regulatory frameworks needs to be developed to harness the potential of new models of interactions among government, enterprises, and individuals.
What does it mean for the market?
Focus on Cisco, the IoE ecosystem partners such as AT&T, IBM, and GE and the start-ups in the Silicon Valley, Silicon Alley, European Union, and Silicon Wadi to witness how it will generate new streams of revenue through innovative products, services, and solutions to their clients and create a value for the angel investors, venture capital and private equity firms, crowdfunding industry, sovereign wealth funds, and institutional and individual shareholders in stock markets all around the world.
What does it mean for the market?
Focus on Cisco, the IoE ecosystem partners such as AT&T, IBM, and GE and the start-ups in the Silicon Valley, Silicon Alley, European Union, and Silicon Wadi to witness how it will generate new streams of revenue through innovative products, services, and solutions to their clients and create a value for the angel investors, venture capital and private equity firms, crowdfunding industry, sovereign wealth funds, and institutional and individual shareholders in stock markets all around the world.
What does it mean for you?
IoE presents an important opportunity for countries, enterprises, and individuals to provide better services to the citizens, reduce operational costs, increase market share, gain competitive advantage, retain and grow customer base, increase profitability, offer delightful customer experiences, and improve the quality of life.
I would love to hear from the blog readers as to what are the opportunities and challenges for the uptake of the Internet of Everything in their context?
About the Author
About Cisco Systems
Cisco Systems is the world's largest supplier of networking equipment and systems, playing an important role in a wide variety of computing fields. The company was founded in December 1984 in San Francisco, California, by a pair of Stanford University computer engineers - Len Bosack and Sandy Lerner. The two named the company after a common nickname for San Francisco.
Cisco`s business is organized into the three geographic segments: The Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC) and it designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. Cisco`s products and technologies are grouped into the following categories: Switching; Next-Generation Network (NGN) Routing; Service Provider Video; Collaboration; Wireless; Data Center; Security; and Other Products.
Cisco Systems is the world's largest supplier of networking equipment and systems, playing an important role in a wide variety of computing fields. The company was founded in December 1984 in San Francisco, California, by a pair of Stanford University computer engineers - Len Bosack and Sandy Lerner. The two named the company after a common nickname for San Francisco.
Cisco`s business is organized into the three geographic segments: The Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC) and it designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. Cisco`s products and technologies are grouped into the following categories: Switching; Next-Generation Network (NGN) Routing; Service Provider Video; Collaboration; Wireless; Data Center; Security; and Other Products.
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