Forecasting and Innovation in Business

 Businesses continuously need to innovate and attempt to figure out what the future holds. Some predictions are well before their time and come to fruition. Kevin Ashton's 1999 "Internet of Things" prediction came true, significantly impacting our daily lives (History of Information, n.d.).

The Internet of Things

 The Internet of Things, or IoT for short, is a collection of products, sensors, and systems that take advantage of the Internet and other technological advances to offer previously unavailable capabilities (Rose et al., 2015). For example, a smart home that uses an Internet-connected thermostat, sprinkler systems, and network-enabled appliances may provide the consumer with many more capabilities than the same non-IoT devices of the past. As more sensors are deployed globally, gathering more data and doing more with the data is possible. These capabilities can be good or bad. I do not think anyone would like to give control of our thermostats to the power company, but it is one potential outcome of having network-controllable devices.

Force 1 - Technological

 As computer chips became smaller, more power-efficient, and more capable, it became possible to add more capabilities. Many households now have wifi capabilities, allowing more devices to reach the Internet. This confluence of events has led to devices that allow for a wide range of communications coupled with significant and power-efficient computing possibilities.

Force 2 - Societal

 There has been a societal shift towards the Internet for everything. The COVID pandemic only sped up that trend, with many services like curbside delivery in grocery stores and online video conferences becoming more common. It is natural for consumers to seek out devices that have Internet connectivity.

References

Colocation America. (2018, November 21). Current security challenges facing the Internet of things. Colocation America. Retrieved May 5, 2023, from https://www.colocationamerica.com/blog/security-challenges-of-iot

History of Information. (n.d.). Kevin Ashton invents the term "The internet of things". Kevin Ashton Invents the Term "The Internet of Things" : History of Information. Retrieved May 5, 2023, from https://www.historyofinformation.com/detail.php?id=3411

Rose, K., Eldridge, S., & Chapin, L. (2015). The Internet of things: An overview. The internet society (ISOC), 80, 1-50.