The Internet of Things (IoT) is creating entirely new businesses and disrupting old business models. It’s fascinating to watch entire new business models emerge and track the companies that will shape the next wave of IT technology – connected products. The impact of IoT is not confined to individual market segments. It will reshape entire industries in the eco-system. Professor Michael Porter from Harvard University has published articles on the technology waves of IT-driven transformation. The first wave of IT innovation occurred in the 1970’s and drove changes in the order processing, computer aided design, and ERP. The first wave was driven by data processing for activities and the standardization of processes across companies. The second wave occurred in late 1980’s with the rise of the internet and ubiquitous connectivity. It allowed global integration across the supply chain. We are now entering the third wave of IT transformation. IT is becoming part of the product. This is a result of low cost sensors being deployed in cars, shipping containers, medical devices, utility meters, and other products across a diverse set of industries. Combining embedded sensor technology with cloud computing platforms expands the market opportunity for value creation for companies in […]