The concept of the Internet of Things (IoT) is pretty simple: take a “thing” (i.e. a physical product), add valuable information to it and share it…and you are creating value using the IoT. The concept is actually not new. Consider that personal computers first arrived in the early 1980’s, they were great personal productivity devices, especially for word processing and electronic spreadsheets. However, the value of PCs exploded when they became networked – first in small groupings, then ultimately to the web. This taking a “thing”, adding a valuable information component, and sharing it is the basis for the IoT value proposition. This is the first part of a series of four articles on “Project Management for the Internet of Things (IoT) Opportunity”, where we explore this lucrative opportunity in practical terms. This article, Part 1 in the series, looks at “What Does IoT Disruption Mean for Project Management?”, defining the disruptive change and what it means. Part 2, “Where the IoT Is a Driver of Strategic Opportunity”, looks deeper into strategic drivers at work. Part 3, focuses on “A Compelling Strategy Driven By the IoT”, where you’ll read about a case of betting a company’s future on the IoT. Finally, Part 4, “Project Management Essentials for a Successful IoT Project Portfolio,” dives into the key elements you and your organization to strive for to exploit the IoT opportunity.
What the IoT as a Disruptor Means for Project Management
Get your project management juices flowing – it’s time to sink your teeth into some super high value-added projects! The focus is on disruptive influences, opportunities, and demands driven by the Internet of Things (IoT). In other words, take a “thing” (i.e. a physical product), add valuable information to it and share it…and you are creating value using the IoT. Of course, it takes skilled Project Managers to actually make this happen! The IoT revolution underway today is simply an extension of that, connecting ‘things’ – like cars, thermostats, lights, pumps…to each other across the internet. But this article is about identifying the opportunities of the IoT, and what projects that might create. Here’s a simple example of a project you use in your home – a thermostat. Now you can manually set your thermostat in your home, as people have done for many years. But today, you can check or reset your thermostat from your phone across the world…maybe set different temperatures for different rooms…or integrate it with a weather app to self-adjust. And when you do that, you are leveraging the IoT. Now imagine that, rather than for your home, the thermostat is controlling the temperature for an industrial plant or large commercial building. Can you picture the possibilities for saving on heating and cooling costs, controlling the comfort of the environment, managing waste from the system, analyzing performance across many thermostats for optimization…? And using the IoT, you can do the same types of things to manage the security of your home as if you were there…or turn on your dehumidifiers when you know it’s been damp weather…or unlock the door remotely for the electrician because you forgot he was coming… What do you see in your life, your career, and your organization that may be effected in the period ahead by the IoT?
This post is part of the series: Project Management for the Internet of Things (IoT) Opportunity
This series of four articles looks at different facets of the IoT Opportunity. 1. What Does IoT Disruption Mean for Project Management? 2. Where the IoT Is a Driver of Strategic Opportunity 3. A Compelling Strategy Driven By the IoT 4. Project Management Essentials for a Successful Internet of Things (IoT) Project Portfolio