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The next digital gold rush: how the internet of things will create liquid, transparent markets

The next digital gold rush: how the internet of things will create liquid, transparent markets Purpose – The article analyses the market changes that are likely to be produced by and Internet of Things comprised of hundreds of billions of connected devices. Design/methodology/approach – Based on an IBM study, the authors foresee an Internet of Things emerging as a low-cost, private-by-design “democracy of devices” that will enable new digital economies and create new value, while offering consumers and enterprises fundamentally better products and user experiences. Findings – The IoT creates the ability to digitize, sell and deliver physical assets as easily as with virtual goods today. Using everything from Bluetooth beacons to Wi-Fi-connected door locks to allow customer access, many physical assets will become digital services. Practical implications – In a device-driven democracy, conference rooms, hotel rooms, cars and warehouse bays can themselves report capacity, utilization and availability in real-time. By taking raw capacity and making it easy to be utilized commercially, the IoT can remove barriers to fractionalization of industries that would otherwise be impossible. Originality/value – The article paints a compelling picture of a future in which the Internet of Things initiates five vectors of disruption by: Unlocking excess capacity of physical assets. 2. Creating liquid, transparent marketplaces. 3. Radical re-pricing of credit and risk. 4. Improving operational efficiency. 5. Digitally integrating value chains. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategy & Leadership Emerald Publishing

The next digital gold rush: how the internet of things will create liquid, transparent markets

Brody, Paul; Pureswaran, Veena
Strategy & Leadership , Volume 43 (1): 6 – Jan 19, 2015
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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1087-8572
DOI
10.1108/SL-11-2014-0094
Publisher site
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Abstract

Purpose – The article analyses the market changes that are likely to be produced by and Internet of Things comprised of hundreds of billions of connected devices. Design/methodology/approach – Based on an IBM study, the authors foresee an Internet of Things emerging as a low-cost, private-by-design “democracy of devices” that will enable new digital economies and create new value, while offering consumers and enterprises fundamentally better products and user experiences. Findings – The IoT creates the ability to digitize, sell and deliver physical assets as easily as with virtual goods today. Using everything from Bluetooth beacons to Wi-Fi-connected door locks to allow customer access, many physical assets will become digital services. Practical implications – In a device-driven democracy, conference rooms, hotel rooms, cars and warehouse bays can themselves report capacity, utilization and availability in real-time. By taking raw capacity and making it easy to be utilized commercially, the IoT can remove barriers to fractionalization of industries that would otherwise be impossible. Originality/value – The article paints a compelling picture of a future in which the Internet of Things initiates five vectors of disruption by: Unlocking excess capacity of physical assets. 2. Creating liquid, transparent marketplaces. 3. Radical re-pricing of credit and risk. 4. Improving operational efficiency. 5. Digitally integrating value chains.

Journal

Strategy & Leadership – Emerald Publishing

Published: Jan 19, 2015

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