It’s like a cold war! Increase the pace of change and complexity of a business environment and you see a corresponding increase in technology able to meet the challenge. Are advancements being driven by the rapid pace of business change or is it vice-versa? No matter, whether it is technologies innovators or their responders, things are speeding up.
Most business environments are now even more complex and dynamic than ever. Opportunity, value, risk and consequences are transient and rise and pass quickly. There is a real need for digital capability to act collaboratively, predictively and intelligently to leverage each business moment.
There is a growing diversity of digital markers that can provide context to a business moment, being consumed and leveraged intelligently to support our decisions.
Data is not limited to what most of us know. The Internet of Everything arrived and is boundlessly playing out. There is an exponential explosion in the number of devices giving us data, from the personal level to the global level. Take for example, data rates for a typical offshore production platform are in the magnitude of 4,000 to 10,000 events per second; today’s aircraft engines can generate up to a half terabyte of data per flight. Indeed, think about the data you consume and provide with your Fitbit and geo-mapping devices as you go through your daily life.
But it’s more than devices. It’s anything a device can sense, from the tilt of the earth, to a temperature variation, to proximity, composition, and so on.
Hold the digital horse. Is this a thing of tomorrow?
Nearly everything we now build, every plant, component and box is incorporating intelligent systems, rugged applications, interfaces and monitoring concepts like usage, reliability and performance. These are providing constant streams of data to the operator and progressively, other consumers.
This ability is increasingly becoming feasible and affordable across the spectrum of more white-collar and consumer businesses. So, smart devices and senses surround you, data and services are available and the costs are interestingly not prohibitive. Go shop, innovate now!
However with all this surrounding us what is critically missing is the connection of these to your business process.
This data acquisition process isn’t just in the moment for the moment. It can be learnt and leveraged to the wider model, impacting products, services and how our people, capital and systems go about their business.
A key vendor in this area, XMPro, talks about “Sense, Decide Act”. XMPro deploys event sensors over streams of event data obtained from traditional sources such as ERPs to high-tech smart devices. XMPro actively listens triggering ‘Action Agents’ to provide insights, actions and tasks out to business systems, people and indeed other devices. Action Agents are smart consumers, applying business rules, predicting outcomes and presenting best next actions to the user.
New business models are arriving all the time and transforming what you considered would never change or be achieved. Take it for read that a business near you is thinking about a clever approach to your problem. Such as a moisture sensor in an aged-care home triggering staff to the bedside may be the application of solution, but what about earlier sensors to pick up likelihood, trends and the correlation with say diet, humidity or condition?
Think that you are immune? Then prepare to be ‘Ubered’. Aside from the street slang I would define this as a concern that a business will get displaced with new competitive models that have much more elasticity, much more capacity to reach a market and potentially ride the back of much more capital-intensive traditional businesses.
Contact us today to discuss how Professional Advantage can help you with your sense and sensibility.
You can read more about Professional Advantage and XMPro here.
You can read other blogs for CFOs by Jonathan Marcer here.
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