Article
Sep 26, 2024

The Hope and Hype of IoT

What One of the Most Promising Technologies Missed About Our Connected World

Trends & Insights

What One of the Most Promising Technologies Missed About Our Connected World

Do you remember when the "Internet of Things" was all anyone could talk about? Today it's all AI. Tomorrow it will be something else.

Looking back, you might think that predictions about IoT were overblown. I disagree. I believe IoT has had a transformative effect across practically every industry.

But to understand why, we need to go back in time.

Part of the confusion stems from a lack of clarity. Like many technological advancements, an acronym — IoT — was created to describe the expanded reach of the Internet into physical devices.

Like with machine learning, crypto/web 3.0, and now AI, IoT became an overused term, used to describe a wide range of technological advances. 

  • IoT became an adjective for products (IoT Device)
  • IoT became an adjective for enterprise software solutions (IoT Platforms)
  • IoT became an adjective for communication standards (IoT Protocols)
  • IoT even became an adjective for roles or job descriptions (IoT Developer, IoT Analyst, IoT Manager, etc.) 

As IoT saturated mainstream discussion, it became cliche, losing its meaning — particularly for non-technical stakeholders. 

And the more significant the project, the more IoT lost all meaning. You’d stumble into discussions anchored around questions like "What exactly is an Internet of Things device?", "What does an Internet of Things manager do?", and ultimately, "What is the Internet of Things?"

“Things” turned abstract, even absurd. Explaining IoT became the first twenty minutes of any presentation or discussion, with everyone offering a slightly different interpretation.

What Is the Internet of Things, Anyway? Our Perspective

The "Internet of Things," in its most literal sense, describes a technology evolution rather than a specific industry, product, or capability. 

Before IoT gained traction, traditional IT (Information Technology) assets such as computers, servers, and mobile devices all incorporated Internet connectivity. As Internet connectivity was added to products like televisions, automobiles, thermostats, low-level sensors, doorbells, and more, the potential for value creation seemed nearly endless.

With Internet connectivity came remote device control — such as the ability to adjust a smart thermostat from a mobile app or unlock a connected car door remotely. Connectivity added convenience and accessibility. They changed the very nature of how we think about products:

  • Now, smart home ecosystems enhance customer experiences through devices like Amazon Alexa or Google Nest, which seamlessly integrate various appliances and services, personalizing user interactions.
  • Consider over-the-air monitoring and management capabilities have made it possible for companies like Tesla to deliver software updates to their vehicles. Consumers get upgraded cars with improved performance and new features, all without a trip to the dealership.
  • In industrial settings, remote maintenance and analytics — such as with GE’s connected wind turbines — help predict equipment failures before they occur, reducing downtime and extending the life of critical assets.
  • Meanwhile, improved data telemetry and performance analytics have optimized everything from agricultural equipment monitoring to the real-time tracking of healthcare devices like wearable heart monitors.

These are just a few concrete examples of the value created once devices became connected to the Internet. This expansion of Internet connectivity is what the term IoT is intended to describe.

From IoT to “Connected Products”

The Internet of Things has put the benefits of the Internet into more and more products that shape our daily experiences. The IoT evolution will continue, especially now that much of the foundational work required to sustain the evolution is done. Much more innovation will come from this crucial base — and it will come in the form of “connected products.”

Rather than call them "IoT Devices" or "IoT Products,” connected products more appropriately captures the reality of devices coming out of the IoT evolution.

I know this because I speak with people every day about their products. From CTOs and Chief Product Officers to technical support leaders and more, people intuitively understand the idea of a connected product, just as they understand the importance of IoT and its role in making these products a reality. And when we talk about their Internet-connected devices as connected products, the energy in the room increases — it just feels right.

This reflects the progress we've made with IoT. IoT has become so successful that it no longer requires fancy acronyms or the lengthy explanations it once did to help people understand.

That we no longer need to talk about IoT as IoT is an acknowledgement of the tremendous impact of so many who helped shape IoT. I’ve personally spent the last couple of decades dedicating my professional efforts to solutions born from the progress in the Internet of Things — I will continue to do so by helping the growth of connected products.

The Guide to Connected Products

Kiosks, point-of-sale (POS) systems, access control, security, or camera systems — just to name a few — are all examples of "connected products." Bookmark this guide and learn more about this space.

Building the Future With Connected Products

Every day some new connected product is shipped — and several more are imagined.

As more and more connected products are shipped, the responsibility of enterprise service centers to manage those products grows. With more than 16 billion connected devices in existence today — and that number expected to double by 2030 — the stakes for keeping this technology operational, secure, and optimized are higher than ever. 

Enterprise service centers are now tasked with ensuring that every connected product is consistently functional, correctly configured, and up to date with the latest patch levels. This responsibility is critical not only for ensuring the performance of these devices but also for enhancing the customer experience, safeguarding the brand's reputation, preventing revenue loss, and driving operational efficiencies by reducing the volume and improving the effectiveness of service tickets.

For technical support and connected product teams, the growing complexity of managing these vast networks of devices can be overwhelming. Service centers will need to shift from reactive support to proactive management. It is no longer just about fixing issues when something goes wrong; it’s about preventing those issues from occurring in the first place.

From there, predictive analytics, automated monitoring, and remote management solutions become essential tools, allowing service centers to anticipate problems and resolve them before they impact customers. (The best platforms make it possible to automate remote device management.)

Moreover, as connected products continue to evolve, the responsibility won’t just rest with the IT or product teams. Every part of the organization, from customer service to product development, must work together to realize the full potential of these devices. The ongoing success of connected products will depend on this expanded sense of responsibility, ensuring that the products built and deployed continue to serve and delight the customers who use them.

The time of the Internet of Things hasn’t passed — it’s evolved. Connected products usher in a new era of accountability, one that demands a more integrated, proactive approach to service and support. And the enterprises embracing this responsibility will lead, innovate, and thrive in an increasingly connected world.

Steve Latham

Steve is Founder and CEO of Canopy. He brings extensive experience in product leadership and connected products technology from his time developing the Blockbuster Express self-service kiosk product suite while at NCR.

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