One of the things about the Next Economy is that it's always in the future; we have to speculate about what it will be based on the trends, patterns, and "weak signals" that we see today.
One of the trends that will play a major role in the Next Economy is what's being referred to as the "third wave" of the internet, the Internet of Things or Iota. Those of you are majoring in IT Management are already knowledgeable about the Iota so we look forward to your inputs.
To get us on the same page, the Goldman Sachs Iota Primer provides some basics. Technically, the Internet of Things or Iota has been defined as A dynamic global network infrastructure with self-configuring capabilities based on standard and interoperable communication protocols where physical and virtual 'things' have identities, physical attributes, and virtual personalities and use intelligent interfaces, and are seamlessly integrated into the information network, often communicate data associated with users and their environments. (Bagha & Madisetti 2014:22)
The Iota is made possible by ambient devices and ubiquitous computing that "allows for the transmission of sensing and signaling information, the process and storage of information, and the delivery of new services." (Rose 2014:194-95)
Although IoT technologies are diverse and still immature [i] the concept of autonomous machine-to-machine (M2M) systems that require far less, if any, human intervention has rapidly taken hold in the business environment.
POST TO THIS FORUM: Read the Iota Primer: Making Sense of the Next Mega-Trend. Post your original response to these questions.
1. Describe your experience in learning about the Iota. Has it been covered in previous classes? Have you learned about it on your own? What connected devices, such as a smart phone or fitness tracker, do you own or have in your home? Refer to the "five key verticals of adoption" described in the Iota Primer to make sure you've listed all the ways you're connected through devices, and that your devices are connected to other devices.
2. What new products, services and revenue sources do you imagine that would generate sustainable competitive advantages? Explain. What industries, such as banking, education, manufacturing, or entertainment, are prime candidates for Iota products and services?
3. The authors note that privacy and security will be "likely sources of friction on the path to adoption." Describe what you think are the opportunities for invention and innovation in overcoming the threats to privacy and security that an Iota poses.
4. What are the implications of "smart devices" that might be actualized in the Next Economy? Today we have examples like Siri, Alexa, and humanoid robots like Pepper. In the near future will devices like Brad, the Toaster acquire more agencies? What might a world of smart, connected devices look like? How might we interact with them?