(This blog was first posted on ideapoke.com)
While most people think “Internet of Things” (IoT) is the ‘latest rage’ and newest member to the technology works, the roots of IoT date back to the last millennium. In fact over 30 years ago, the availability of Coke was checked from the internet! What is the “Internet of Things”? It’s the interconnection of the Internet to products/devices that enable real-time and interactive information sharing. Certainly today’s smartwatches and wearables are significantly more sophisticated in their features, performance and capabilities but they fundamentally do the same thing – interact and communicate data. Yet again, how would companies understand the ecosystem dynamics to truly interconnect devices and increase their value proposition unless they do not share information, cooperate and think of innovative ways to partner cross-industry. Open Innovation would be key to solve this problem.