I came across a fascinating blog post by Stephen Wolfram on the launch of the Wolfram Connected Devices Project. The media is abuzz with news about everyday devices having the capability of collecting data and communicating with other devices via the internet. Whether it be referred to as Connected Devices, Intelligent Devices, Wearable tech, lifelogging devices or Internet of things, they all refer to devices that monitor and gather data. The huge amount of data collected through devices can be used for better understanding, optimizing, predicting, automating processes. The Internet of Things along with Big Data Analytics can have a huge impact on Retail.
The explosion of devices and the advent of the Internet of Things is enabling retailers to gather and analyze terabyte’s of data on a daily basis. The sources of data can range from cell-phones to POS devices to Video Monitoring and RFID. Much of the news coming out of the Consumer and Electronics (CES) show this year is about wearable tech. The era of Quantified Self is getting quite a boost this year with the range of devices available for capturing and analyzing behavioral data, or as Sony calls it lifelogging devices.
Some examples (and there are hundreds more) of how IoT can impact Retail:
As the acceptance of IoT devices increases, we will more likely see devices that monitor usage patterns, wear & tear, replenishments and be part of the network that connects devices, processes and people in a seamless network. There are still a lot of questions to be answered on data privacy and about who owns the data for this to be truly mainstream. I would love to hear your thoughts and ideas on how IoT impacts retail.
LINK: Intelligent Systems Powered By Microsoft