It’s time to rescue the misfit devices. As we continue to transition from a world of isolated systems to one where everything is connected, many pre-Internet, “outdated” devices are being hung out to dry. Although there are currently 26 million devices connected to the Internet of Things, Intel estimates that 85% of existing devices are inaccessible and unconnected.
As technology rapidly changes, it is important for companies to choose the right approach for connecting their devices. One school of thought is called Distributed Intelligence which refers to moving the processing of data from a centralized system, to devices that collect and process data locally. Applications that are better solved with the principles of distributed intelligence are often complex processes that are naturally spread out over time, distance, or across multiple tasks. Advancements in IoT technology have made a distributed intelligence approach feasible, and according to IDC's Research by 2019, 75% of large manufacturers will update their operations and operating models with IoT and analytics-based situational awareness.
The utility industry is in a state of upheaval. With demand for electricity falling after 100+ years of steady growth, companies are in the hot seat about how to cover grid costs and deliver returns for shareholders. Digital transformation looks to be the path forward. In fact, 70% of utility executives say their companies need to become digital leaders in order to succeed in the current climate.