IoT and Process Everywhere Helps Solve Business FOMO

Jim   Sinur
Jim Sinur VP and Research Fellow, Aragon Research Read Author Bio || Read All Articles by Jim Sinur

Since organizations now have to be ready and able to make changes quickly, they now (or soon) will suffer from a syndrome called "The Fear of Missing Out" (FOMO).  If an organization has missed a pattern of opportunity or threat, they risk having the wrong policies at the wrong time.  The Internet of Things (IoT), combined with processes (BPM), gives organizations a calibrated 'radar like' approach that can augment the collection of big data for further analysis.  The IoT plus Process gives organizations an advantage in the following three ways.

1.  The IoT Emits Events of Interest

All of the Agents on the IoT — devices, machines, chips, or people — are trained or programmed to emit signals of events, status, and state change.  While not generally responsible for analyzing, deciding, or acting on these events, the IoT is often dependent on downstream process, systems, other agents, and big data stores for further analysis and action.

2.  Processes & IoT Together Can Identify Patterns of Interest

Many of today's processes and cases contain rule engines or poly-analytics, so they can combine several simultaneous or serial events to create patterns.  These patterns can be presented to process managers or process participants for further analysis.  In sophisticated situations, expected patterns could be inventoried for predetermined actions.

3.  Processes / Cases Give Context For Events & Patterns

Events and patterns are sometimes interesting, but having to filter all of them can be difficult.  Like radar, context can be represented by the structure of a case or process.  This helps filter the events and patterns to identify the ones that represent a threat, opportunity, or a need for further action or analysis.  A missile out 1000 miles is much different than one that is within 100 feet of you.

Net; Net

Business FOMO is a real thing that needs to be managed.  If the IoT takes off as fast as expected and delivers the amount of events and patterns that need to be dealt with, FOMO will accelerate.  If you are active on social sites, you grok the phenomenon.  Get ready for incoming.

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Standard citation for this article:

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Jim Sinur, "IoT and Process Everywhere Helps Solve Business FOMO" Business Rules Journal, Vol. 16, No. 1, (Jan. 2015)

About our Contributor:

Jim   Sinur
Jim Sinur VP and Research Fellow, Aragon Research

Jim Sinur is an independent consultant and thought leader in applying business process management (BPM) to innovative and intelligent business operations (IBO). His research and areas of personal experience focus on business process innovation, business modeling, business process management technology (BPMT), processes collaboration for knowledge workers, process intelligence/optimization, business policy/rule management (BRMS), and leveraging business applications in processes. Mr. Sinur was critical in creating the first Hype Cycle and Maturity Model, which have become a hallmark of Gartner analysis, along with the Magic Quadrant. He has been active in the rules, data and computing communities, helping shape direction based on practical experience. Mr. Sinur has vertical industry experience on the investment and operational sides of the insurance and financial services.

Read All Articles by Jim Sinur
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