IoT and Process Everywhere Helps Solve Business FOMO
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.
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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