Page 73 - CITP Review

for more streamlined replenishment. Other early scenarios included wildlife, law enforcement parole,
traffic counters, and weather balloons. The most prolific telemetry technology was (and still is) radio
frequency identification (RFID).

There has been an explosive growth of connected and controlled physical devices and pervasiveness in
everyday objects. The two biggest areas of uptake relate to personal or consumer and commercial
application. IoT uptake is now witnessed everywhere in the public domain, from home tech to wearables.
The use cases are becoming more valuable and simultaneously finer.
Telemetry also affects human exertions. For example, biotelemetry used to specifically apply to only
pacemakers, and now applies to hearing aids and monitors for blood pressure and heart rate, as well as
emergency notifications, known more generically as actionable alerts. In addition, we are witnessing go-
forward evolution of rules-based conditions specific to safety for farmers, air travelers, truck drivers, and
entire third worlds.

Organizations are realizing economic benefits and efficiency improvements. Leveraging an IoT platform
to manage enterprise assets means lower operational costs and allows organizations to better manage
risks. Facilities at large can be better managed and production systems can be better engineered, by way
of enhanced quality, auditability, and traceability. Once securely captured, the insights can be shared and
analyzed globally. The impact of enhanced decision-making expands into revenue-based management,
such as pricing, a more nimble go-to-market strategy, and tailored customer interactions, all of which
affects top-line growth.

To unlock the value of a connected world, the following data components must be present:

 Connect and integrate. Receive and send critical updates.
 Analyze and augment. The real-time ability to contextualize data, perform ad hoc exploration, and
augment it with potentially baseline or third-party enrichment.
 Learn and recommend. Transform predictions into recommended actions to generate business value
or personal value.

Artificial intelligence
As finance professionals, we need to understand artificial intelligence (AI) for very important reasons,
including the following:

 Improved speed and accuracy of scenario modeling and multidimensional analysis, which results in
better decision-making
 Informed leadership guidance around AI-related investment decisions

In order to understand this technology and the underlying science of data, let’s break down the term as follows:

 Artificial is an adjective used to describe something made or produced by human beings rather than
23
occurring naturally, especially as a copy of something natural.
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 Intelligence is a noun used to describe the ability to acquire and apply knowledge and skills.

23
Oxford dictionary. www.lexico.com/en/definition/artificial, accessed September 7, 2019.
24
Oxford dictionary www.lexico.com/en/definition/intelligence, accessed September 7, 2019.

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