Paul Mampilly has kids who are smart about finance because he taught them how to invest in stocks and other financial assets at a young age. They are also up to speed on the trends in technology that will shape the future. That’s why he often tries out his investment pitches with his kids before he tries them on other adults. Whether its 3D printing, robot workers, or self driving vehicles, they love to hear about the wonders that are just around the corner.
What we often get wrong is the likelihood that a new technology that’s generating buzz will achieve wide adoption in the future. Technologies often fail because they don’t have the right cost-benefit ratio or aren’t a better option than what’s available. When evaluating new trends to invest in, it’s important to pick the ones that have entered a period of wider adoption, and Paul Mampilly thinks he knows a good bet that’s available right now.
The Internet of Things (IoT) is a trend that’s poised to begin revolutionizing daily life as it reaches a critical mass of industry adopters, according to an article Paul Mampilly recently wrote on his blog. It’s a proven concept that has already begun to change our lives. From smart home gadgets to factory automation, it’s turning out that connecting appliances, sensors, and machines to the internet makes good business sense. The data that these devices collect every second is unleashing the power of big data, and the devices themselves are improving safety and efficiency.
An example is a new airplane engine made by Pratt & Whitney, which is equipped with as many as 5,000 sensors. The data generated by all of these sensors and collected over the internet improves safety and increases our understanding of airplane engines. The bottom line, as Paul Mampilly is right to point out, is a win for both passengers and the airline industry.
IoT is one trend that’s poised for massive growth in the next few years to come. That means companies that are developing these products today are likely to be ones that receive the windfalls when it happens.
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