While many organizations are creating tremendous value from the IoT, some organizations are still struggling to get started. It has now become one of the key element of Digital Transformation that is driving the world in many respects.
It is really a time to look beyond the hype and get real about Internet of Things.
Just putting IoT in place may not help organizations but applying analytics is extremely essential for the success of IoT systems for better decision making.
Here are top 5 areas where IoT is making the disruption:
1.Wellness – IoT helps continuously monitor the patients and symptoms to early detection, diagnosis & accelerate breakthrough drug development. Wearables like Fitbit, Apple watch, and Samsung have all created new revenue streams from giving their users workout analytics and the ability to set daily health goals. Mobile apps around wellness have been around for years now to track your sleep, weight, nutrition, and more.
2.Safety and Security – Sensor based monitoring of elevators, escalators improves travelers safety at airports. Sensors, which are much cheaper these days, can let you know whether or not your water pipes are leaking or are about to burst. The drones will allow the handful of rangers to quickly investigate reports of fires, than traveling into remote parts of the jungle over unpaved roads. Connected cars allows vehicle diagnostics and real time intervention from technicians for better safety.
3.Marketing – with use of IoT, businesses can reach to right customer at at right time using geofencing. It is a virtual field in which apps are capable of sending alerts depending on your entrance or exit from a vicinity. With geofencing, your shopping experience can be more hyper-personalized to what you’re looking for. 1-800-Flowers covered the area around jewelry stores that were close to their flower shops to encourage customers to buy flowers with jewelry. Amazon Go is Amazon’s store concept without a check-out line.
4.Smart Cities & Smart Infrastructure – IoT is helping build the infrastructure which is really smart in quick response and improves the life of residents. Real time weather response systems, better traffic management, waste management, and optimal utilities management helps governments around the world. Smart Homes helps people more peaceful life.
5.Energy, Aviation & Manufacturing – Using IoT to do predictive maintenance can reduce downtime up to 50%. Companies like GE have put up 100s of sensors across the plant that provide round-the-clock monitoring and diagnostics of existing hardware. IoT enabled engines consume almost 15% less fuel than average jet engines, and also have reduced emissions and noise. Smart grids helps in increasing the reliability and efficiency of grid, avoid thefts.
In future IoT will continue to enhance our lives more and more by tracking our needs in real time giving opportunity to businesses to react accordingly and immediately.
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[May 23-24; UK] Creating Value is getting attention from business, society, government and academics as it impacts ourselves, customers, stakeholders, and sustainability.
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