Riding the IoT Wave
Nov 07, 2019
Imagine the ability to control every aspect of your home remotely using just your cell phone. Is the front door locked? Is the bathroom light on? Did you turn the A/C off? This ability is known as IoT. The Internet of Things (IoT) combines operational and information technology with the goal of creating an interconnected autonomous system. IoT is used across both the enterprise and commercial sectors with applications for processes such as solar grids, automobiles, healthcare, and smart connected homes. IoT is extremely useful and provides many benefits such as:
- Monitor business processes
- Increase business efficiencies
- Create a more dynamic business model
- Make smarter business choices
- Save time and generate more revenue
Knowing when something breaks in your supply chain or business process is essential to running an effective business. Failures and breaks in the business process can cause chain reactions throughout the entire business model and end up costing a significant amount of time and money. By harnessing the power of IoT and combining it with predictive analytics, companies can surface insights and indicators that allow for a more proactive approach to decision making. Companies can conduct preventive maintenance or replace problematic parts rather than deal with the costs after an actual failure occurs.
Consider the use of IoT in an automobile. Most cars have a sensor to detect the quality and lifespan of the oil inside the engine. When the oil has reached a level that falls below the standard of efficiency to operate the vehicle, this information is sent to an indicator on your dash to inform you to change your oil. Most customers would prefer preventive maintenance at a lower cost, over the engine being damage or destroyed leading to significant repair costs and time to fix. This preventive maintenance feature allows vehicle owners the ability to monitor less costly, preventative repairs rather than letting the vehicle run its course until engine failure or damage occurs.
IoT analytics is the next big push in the marketplace. With hardware becoming more versatile, accessible, and advanced the analysis of that data becomes more important than ever. Companies are utilizing IoT strategies in dynamic ways to better serve customers, enhance experiences, and generate more revenue. Some new areas of interest where IoT is currently being applied are:
- Social Events – Capturing things such as crowd volume, facial expressions, body movement, temperature
- Surveillance and Security – Capturing movement patterns, direction, temperature, light exposure
- Consumer Product Usage – Social media, POS data, Geolocation data
Having the capability to predict events in real time using data sources as complex as video information is a monumental step in better serving clients. These types of analysis are made possible by utilizing IoT methodology and practices. IoT and analytics are changing the marketplace and raising the standards to a more dynamic and holistic approach.