The Internet of Things (IoT) is something many businesses are excited about, but there does seem to be a search for understanding the true opportunities of ‘internet of everything’.
There are many ‘technology ideas’ that don’t move from consumer to corporate, but in this case, a staggering 94% of all businesses with IoT investments have seen a return. So it is worth getting your head around.
Why is there an intense search for internet of things examples?
It’s a very valid question considering how popular it has become recently.
It stems from the collection of data, whereby manufacturers of modern electronic devices are building from an ‘internet-enabled’ perspective.
Whether that be: cars, televisions, computers, watches, phones, kitchen appliances, medical equipment, alarm systems, music systems – you name it, it’s happening and the world is becoming more and more connected.
In some aspects this is simply about connectivity. That’s the end rather than the means.
For example, I want my music speaker ‘connected’ because I want to control it from my smartphone and also want to access my music library from the same device.
In other cases, the ‘connectedness’ is simply the means to another end and that other end is the “acquisition of data” from IoT devices.
There are major industries now working hard to realise a number of benefits that can be derived from gaining intelligent insights into data coming from IoT devices.
Here are a few internet of things examples we see in the market:
One of the most interesting examples of internet of things is happening within insurance.
Insurance is based on the principle of taking data and using it to make smarter, business lead decisions. Hence the phrase – data is the new bacon.
When it comes to premiums, the wealth of information IoT provides will enable organisations automatically adjust in a faster, more accurate manner. This leads to:
- Greater safety knowledge from the telemetry taken from connected cars. These can monitor whether or not a driver is driving safely or dangerously
- Reducing premiums because a car is driven occasionally and only at “safe times” (e.g. not in bad weather or bad light)
- Reducing health insurance premiums because a smartwatch wearer is living a healthier life style (e.g. more steps per day, period of sustained increase heart rate due to aerobic exercise)
Amongst many other opportunities, the entire nature and business of insurance will be advanced because of IoT devices.
Shipping, logistics and fleet management
Like insurance this may not be your first thought when you think IoT example, but it definitely will be.
These industries will be able to change their entire business approach by making decisions about their assets and how they are being used. Such examples include:
- Where vehicles are and where they have been at any given point in time
- What vehicles are underutilised and have spare capacity of ‘distressed stock’
- Whether or not the fleet is being used optimally throughout the year
- The behaviour of drivers and operators
- Responding instantly to alerts (e.g. asset faulty)
Like many internet of things examples one of the greatest benefits is the ability to proactively understand issues, plan for failures and increase the quality of service.
When we start to look at organisations, and how they will behave in the next 5 years, the leaders who recognise the importance of this will win.
IoT is changing the face of health and for good reason.
There are certain areas of technology that when implemented incorrectly provide marginal benefits, and that’s unfortunately the case. But in the case of health, the advantages are too significant to not take seriously – such as:
- Continuously collecting telemetry from “patients” wearing smartwatches and providing proactive care by responding to events (fall detection, irregular heartbeat, dramatic change in temperature). Here’s an example of this working hand in hand with Microsoft Azure.
- Correlating readings from clinical grade IoT devices with general “wellbeing” data coming from “wearables”
- Historic analysis of large cohorts of demographic data to see health patterns in particular groups (predictive analytics and machine learning)
- Warning device “wearers” and/or family members that there is the onset of conditions such as epileptic seizures or migraines
This internet of things example really does ‘blow our mind’, and it makes you think about how IoT devices could benefit other organisations.
Bonus reading: here’s an awesome look into machine learning capabilities within health.
Now, over to you
IoT, affordable cloud and great connectivity have come to an inflexion point that will result in re-shaping many traditional industries, killing off many legacy businesses and forming whole new businesses and industries.
The challenge is how business leaders embrace it for the greater good or simply from a pure commercial standpoint.
Are you up for the challenge?