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 elements of digital transformation that is driving the world in many respects.
However, It is now the time to look beyond the hype and get real about Internet of Things.
Just putting IoT technologies in place may not help organizations but applying analytics is essential for the success of IoT systems for better decision making.
Here are the top 5 areas where the IoT is making waves:
1.Wellness - IoT helps continuously monitor patients and medical symptoms to help with early detection, diagnosis, & accelerates breakthrough drug development. Wearables like Fitbit, Apple Watch, and Samsung have all created new revenue streams by 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 – Sensors are much cheaper than they used to be and can now let you know very simple things like whether or not your water pipes are leaking or are about to burst without excessive costs. Drones also allow a handful of rangers to quickly investigate reports of fires, then travel to remote parts of the world over unpaved roads. Connected cars allow vehicle diagnostics and real time intervention from technicians for better safety.
3.Marketing – with the use of the IoT, businesses can reach out to the right customer at the 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, for instance, covered the area around jewelry stores that were close to their flower shops to encourage customers to buy flowers with jewelry.
4.Smart Cities & Smart Infrastructure – The IoT is helping build infrastructure to improve the lives of residents. Real time weather response systems, better traffic management, waste management, and optimal utility management helps governments around the world.
5.Energy, Aviation & Manufacturing – Using the IoT to do predictive maintenance can reduce downtime by up to 50%. Companies like GE have put up 100's of sensors across the planet 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 help when increasing the reliability and efficiency of the grid, and avoids theft.
In the future the IoT will continue to enhance our lives by tracking our needs in real time giving an opportunity to businesses to react accordingly and immediately.