However, with the rising popularity of the Internet of Things (IoT) and Big Data, banks and insurance firms must prepare themselves for a new wave of security challenges.
IoT Examples: Insurance, Health, Logistics + More [2018 Update]
Author: Dirk, MD
Last updated: April 24, 2018
The Internet of Things [IoT] has become an enormous growth area for businesses looking at the new frontier of technology.
However, like many incredible advances, the need for practical use-cases are helpful in applying an unlimited possibility of options to your industry.
Hence the need for concrete internet of things examples.
As such, we will highlight what we believe to be the most valuable examples of IoT.
Popular IoT Examples
With IoT technology still developing, the use cases are vast and ever expanding.
This has meant that the impacts are being felt both at home and at work. More popular examples include areas such as:
- Vehicle tracking
- Fire detection
- Smart house automation
- Digital advertising
Nevertheless, IoT’s breath and depth have dramatically improved.
While it is easy to believe that the value of the activities above is to ‘connect’ devices, the true end point is the “acquisition of data” from IoT devices.
This marker will prove to be the beneficial impact to organisations - the knowledge that can be used to:
- Improve products
- Create a competitive advantage
- Form new business models
Such that a staggering have seen a return.
Getting More From your Data
However, just collecting data isn’t good enough - it’s what happens thereafter that is important.
Knowing how to use it to grow your business or provide a better service is the challenge.
For example, take data gathered from a IoT wearable device, such as a smart watch.
On its own, this data means very little and has few applications, but when analysed in the right context, it can save a life.
Armed with this knowledge, organisations can take the appropriate action to check on the individual and provide faster care.
3 Real-Life IoT Examples
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 is several internet of things examples we see in the market:
- Smart cities
All of the above are embarking on innovative new approaches to their industry.
If you look the case of - they have restructured their entire business model. Their use of devices in tandem with has demonstrated that examples of IoT go for beyond household appliances.
Amongst others stats, it is very telling that they predict 50 billion IP devices will be connected by 2022.
With that said, we see three further industries to those listed above, where we think there is IoT adoption of a new kind.
Innovation which can be applied to all industries.
So here are 3 internet of things example we think you can’t afford to not know about:
1. IoT in Insurance
One of the most interesting examples of internet of things is .
As is common knowledge, insurance is based on the principle of taking data and using it to make smarter, business lead decisions. Hence the phrase – .
With that said, the insurance industry is heavily lagging behind other industries when it comes to getting IoT executed.
This has meant that the world of insurance, like other industries, is battling to understand which technological development to back, with there being so many options.
Like many areas of IT there will always be the matter of prioritising growth, according to Oxbow Partners, revenue can be found from Big Data, IoT and telematics.
- 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 .
2. How Shipping, Logistics and Fleet Management are Experiencing Digital
Similarly to insurance, these three industries may not be your first thought when you think of ‘IoT examples’.
But, it will be.
All of these industries are reliant on quantities and management of services - which is very easily connected to with IoT.
The suite of technologies that enables the Internet of Things promises to turn almost any object into a source of information about that object.
As such, all the parts of the companies can start to accumulate data, and that data can be aggregated and deployed accordingly. This is phrased as the ‘information value loop’ - here is a diagram explaining it:
Therefore, these industries are able to change their entire business approach by making decisions about their assets and how they are being used.
Such examples include:
- Where vehicles [machines] 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.
Product Focused Internet of Things Example: Gas
Within the gas industry, providers have no specific details on when replacements will be needed, and therefore, have an inability to predict their future needs.
However, if CFOs are able to get accurate forecast to new orders, they can predict future revenue, and ensure that resources are in place.
3. Watching Internet of Things Impact Health
Lastly, we look to examine the incredible way in which IoT is changing the face of health.
This could be argued to be the most valuable IoT example.
As we all know there are certain areas of technology that when implemented incorrectly provide marginal benefits, and that’s just reality.
Yes efficiency may improve 10% and you reduce costs by X%, but in the grand scheme of things, it is just another ‘technological advancement’.
But this is different.
It does, however, start with the same mentality as the two listed above, ‘how can we take pre-existing data from somethings that isn’t greatly compared’. Which in this use-case, is medical data.
Which as you can see below, is definitely on the rise.
User Case: Watches
Putting this into practice, you can see this architecture on how RedPixie have recently engineered a solution that takes data, and then puts it into a workflow.
This workflow can then, alert next of kin, and collectively help to prevent illnesses.
IoT Health Benefits
Here are some of the key issues that this form of technology can aid:
- Continuously collecting telemetry from “patients” wearing smartwatches and providing proactive care by responding to events (fall detection, irregular heartbeat, dramatic change in temperature). of this working hand in hand with .
- 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 ( 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.
Additional Health Case Studies
In addition to this example above, there are some great Microsoft case studies where they demonstrate the use of futuristic technologies, in the current era.
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 purely commercial standpoint.
Are you up for the challenge?
Make no mistake, conquering IoT is difficult. So much so, that you should consider before you make the move:
- Bad data
- Insecure consumer devices
- Changing technology
- You can’t just plug it in
Let us know which of these examples was the most interesting below. Should you wish to learn more, download this guide on benchmarking your workspace ⇓