From a practical perspective, which in this case is 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.
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.” Deloitte
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.
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).Here’s an example of this working hand in hand withMicrosoft 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.
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, CIO defines 4‘hard-truths’ that you should consider before you make the move:
Insecure consumer devices
You can’t just plug it in
Let us know which of these internet of things examples was the most interesting below. Should you wish to learn more, download this guide on benchmarking your workspace ⇓