IoT is a world where smart objects are seamlessly integrated as part of a global network- where smart objects interact without human intervention to deliver new services or improved processes beyond the silos and across the business. IoT redefines the way humans and machines interface and how they interact with the world around them.
Some of the confusion surrounding IoT arises because multiple technologies are converging around a single service. Device manufacturers, software providers, multiple networks and others all have a part to play and therefore see the IoT offering from their technology viewpoint.
It is important to be focussed on the business transformation that is enabled or unlocked. We view the opportunity as having the potential to gain operational efficiency while also providing innovative customer experiences from a single technology investment.
Recognizing the benefits of IoT:
Knowing where to start can be a challenge given the vast array of connectable things or assets. But clearly, you need to maintain a focus on key areas of potential value. Some key benefits are:
Enable prediction of health and performance of things and people:
- Relevant to any process involving the management and support of equipment like lifts, broilers, fridges etc where the key objective is to keep the equipment running at optimal efficiency.
- Equally relevant to maintain the health of a person, with applications emerging in the consumer market that feature wearable technology and that can even monitor patients in the comfort of their homes.
- Applicable to maintaining the skill level of a maintenance engineer by providing prompts for faults they are working on, while on site.
- Also possible to optimise processes by remote control of assets.
Mobile and fixed asset management:
- Relevant to scenarios where fixed and moving assets exist and the requirement is to manage both assets together to achieve a business mission. Impact can be seen in the supply chain, vehicle tracking and maintenance.
Data brokerage and finding value from data:
- Focuses on delivering new and insightful data that is valuable to the client’s internal business processes, customers or suppliers. The ideal scenario is one where data can be sold as part of a new service or is used to support the enhancement of the current service or to differentiate the client from the competitor.
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