How to Profit from the Internet of Things
Costs are a major consideration, but from better engaging with your customers to improving regulatory compliance, IoT technologies offer a wide range of business benefits.
Enhance Compliance Processes
At a modern slaughterhouse, an IoT application for food traceability tracks the entire supply chain so that any individual cut of meat can be traced to the source animal.
Greyhound, as an example, is loading every bus with new technology, including adaptive cruise control and sensors on brakes, so it can assess drivers' safety compliance.
For example, an IoT application currently controls backstage access to hundreds of sporting and entertainment venues across the United States through a network of pass readers and access-control devices.
The ROI of the IoT
However, the benefits far outweigh the costs. Consider, for example, all of the increased efficiencies that can be experienced by the automotive industry. Traffic-management systems can provide more accurate instructions to avoid traffic jams and accidents based on real-time data collected from connected cars. Automotive parts manufacturers can benefit from data revealing wear and tear, prompting them to pre-order replacement parts and notify drivers before equipment failures occur. Car-sharing apps can use real-time location information to encourage car pools. There are even proposals for insurance systems that would adjust their rates based on vehicles' geolocation and driving behavior.
The Internet of Things can streamline manufacturing processes as well. After all of the sensors and information-sharing systems are in place, businesses can generate a significant return on investment to make a profit from the IoT.
Glenn Johnson is the senior VP of Magic Software Enterprises Americas. He has presented his views on the Internet of Things at dozens of industry meetings and conferences, and his interviews about software industry issues have been aired on NBC's Today Show, as well as E! News and Discovery.
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