Applications of the Internet of Things (IoT) are already extensive but continuing to grow and evolve rapidly. The more than 17 billion (and growing) connected devices are only a part of what makes the IoT so powerful. What truly makes IoT powerful is the ability to take simple devices and connect them in a way that allows for their operation to be controlled, monitored or adjusted over an Internet connection.
When it comes to business applications of the Internet of Things, there is an opportunity to integrate nearly every facet of a business operation. Businesses are now able to bring valuable data in real-time to decision-making from assets that were never thought of as being data sources. With all of this data currently available, it is essential that businesses are leveraging it to remain competitive or to gain an advantage over competition that is slow to adopt new technology.
Many companies are already making extensive use of networked products and sensors for a wide variety of reasons, such as to streamline and improve manufacturing processes, tracking and monitoring shipments, or just making more informed decisions.
The use of custom-designed and built IoT solutions can help businesses reduce costs, improve efficiency, and, in general, gain a competitive advantage.
Looking to the near future, there are 5 pivotal areas that businesses can look towards for Internet of Things opportunities to propel their business forward and get a ‘leg up’ on their competition.
Consumer Behavior
Massive improvements in computing power and data storage along with advancements in data analytics have propelled the science of consumer behavior. Now businesses are able to run highly targeted ad campaigns based on consumer interests and online activity. This data is additionally quite effective at helping businesses upselling and cross-selling at the point of purchase.
Businesses can now keep track of the exact place on a mobile application or web site where consumers click. Coupling this data with information on the screens and pages that consumers have visited, gives businesses a great deal of data that can be used to create personalized offers and discounts that are much more likely to be responded to by consumers.
By utilizing this information businesses can create more personalized and relevant experiences for their customers. A better understanding of consumer behavior can increase sales and customer loyalty, best of all, this type of activity can be utilized by practically any type of business to gain a better understanding of consumer behavior.
Customer Experience
Creating exceptional customer experiences is more important than ever. With modern IoT applications and sensor networks, analytics, etc., you can now better understand consumer behavior and habits that will allow you to be able to create improved customer experiences. These improved customer experiences can help accelerate future growth and create serious advantages over your competition.
You can utilize this information for something as simple as sending highly relevant communications to customers. For instance, you can create groups based on behaviors and let your marketing team know to create relevant messages based on the data. As an example, if a group of customers isn’t utilizing all of the features of one of your products, you could send out an email to them highlighting the unused features.
With IoT solutions, you can improve customer experience by providing the right information, products, and services at the right time.
New Products
The data that you gather from the usage of your products can also be used to develop new products as you move forward. You can utilize the collected information to evaluate products and determine the parts of your products that can be improved upon.
Following this process, your business can optimize the performance and reliability of its products and design even better products than you are currently offering. By using the Internet of Things to improve your products, you can significantly improve your customers’ satisfaction and improve customer retention.
Assets and Inventory
IoT solutions are an excellent way to keep track of your business’ assets; this includes inventory, vehicles, machinery, office equipment, etc. The Internet of Things can even help you monitor your trash and waste.
Sensors can determine the optimum time to order additional inventory and help reduce your business’s need to carry large inventories. Knowing where each piece of equipment is can save employees a great deal of time and improve efficiency. Asset trackers can also help to reduce the risk of theft, by giving you the location of all the assets via networked sensors.
Security
Security is one of the most exciting opportunities to utilize IoT technology. You can utilize the Internet of Things to increase the security of buildings in ways you may not have considered. For instance, smart devices could be used to constantly monitor water and air quality and report results in real-time or you could use it to monitor something as seemingly mundane as dumpsters and recycling bins. IoT smart devices are fantastic for monitoring all types of activity in different areas around your business.
Potential security applications are practically limitless. Any area of your business can be monitored in real-time with results being instantly reported via Internet connections.
Image: IBM Research (Flikr) http://bit.ly/2Rzzv6Y
One of the most exciting opportunities for entrepreneurs right now is the Internet of Things. The Internet of Things (IoT) is currently growing at an accelerated rate creating incredible options for savvy businesses and business people.
With rapid expansion into American homes, we now find that most consumers have at least an interest in purchasing and using smart home devices. In a recent study conducted by Magid, it was found that currently, 51% of U.S. consumers are interested in purchasing and using smart home devices. 20% of those surveyed indicated that they were very interested.
The response was so favorable, in fact, that only 15% of those surveyed indicated that they were not interested at all and 29% expressed feeling neutral about using smart devices.
24% of consumers say they would like to purchase a Nest thermostat
Smart devices appear to have fully entered the mainstream as it is hard to actually find consumers that are not aware of smart devices. A full 84% of online consumers have now heard of smart devices. Examples of these devices include smart speakers such as the Amazon Alexa device and Google Home. When it comes to smart speakers themselves, familiarity is even higher, with 94% of people familiar with Amazon Alexa and Echo devices.
Currently, almost one-third of Americans own and use a smart device regularly. This is exciting news for businesses that have already entered the IoT market. For example, 24% of consumers say they would like to purchase a Nest thermostat and 26% say they would like to buy an Amazon Echo.
There are still a few consumers that are not interested in smart devices and their reasons for not being interested varied. Some felt the devices would be more expensive and others were concerned about privacy. But regardless of these concerns, the sale of smart devices is growing rapidly.
One of the reasons why sales are growing so rapidly is that owners of device tend to be very happy with their purchases. For example, Amazon Alexa and Google Assistant each have a user satisfaction rating of 85% and Siri follows closely behind at 78%. With consumers this happy with their devices it is no surprise that sales are growing rapidly. Word of mouth is bound to fuel sales with satisfaction numbers this high.
When it comes to Amazon Alexa and Google Assistant, the majority of those that responded indicated that they were very satisfied with their devices (52%). Very satisfied consumers tend to share their experiences with friends and family members.
It probably doesn’t surprise you that virtual assistants are used to perform a wide variety of tasks. The most common is finding information on the internet (51%) but they are also commonly used to listen to music or check the weather.
If you have an entrepreneurial spirit or are looking for a way to kickstart your business, look and see if you can leverage the incredible opportunities that now exist within the Internet of Things. Who knows, you might be the person that comes up with the next Nest thermostat or Amazon Alexa.
Image: Scott Cawley (Flikr) http://bit.ly/2zcsMoD
It wasn’t that long ago that our lives had far fewer conveniences than we have now.
For example, consider the Rachio 3 Smart Watering System. This smart watering system brings together the convenience of a smartphone sprinkler control with features so advanced that the system actually tracks your local weather information to determine when it should water your lawn or not.
It is so cutting-edge that it offers an add-on feature that detects leaks and will shut the system down automatically if it detects a leak to save water. The mobile app allows you to customize watering schedules and monitor usage.
Or, consider the Ring Alarm system. With the Ring Alarm, you can always know what’s happening in your home. The Ring system sends alerts right to your smartphone when an alarm is triggered. The alarm can be triggered by a ringing doorbell, a contact sensor being triggered by a door or window opening, or by a motion detector being triggered.
From the mobile app on your smartphone, you can see what is happening at home via cameras that are started when the alarm is triggered.
From the mobile app on your smartphone, you can see what is happening at home via cameras that are started when the alarm is triggered. Or you can control the alarm and or Ring doorbells and cameras directly from the mobile app while you are at work or on vacation.
It seems as if the future is already here and it’s called the Internet of Things (IoT).
The Internet of Things
The Internet of Things is a network of devices, other than smartphones, where these devices are connected to and exchanging data via the internet. This includes vehicles, appliances, electronics, and many, many other devices.
Devices are able to do this because they individually have an IP address and the capacity to send and receive information without needing a person to be involved. This sending and receiving of information is automated. Additionally, these devices are able to communicate with other devices and can be utilized to enhance our lives. Consider the example I mentioned at the beginning of this article of an automated watering system that not only adjusts due to weather conditions but it also coordinates with the user via their mobile device, allowing them to make adjustments on the fly.
With the rapid growth of IoT, we are seeing more and more devices being connected together at breakneck speed. According to a recent article by Fortune, the Internet of Things will be a $520 billion market within four short years. In the consumer sector alone, Gartner forecasts that 13.5 billion IoT devices will be connected by 2020.
The Internet of Things and Mobile Applications
While it is becoming more and more commonplace, not that long ago, it was practically unthinkable to consider managing other devices from your phone.
With expanding functionality, the Internet of Things (IoT) is rapidly becoming increasingly more relevant in our daily lives, allowing us greater and greater control of the gadgets and machinery around us. With the Internet of Things, businesses can now know what consumers need at the time they need it or even before.
Growing demand for these types of devices and increased sophistication of digital devices will help create more personalized and predictive products. These enhanced services will modify the business model of many companies in the near future.
The massive growth of IoT devices will create a large demand for data and the ability to store and analyze data. Businesses will need to understand what information is important, how different types of information relate to each other and how they can benefit from the right data. Additionally, there will be greater consideration regarding the security of stored data.
Where Opportunity Exists
There is a proliferation of sensors and IoT devices moving across nearly all industries. If you are looking for an opportunity with the Internet of Things beyond home automation, there are some industries that present themselves for more growth than others.
The medical and healthcare industries are ripe for a boom in IoT devices. Devices in the medicine or healthcare industry can send out emergency notifications in real time or monitor the health of individuals. Remote monitoring of health is bound to massively grow in the upcoming years.
Industrial applications are bound to greatly expand as well. Within industrial applications, devices can be utilized to optimize processes, improve maintenance and repair activities, and streamline production chains for increased efficiency.
Applications working with infrastructure present many exciting opportunities. Monitoring and control of traffic lights could be improved, additionally, we could monitor changes in structural conditions of bridges etc to improve quality and cut down on accidents.
The transportation industry is an area that will be greatly enhanced by the Internet of Things, as it will allow for the careful monitoring of transport systems. This includes improving logistics and fleet management or roadside assistance.
The obvious advantages of the Internet of Things should make us all excited as it will add efficiency to our lives, especially when we consider that individual applications tend to not be overly expensive. If you are excited about the new business opportunities created by the Internet of Things let us know, and we can see if we can help you leverage the possibilities.
Image: Matt Madd (Flikr) http://bit.ly/2MHp4sO