The author, @GlenGilmore, is a social media strategist and educator at the Rutgers School of Business where he teaches executive courses in Digital and Social Media Marketing. An attorney at law, Gilmore is the author of Social Media Law for Business. Earlier this year he was named by Inc. to its list of Top 30 Internet of Things Experts.
Dear Reader, please note I have the privilege of serving as a Verizon brand ambassador, which is a sponsored relationship. Rest assured, though, that the words and thoughts in this post are entirely my own and may not necessarily reflect those of Verizon.
In 2014, Verizon “saw a 45% year-over-year revenue growth” in its IoT business. Its IoT report, which speaks to public and private sector applications of the technology, adds nicely to the understanding of an extremely important topic.
What makes IoT so exciting from a business perspective? Verizon notes that its customers are seeing benefits in three key categories:
- Improved customer and citizen experiences;
- Accelerating growth and business performance; and
- Improving safety and reducing risk.
Why is the IoT accelerating so quickly? Verizon observes that, “declining cost of sensors, connectivity, and data processing power is making the ROI equations for IoT projects look even more appealing.” In other words, it’s worth the investment.
IoT adoption isn’t as pervasive as many report. Interestingly, Verizon study found that the actual number of enterprises that have “adopted IoT extensively” is just at 10%, far less than other reports that suggest a far higher number.
It’s all about the data – actionable data. People get real excited about data. Connected “things” generate a ton of data and share that data. Verizon cautions that the key point is that this data must be “actionable,” it must be “integrated into business processes.” The secret sauce is “near real-time business intelligence.”
One of the biggest challenges of IoT is figuring out how best to use it. Verizon notes that to meet this challenges, even “banks and supermarkets are running public innovation events to generate new ideas for using IoT sensors and data.
Yes, IoT will give us billboard advertising out of the “The Minority Report”
Raising privacy concerns, connected devices do tend to track us: where we’ve been and where we are, allowing some to predict where we’re likely to go next. Along the way, sensors will ensure that we get advertising that caters to our “likes”, giving new meaning to “ads that stalk.”
Wearables in the workplace will improve worker wellness and safety. Everyone has an interest in healthcare costs. Wearable technologies provide opportunities for employer and employee collaboration in improving wellness, lessening healthcare costs, and protecting workers in the workplace.
Energy and Utilities:
Smarter Meters; More Reliable Infrastructure
Remote Monitoring an Added Win
Efficiency and Safety
In the public sector, IoT-enabled devices are being used to cut down on energy costs based on actual public usage, smart parking sensors are enhancing down-town visits by reducing drive time and congestion related to finding parking spaces, digital signage is seizing on the aggregation of near real-time traffic information to guide safer and more efficient traffic flow.
Network sensors are both collecting data relating to an array of public services, from monitoring air and water quality, infrastructure stability, early alert of public hazards, and automating responses to address tasks in a more efficient, certain and timely manner.