In recent days, neural networks have become a topic for discussion. But the question still needs to be solved- How can it affect our world today and tomorrow?
The global neural network market's compound annual growth rate (CAGR) is expected to be 26.7% from 2021 to 2030. This means that new areas of application for them might appear soon. The Internet of Things that is IoT, is today's most fascinating and required technological solution for business. Around 61% of companies utilize IoT platforms, and we can anticipate the integration of neural networks into enterprise IoT solutions. This anticipation raises many questions, like what gets such collaboration and how to prepare it. Can we optimize the IoT ecosystem using neural networks, and who will approach such solutions?
What do you understand by a neural network, and how is it beneficial for enterprise IoT?
An artificial neural network that is ANN is a network of artificial neurons striving to simulate the analytical mechanisms taken by the human brain. This type of artificial intelligence includes a range of algorithms that can "learn" from their own experience and improve themselves, which is very different from classical algorithms that are programmed to resolve only specific tasks. Thus, with time, the neural network will remain pertinent and keep on improving.
With the proper implementation, enterprise internet of things (EIoT) and ANN can offer the business the most valuable things: precise analytics and forecasts. In general, it is not possible to compare both. Enterprise IoT is a system that needs software for data analysis, whereas ANN is a component that needs a large amount of data to be operational. Their team naturally controls the analytical tasks; therefore, high-level business tasks are performed most effectively, reducing costs, automating processes, finding new revenue sources, etc.
In the Internet of Things ecosystem, neural networks help in two areas above all:
- Data acquisition via ANN-based machine vision
- Advanced-data analysis
If it needs significant investments to execute ANN in big data analytics solutions, neural network image processing can decrease the cost of the IoT solution. Thus, neural networks improve enterprise IoT solutions, enhance their value, and speed up global adoption.
Which solutions within enterprise IoT can be enhanced using neural networks?
IoT-based visual control
The IoT ecosystem begins with data collection. Data quality impacts the accuracy of the ultimate prediction. If you implement visual control in your production processes, neural networks can boost the quality of products by superseding outdated algorithms. Besides this, they will optimize the EIoT solution. Conventional machine vision systems are pricey as they require the highest resolution cameras to catch minor defects in a product. They come with complex specific software that fails to respond to immediate changes.
Neural networks within machine vision systems can:
- Diminish camera requirements
- Self-learn on your data
- Automate high-speed operations
Indeed, industrial cameras use large-format global shutter sensors having high sensitivity and resolution to develop the highest quality images. Nevertheless, a well-trained ANN starts to identify images with time. It allows them to reduce the technical needs for the camera and ultimately cuts the final cost of the enterprise IoT implementation. You cannot compromise the quality of images to detect small components like parts in circuit boards; however, it is manageable for printing production, completeness checking, or food packaging.
After training, neural networks use massive amounts of data to identify objects from the images. It enables you to customize the EIoT solution and train the ANN to operate specifically with your product by processing your images.
For example, convolutional neural networks are utilized actively in the healthcare industry to detect X-rays and CT scans. The outcome offered by such custom systems is more precise than conventional ones. The capability to process information at high speeds permits the automation of production processes. When the problem or defect is caught, neural networks promptly report it to the operator or launch an intelligent reaction, like automating sorting. Hence, it allows real-time detection and rejection of defective production.
An exclusive example of how ANN is utilized for edge and fog computing. As per PSA, a neural network executed in a machine vision system permits lowering the number of defects by 90% in half a year, whereas production costs are decreased by 30%. Prospective areas for ANN in IoT visual control are quality assurance, sorting, production, collecting, marking, traffic control, and ADAS.
Big data advanced analytics for enterprise IoT:
Today, neural networks allow businesses to grab advantages like predictive maintenance, new revenue flows, asset management, etc. It is possible via deep neural networks (DNN) and the deep Learning (DL) method involving multiple layers for data processing. They detect hidden data trends and valuable information from a significant dataset by employing classification, clustering, and regression. It results in effective business solutions and the facilitation of business applications.
In comparison to traditional models, DL manages with the attributes that are expected for IoT data:
- Assess the time of taking measurements
- Resist the high noise of the enterprise IoT data
- Conduct accurate real-time analysis
- Determine heterogeneous and discordant data
- Process a large amount of data
In practice, this implies that you don't require middle solutions to deliver and sort the data in the cloud or to analyze them in real-time. For example, full-cycle metallurgical enterprises can execute one solution to analyze the variable and unstructured data from metal mining, smelting, and final manufacturing products. Airplanes generate about 800TB of data per hour, making it impossible to process it all ideally using conventional analytical systems.
Today, DNN models are successful in the following enterprise IoT applications.
Today, it has become easy to predict disease using AI-based IoT systems, and this technology is developing for further improvements. For instance, the latest invention based on the neural network can detect the risk of heart attacks by up to 94.8%. DNN is also helpful in disease detection: the spectrogram of a person's voice received using IoT devices can identify voice pathologies after DNN processing. In general, ANN-based IoT health monitoring systems' accuracy is estimated to be above 85%.
DL systems in the enterprise Internet of Things have provided results in power demand prediction based on power price forecasting, consumption data, anomaly, power theft detection, and leak detection. Smart meter data analysis permits you to calculate consumption, determine the unusual usage of electricity, and predict with an accuracy of more than 95%, which will help you to adjust energy consumption.
Neural networks help to use the most demanded IoT service among manufacturers properly- predictive equipment maintenance. It was ascertained to be a workable practice for mechanical and electrical systems. This network provides accurate real-time status monitoring and predicts proper life rest. Another best example is the recognition of employee activity by taking readings and following in-depth analysis.
Transportation & Logistics:
Deep Learning has made smart transportation systems possible. It offers better traffic congestion management by processing travel time, speed, weather, and occupational parking forecasting. Analytical reports based on vehicle data help to discover dangerous driving and possible issues before the failure happens.
As we know, the previous industries generate heterogeneous data. Therefore, the potential of ANN analytics within EIoT will be unlocked for multiple complicated systems.
When to consider ANN for enterprise IoT:
Till now, research in the field of ANNs been very active, and we cannot foretell all the advantages or pitfalls these solutions will convey. No doubt, neural networks find out correlations, models, and trends better than other algorithms. The IoT ecosystem's data will become more extensive, complex, and diverse with time. So, the development of neural networks is the future of IoT.
For now, we can look into the following features of neural networks for enterprise IoT:
- They suit the IoT ecosystem architecture, substituting alternative solutions with significant advantages.
- Essential for industrial image processing.
- Progressive ANN-based data analytics gets the high-level business value of the enterprise IoT solutions – improves productivity, and exactness, boosts sales, and produces informed business decisions.
- Training the ANN requires time and expenditure but will become fully customizable.
- We cannot conclude it is an affordable solution, but the advantages are priceless if the IoT ecosystem is executed accurately.
Therefore, if you are provided with a neural network as one of the opportunities for executing your idea within the IoT ecosystem, give it a chance. You never know, this solution will become a must-have in the coming years.
IoT (Internet of Things) in today’s era is one of the most significant technologies having dynamic applications across every industry. Its advanced connectivity and ability to gather and process data in real-time makes it beneficial for all sectors. The automotive industry, too, leverages this tremendous technology to make itself more advanced.
The days of gasoline fuel vehicles and stations being obsolete are not far away now. Many countries worldwide have begun their journey to facilitate a fully electric vehicle system, while others are catching up with them. One of the major purposes of IoT in EV systems is the development of robust charging infrastructure. The ability to remotely manage the charging stations is a big challenge that IoT systems seamlessly handle.
So in this blog, we will discuss the role and uses of IoT in EV systems and how it is changing the automotive dynamics for the future. Let us start!
Overview: IoT in EV Charging
IoT is fundamentally a convergence of IT (Information Technology) and OT (Operational Technology). The OT focuses more on devices and sensors established in the system. At the same time, IT deals with the digital transformation aspects of the system.
In the EV charging station landscape, the system is connected to multiple IoT devices integrated with several third-party service providers like e-MSPs, energy suppliers, and charge point operators.
The devices established in the charging system utilize a back-end cloud infrastructure that is run through different protocols & connectivity options to ensure seamless charging operations.
The major services carried out at an EV station are
- Processing payments
- Software updates
- Predictive maintenance
- Usage analytics
IoT in an EV charging system consists of three major elements:
1. Charging Equipment
It is a hardware unit established at a charging station that provides a physical connection between the power grid and the EV. The unit comprises different connectivity options, power electronics, charging protocols, and sensors. All these devices perform operations like
- Engagement and disengagement of the port
- Start and stop the process of charging
- Energy Metering
- Fault Detection
- Health Status
2. Mobile App
The next most important element of IoT in the EV charging system is a web-based smartphone app. The app is responsible for connecting The EV charging network to the EV owners. Some of the major operations include
- User Authentication
- Navigating A Charging Network
- Charger Onboarding
- Scheduled Charging
- Slot Reservation
- Billing, And Payments
3. Management Platform
It is a cloud-based platform that aims to gather data from IoT Sensors and devices to perform data analytics. It consists of operations such as
- Load Balancing
- Remote Monitoring
- Configurations Management
- Firmware Upgrades
- Alerts and Notifications
IoT in the EV charging system enables continuous monitoring of operations and gathering of data to present it in reports & dashboards. Also, it can be leveraged to notify users during critical failures.
IoT is a great technology for EV automobiles and charging stations as most of its failures can be troubleshot effortlessly with remote operations. Hence, IoT is unquestionably the next big technology in the automotive sector.
The Four Pillars of IoT in Electric Vehicle Management System
The IoT Electric vehicle management system consists of four aspects on which it majorly works:
Battery Management System
As EVs are powered with batteries, so the primary role of the battery management system is to monitor and manage the battery processes. It includes charging, discharging, and checking key parameters like voltage, current, and temperature while charging operations.
IoT enables the battery system to be controlled and fixed remotely when required. Besides, the battery system continuously sends data to the servers to generate insights on the next course of action to enhance performance.
Safety and Smart Driving
Providing higher safety to passengers commuting in a vehicle is an important element of using IoT in automobiles. IoT sensors and devices planted inside the EVs provide features like
- Theft prevention through real-time tracking, immobilization, and geo-fencing.
- It consistently monitors the performance of vehicles based on different attributes like driving conditions, geography, weather, etc. The accumulated data helps in making the system more efficient.
- The IoT devices established in vehicles also capture the car parameters like speed and acceleration and accordingly provide ti[ps in real-time.
Preventive Maintenance System
Though EVs are designed with care, there can be incidents of component failures. Therefore, there are IoT-based fault alert systems installed in the system that notifies the driver about the failing component.
It helps them to analyze the situation and act accordingly. As the issue gets addressed ahead of time, the driver gets time to prevent a breakdown. In addition, the problem can be fixed remotely in certain conditions. It enhances the customer experience and provides higher vehicle reliability to the user.
IoT is important and is used widely in different sectors today due to its ability to collect data for improved operations. In the automotive industry, data is gathered when connected to vehicle sensors. This accumulated data can be displayed via widgets and used to generate automatic reports. Some of the most beneficial factors of using telematics for EVs are:
- It provides the details of battery usage data.
- It generates a charging report for every charging session.
- It monitors and provides insights on driver behavior data.
- It alerts users with nearby charging station alerts.
How Does IoT Transform the EV Charging Experience?
Here are some crucial benefits and use cases of IoT in EV charging:
- User Authentication
The customer uses an RFID card/tag to access the charging machine. As soon as they tap their tag, the charging station transmits the data to the IoT platform. The IoT platform then checks the user profile and performs an authentication process to ensure secure and safe billing.
2. Charger Availability
The IoT sensors and devices deployed inside your car notify you about the nearby available charging stations. In addition, you can utilize the smartphone app to reserve a slot and check the rates of the charging service for different times.
3. Automated Operations
IoT has powered the charging stations to work automatically without any user help. Besides, the system notifies the users about the left charging time, due payments, and any charging errors.
4. Smart Charging
Due to the availability of IoT sensors, charging stations can work more smartly. When there is abundant sunlight and energy production, the chargers automatically start charging, which invariably helps grid operators to manage energy more efficiently.
5. Remote Management
The IoT devices installed in the system generate real-time metrics & insights. The metrics may include charger availability, utilization, and fault monitoring. It helps in fixing the issues remotely when required. Further, it helps in predictive maintenance and minimizing operational downtime.
6. EVSE Control
There are several sensory nodes through which the IoT platform collects information. The data may include energy tariffs, grid limit, EV battery capacity, and state of charge. Information on these metrics helps manage the EV charging infrastructure and deliver better service.
7. Support and Management
IoT enables EV charging stations to become smarter, connected, and accessible for everyone. Besides, it presents crucial information such as charging time, charging queues, weather conditions, etc., that aids in a better support system for the users.
8. Data Collection and Analysis
Advanced cloud solutions powered by IoT significantly help in data collection and enable users, service providers, and maintenance workers to optimize their work more efficiently.
Geo dashboard is an impressive feature of the EV charging module where the user is informed about the nearby charging stations to schedule their trip more effectively.
Should You Invest in IoT EV Charging Solutions?
EVs are the future of automobiles and will get mainstream in the next couple of years around the globe. Hence, building refined EV charging solutions now can earn you a monopoly in this service industry. So if you wish to build your own IoT-based EV charging solution, get in touch with our Intuz expert team. Intuz is a leading IoT development company who have built impressive and unique IoT solutions for different market verticals. You, too, incorporate with them to build your next IoT solution.
Have tyou ever imagined you would one day wake up to news that technology is influencing an industry as offbeat as fashion? Well, here we are in this phase of tech evolution, where we would soon get to wear apparel not from clothing lines like Gucci or Saint Laurent but probably from companies like Apple, Samsung, Google or more.
Yes, smart clothing seems to be the future of wearable technology that kickstarted with ambitious projects like Google Glass. Today, we have first generation Iot wearable technology devices like smartwatches, health monitors, FitBits and more but soon, we will have clothing with embedded sensors that will connect to the internet.
Wearable fashion or smart clothing will be part of the Internet of Things revolution and soon give us insights on our vitals, temperature, hydration levels and bring in a range of predictive analytics concepts into our everyday life.
We are, too and that’s why we decided to publish a post that explores what smart clothing is and how it is redefining conventions.
Let’s get started.
Smart Clothing Is The Future Of The Wearables Industry
Let’s start with some numbers. Statistics from the World Economic Forum revealed that around 10% of the people around the world will wear clothes that connect to the internet by 2025.
This is a really good sign for the smart wearable technology industry. And if you’ve been wondering if this concept is something new or fresh, it’s not. Smart clothing has been a micro niche for a long time with several sports companies like Nike and Adidas rolling out very specific lines of smart clothes for sports purposes. What is new is the approach of mainstream commercialization of smart clothing.
The idea is to embed IoT-specific peripherals like sensors, batteries and more into the fabric of clothes and connect the entire ecosystem to an app for visualization of diverse insights. With the app, consumers can also execute a couple of fancy actions like changing the design or color of their apparel in real time, change hues and do more.
To give you a quick idea of how remarkable the concept of smart clothing is, here are some pointers:
Smart clothing is highly beneficial in keeping track of vitals in people. Technology is also being developed to monitor the accumulation of brain fluids in real time and report stakeholders and doctors about consequences.
- The predominant use of smart clothing lies in the sports industry, where several metrics could be monitored by coaches of individual players and the entire team to reach fitness and tournament goals.
- From a manufacturer’s perspective, fraudulent and unauthentic copies of labels and apparels can be eliminated from the market through codes and layered validation mechanisms.
- Patients in hospitals could wear smart clothing to track their recovery, reactions to medications, notify or call for nurses and doctors and more.
- People suffering from dementia or Alzheimers could sport smart dresses to enable their friends and families to track them from a distance.
- Adventurers, spelunkers, high-altitude trekkers and more could also benefit from smart clothing with details on oxygen levels, anticipated temperature, location tracking modules, hydration levels, humidity sensors and more.
Though this looks futuristic and ambitious, the biggest challenge for the smart clothing companies would be to incorporate IoT solutions into their fabrics. The human body consistently generates sweat and heat and there are chances that water from sweat could damage batteries or sensors embedded in the clothes. When we fix these concerns and deliver optimized outfits, smart clothes could very well be what we wear to work every day in the coming years.
Smart Fashion Products In The Market
Like we mentioned, smart clothes are in development and some products are actually available in the market as prototypes. Tons of Kickstarter campaigns are exploring the limitless possibilities of smart fashion as well. For a better clarity on what the products are, here are some real world examples.
The best product in development is the smart jacket. Since 2015, two market players - Google and Levi’s - have been collaborating to launch smart jackets with touch-sensitive fabric. In this, capacitive threads made of copper have been developed and used as the jacket’s fabric to allow users to use their smartphones by just using their hands and gestures.
Minority Report vibes anyone?
An inevitable accessory, socks have always been in our wardrobes.Smart socks are here to replace the conventional ones and give you a more immersive experience.
What could be immersive in socks you ask?
Well, smart socks could sense the pressure you put on your foot when walking, calculate your walking speed, the distance you cover (and could cover) and offer a detailed visualization of insights from multiple data points. This could influence the way you walk as well.
If we’re making our socks smart, why leave behind shoes? Somebody out there had a similar thought and the result is a pair of shoes that tracks your fitness, speed, pressure and most importantly, lets you control your television using your feet. All you have to do is extend your foot, point at something on your television and press a button. We’re sure there would be more experiences added to the product as it evolves.
Sleep has always been a concern for most of us. While some of us oversleep, a few of us hardly get good sleep. There are tons of factors influencing our sleep including our sleeping positions, stress and anxiety levels and more.
Smart sleepwear, however, is here to fix our broken and disconnected sleep patterns by giving us insights on breathing, heart rates, sleep positions and more. The best part is that you don’t have to wear an additional wristband for this. The fabric has embedded devices that take care of its intended purposes.
Is Smart Clothing The New-Age Market Wearable?
Wearable tech plays a crucial role in the tech space because it’s probably something that could be the most integral to people. Conventional wearable technology devices like wristbands, smartwatches, eyewear and more appear and function as extensions but that’s not the case with clothing.
It is us and who we are. From a consumer’s perspective, there’s no challenge involved whatsoever in maintaining smart clothes. It’s on companies to develop and launch products that could take in the regular wear and tear of humans and be resistive to it, be washable and more.
If these preliminary challenges are taken care of seamlessly by companies, smart clothing could easily become the new-age market wearables in the future. It’s similar to what electric vehicles are to the automotive industry.
This is an exciting time to be alive and innovations like these are proof of our collective wisdom taking us to a new level. Let’s wait and see if our favorite clothing brands join the smart clothing bandwagon and launch personalized clothing just the way we would like it individually. Also, let’s see what more innovation is waiting on the cards in this space.
Internet of Things is the perfect example of something being so simple and elegant yet being an astounding and breakthrough innovation in the modern era of disruptive technologies. This technology has already projected its influence over typical machine-based industries like oil & gas, automotive, manufacturing, utilities, etc.
However, IoT is not only beneficial for production-based companies but can also be used for practical applications in B2C businesses like tourism and hospitality.
Internet of Things in the hospitality business not only helps hotels and restaurants to improve their services but also empower their guests to enjoy exceptional hands-on experiences. It creates a network of connected devices that offer smart and autonomous experiences to the visitors.
Internet of Things offers a ton of possibilities to a hospitality business. Big hotel chains like Marriott and Hilton have already implemented this disruptive technology to enhance their generous services and provide their guests with out of the box experiences.
Below are some applications of IoT that a hotel or any hospitality business can use:
1.Guestroom Automation to Elate Customers:
After a long journey, guests expect a pleasant and warm stay from their temporary accommodation. They prefer a completely customized service as per their expectations and likings. Smart IoT solutions now empower hotels and guesthouses to provide their visitors exactly what they desire.
IoT allows the development of a centralized and connected network between different automated systems and appliances. For example, based on their desire and liking your guests can alter the luminosity and intensity of the lights from IoT based smart lighting solutions. Moreover, appliances can also conduct operations autonomously. For example, proximity sensors embedded in the room can detect the movement of the guest and turn on the coffee machine to brew the beverage.
You can also use this connected network to identify the preferences of your customers and use this information to surprise your customers with customized and personalized services the next time they visit.
Furthermore, hospitality businesses having their hotels in different locations can also share data about their customers in a common CRM to make sure that the guests come across the same experience in every branch of the hotel chain.
This cross-property integration allows hotels to keep their customers’ profiles in a centralized system that can be accessed distantly. IoT plays a crucial role in this as it enables a hotel to collect guest’s data and share it with its patrons via the common info management software.
2. Predictive Maintenance of Room Appliance:
The biggest disappointment for a guest is when they enter their previously booked room and find a leaky pipe or damaged air conditioner. These instances not only affects the immediate experience of the visitor but also the overall reputation of your hotel.
In order to prevent these situations, you can use the predictive analytics capabilities of the IoT solutions. Smart sensors and meters can be installed in appliances and pipeline networks to identify the possibility of unexpected breakdowns and malfunctions before your guest encounters them. These sensors will notify the room service staff about bottlenecks and enable them to fix the issue before it actually occurs.
This predictive analytics system can hence be used by hotels to improve maintenance systems and prevent sudden failure of any appliance in any of the rooms. This not only will help you to boost your customer service but also protect your hotel chain’s reputation from getting spoiled. Additionally, you will also save a lot of money that is generally spent to repair the broken equipment at a moment’s notice.
3. Guestroom Transforming Features:
The appeal of any hotel lies in its rooms. Primarily, it is the main aspect of a hospitality business that visitors’ book. Even if you give your users with relaxing spa vouchers or free-swimming pool amenities, they are more likely to be disappointed if you don’t provide them with best in class staying experience.
It is hence of utmost importance for any hotel to keep its rooms abreast with amazing features. One way to do so is by using devices powered with quintessential technologies that are capable of presenting an amazing experience to the guests.
Some of these devices include smart switches, electronic key cards, and voice assistants. Voice assistants Amazon Alexa can be programmed to specifically cater to the demands of the customer staying in the room. This IoT and AI-powered device will enable hotel staff to monitor the preferences and likings of the guests and provide personalized services the next time they visit.
4. Smart Solutions for Hotel management:
IoT not only empowers hospitality businesses to provide outstanding services to its guests but also manage other tasks related to its conventional operations. By using facility management services of IoT, a hotel can manage the consumption of its utilities and reduce the cost associated with its usage.
Furthermore, these solutions can also be used by hotels to manage inventory and optimize resource utilization. Hence, hotels can reduce their manpower and cut costs. Moreover, these services will also aid the business to increase its guest satisfaction through its unique staying experiences.
The success of any hospitality business depends on the satisfaction it can provide to its guests. By using the technology of IoT and its features, a hotel can enhance its services and capture the heart of its guests.
IoT helps the hospitality business to enhance its services related to housekeeping and accommodation that in turn boosts the satisfaction of the customers. This also increases the reputation of the hotel chain which results in better business opportunities.
IoT in Healthcare is believed to achieve that envisioned ‘Smart Healthcare’ as it led to establishing a digitized healthcare system. What could we expect from Smart Healthcare with IoT? Connected medical resources and healthcare services as experts in the industry believe.
However, is it feasible? Alternatively, are we still talking about an imaginary world of healthcare services and solutions?
Although we know the healthcare industry suffers from many healthcare inefficiencies, IoT is considered as a game-changer for the domain. Convenience, efficiency, and automation are all IoT stands for.
Did you know that Healthcare in America is grossly inefficient? Due to this, the cost of healthcare services is high.
However, technology got the back of Healthcare and continually pushing up the sector to deliver better services with higher efficiencies.
Recently, the healthcare industry has gone through a significant transformation with the impact of IoT. According to Accenture, the forecasted value of the internet of healthcare things is expected to be $163 billion by the end of 2020.
IoT in Healthcare has shown to add value to critical healthcare operations. It is also believed to offer greater efficiency and accuracy in the operations of healthcare providers.
Let’s look at significant areas of healthcare services where upgrading systems and processes with IoT could bring significance is delivering value.
- Remote Health Monitoring
According to a stat, remotely monitored patients be 36 million by 2020, up from 4.9 million from the year 2015. World’s population has already become dense, and in that healthcare costs continue to increase. Individuals, as well as organizations, are seeking new ways to reduce costs and improve patient care.
In a scenario like this, IoT emerged as an excellent tech help for the industry. Using IoT, the healthcare industry is becoming capable of providing new services and solutions through remote health condition monitoring. Devices are in-built with sensors and actuators and are capable of collecting and sharing digital data to other remote locations using the capability of cloud. It is helping the industry enhance the patient experience as well as the efficiency of health professionals.
- Emergency Notification Systems
Innovation in IoT increases the number of connected devices, and emergency notification systems are one of its results. Due to connected devices and convenience of data sharing in real-time all due to IoT, today’s emergency notification system helps Healthcare overcome the two most essential in-efficiencies: speed and reach.
Reach is essential in medical assistance. IoT not only helps healthcare institutions and professionals to act proactively but also enable them to speed up the assistance processes.
Smartphones, along with innovative apps, are the most convenient way to collect health data and provide care. Besides smartphones, medical devices connected using a wireless networks also considered a vital health tool. However, one can look up to data and control and give command using the applications provided in mobile devices.
With the help of it, the patient can be monitored at home. IoT in Healthcare allows medical practitioners; on the other hand, the ability to set a patient-specific monitoring threshold as well as machine response parameters. It helps the practitioner look up to his patient not just from a remote location but also take action as per the change in the patient’s health.
There are several advantages of mHealth, such as remote patient monitoring at home, out-patient tracking, home nurse scheduling, remote diagnostics, and lots more.
- Wearable Heart Monitors
Heart rate is essential about your overall health. Heart monitoring is one of the easiest ways to gauge how well your body is working.
However, people usually avoid giving notice of irregular heartbeats or pain in the heart as they have to visit the doctor. However, today, smartwatches and fitness trackers are built with technologies like heart rate sensors. It has made it easy to keep tabs on your ticker without seeing your doctor. However, they’re starting to do a lot more than track your data.
- Point-Of-Care Medical Diagnostics
Point-of-care diagnostics though offered portability but lacked in delivering personalized and quick care — however, Point-of-care medical diagnostics with IoT.
Lead the industry towards smart and connected point-of-care that ensures personalized care and complete security at a global scale. It represents an excellent opportunity to provide sensitive, rapid, low-cost connected diagnostics through point-of-care medical diagnostics.
IoT not only helps patients and medical practitioners but also affects health insurance processes for better.
Connected devices have disrupted healthcare insurance completely. IoT based monitoring systems let the experts determine the trend in Healthcare. It enables them to come up with new strategies, i.e., replacing long-term health plans with short-term solutions explicitly designed as per individual needs. However, it needed precise data sets, and here, IoT in healthcare devices helps them collect. Having precise data, health insurance companies fine-tune their policies, and it also minimizes risks of losing funds due to unforeseen scenarios.
How IoT Exactly Helps?
Insurance firms are using monitoring sensor-based solutions which are today upgraded to perform IoT functions. These devices or solutions are biosensors, connected health devices, your Fitbit or other wearables along with mobile apps as a product in their insurance policies for monitoring and tracking your health factors, including customer behavior, identify kind of care needs to be served to a particular patient/customer.
This also helps policymakers design the bill accordingly and help them meet their target customers as well as their needs.
Having intensive and accurate data-set collected from IoT-powered health devices, health insurance companies are comprehensively stressing on the following processes for being predictable and forwarding with their policies and solutions foster customers spent more and more due to personalization.
Monitoring – Companies leverage IoT solutions and track patient behavior closely, such as their minute’s activity, and habits of day to day life. Smartphones, wearables, and other connected devices help companies significantly to collect data. They later consequently analyze the data to come up with predictive decision making.
Care optimization – Insurance companies also work closely with healthcare givers. You only get money once insurance claims are approved by the medical institutions.
IoT in Healthcare enables insurers to optimize your complete care. It helps customers avail exciting discounts on insurance premiums. Companies look up to IoT data along with analytical tools, and AI applied tools to have aggregated data.
With the help of analytics, insurers can quickly tracks which clinical processes would have a better impact on the patient’s wellness.
Payment – Payment systems are highly complex and often consist of multiple payers, insurance firms, government, and patients. In such scenarios, the industrial IoT system that provides real-time data as well as accessibility to enable care providers to get compensation for their services on time.
Having IoT in Healthcare, the industry can answer and overcome from in-efficiencies, such as:
- Waiting Time
IoT in Healthcare could significantly help reduce waiting time to get care. Availability of IoT powered devices lets the patient stay at home during the entire process. Even they don’t have to pay for an in-person visit to the doctor.
With IoT, a patient no longer needs direct medical attention; thus save himself from the stress of transportation, waiting times, and unnecessary additional tests. Therefore, no waiting time for healthcare assistance.
- Lost Time Accounts
A medical practitioner can’t recommend or suggest any healthcare support or service without looking into medical reports. Medical reports are essential, but it is challenging to keep them save and carry all the time. IoT that let the medical devices get access to data in real-time allows medical professionals to look up to patient’s information and reports.
It eliminates Lost Time Accounts from the process, thus fosters faster health support.
The future of Healthcare undoubtedly include IoT. Also, it is inevitable that IoT revolutionize the healthcare industry in several unexpected ways.
Artificial intelligence plays a significant role in the growth of the IoT sector. Artificial intelligence emulates the task more profoundly, Those performances were earlier limited to the human workforce, but now the Artificial intelligence development company has made a lot more noise in almost every sector by actually revolutionize everyone's lives.
The Internet of Things has been introduced in recent years with the objective to transfer data to other devices through the internet. IoT relies heavily on the internet connection that handles large volumes of data. IoT and artificial intelligence from the last two years are going hand in hand as these data helps in generating a lot more data that can be taken as actionable results.
Artificial intelligence helps IoT to handle the data on the basis of algorithms where they can convert data with the help of machine learning-based analytics. These AI Developers help the company to monitor operations that can give great insight from the data with greater accuracy.
Gartner predicts that by 2022, more than 80 % of enterprise IoT projects will include an AI component, up from only 10 % today.
How AI and IoT are Contribution to Growth
AI at work can access your IoT databases and know about your choices on the basis of last preferences, these personalized suggestions can easily make someone's life much easier. Here are some vital factors where Artificial intelligence affects the internet of things.
- Greater Revenue
IoT and AI are proving to be beneficial for most industries. These effects are enhanced by greater revenues and returns along with smart services-based solutions. With the extraordinary combination are transforming the workflows and other productivity of the businesses.
- Reduced Costs
AI and IoT ensure to reduce the operational cost by properly monitoring the smart sensors, meters, other fitted appliances. AI solution providers are providing impressive features that minimize the operational costs of households and business enterprises.
- Predictive Analysis
AI uses the power of analysis to forecast and minimize unpredictable incidents at the most basic level. It allows businesses to manage real-time data in determining the condition of machinery and equipment which are likely to break down in some time. Proper action can be taken prior to avoid any kind of damages or loss with an associated cost.
- Enhance Risk Management
A number of applications that integrate IoT with AI help companies to better understand and foresee a range of risks with the fast response, allowing them to better manage the safety of the workers, loss or any other cybersecurity attacks. This law enforcement identifies all the possible loss and tries to eliminate the threat before access.
How IoT impacts Industrial Sector
The manufacturing industries are integrating smart sensors with the help of IoT in order to perform enhance the efficiencies. These smart sensors help in detaching the threats be it aircraft, automobiles, household. By implementing Artificial intelligence solutions and smart sensors can help in diminishing the errors and also reduces the overall cost with the help of prognostic analysis.
#2 Smart Homes
IoT introduced the concept of a smart home where all devices are connected through a shared network. Through integrating this with AI, all of these apps will be able to understand the commands of their users and make smart decisions accordingly.
It can also help to reduce the cost of electricity by switching off devices when things are not used just by switching off the lights.
After the evolution of the latest IoT technology, all kinds of machines are run through sensors. We do not need to physically touch the devices to perform. These sensors are needed to identify the maintenance issue if any flight delays or cancellations, sensors automatically send messages to its passengers about schedule time or delays. Artificial intelligence solutions automatically transmit the issue, be it flight delays, cancellation or any other essential information.
AI and IoT cumulative impact would fundamentally restructure our personal and professional lives. Therefore, wise companies opt for a strategic and innovative strategy to control this incoming phenomenon and transform it into a huge opportunity for their company to escalate. These dependencies and AI and IoT are aiming to gather important issues that process and store data with the visionary approach that can easily escalate businesses. The IoT development company is reshaping the whole scenario by simply combining the AI and IoT functionalities.
The term Digital Transformation means different things for different people. Some people might think of it as switching from manual processes to autonomous processes, while for others it might be about the insights that the data brings, which can help in making business decisions. What can Digital Transformation or moving towards Industry 4.0 do for the manufacturing sector? It can lead to enhanced production cycles, increased customization, a focus on reinforced products and better access to information for employees.
About a couple of centuries ago, the Industrial Revolution changed the face of the manufacturing sector in the US and Europe. The last time we saw a massive revolution in manufacturing was when Henry Ford introduced the concept of mass production to the automobile sector. Years later, we are about to witness how digital transformation brings significant changes to the manufacturing sector. With the advent of digital transformation, manufacturers are adopting smart technologies to move from mass production to customized production.
According to PwC, out of 2000 manufacturing companies, 86% expect to secure simultaneous gains from both lower costs and added revenue from their digitalization efforts in the next five years.
The typical image that comes to our mind of factories and smokestacks when we think about ‘industry’ needs to change. With manufacturers embracing digital transformation, the face of a factory or manufacturing unit is transforming. As transformational technologies like IoT, Cloud, ML and AI mature, it is time for manufacturers to move towards Industry 4.0.
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Digital Transformation for Smart Manufacturing
Smart Manufacturing, also referred to as Industry 4.0, is a balanced combination of traditional manufacturing techniques and recent technologies such as the Internet of Things, cloud computing, data analytics, and machine learning.
The digitalization of the manufacturing sector, or as we call it – the fourth industrial revolution – has several related terms. Some call it the Industrial Internet of Things, while others prefer the terms digital factory or smart factory.
Regardless of the term that is used to refer to Industry 4.0, its aim is to create an end-to-end digital ecosystem by digitalizing a large number of physical assets throughout the value chain.
Until now, components of a smart factory such as sensors, cloud infrastructure, and data analytics were only available to large-scale manufacturers due to the resources and cash they were capable of allocating. Now, all of these technologies are a lot more affordable, allowing mid-size and small manufacturers to benefit equally from transformational technology.
Data is at the center of the Industry 4.0. Collection of data, data analysis, and communicating that data using a wide range of state-of-the-art technologies underpins the improvements that the Industrial Internet of Things is expected to bring. Let’s explore what manufacturers can expect to achieve as they embrace digital transformation.
1) Enhanced production cycles
Consumer demands and expectations are continually evolving, so the ability to alter products according to customer feedback can give an edge to a manufacturer. With the advent of new technologies, it has become much easier to make last-minute changes to the production cycles.
Predictive analytics can help resolve a range of operational issues, allowing manufacturers to improve quality control, boost operational efficiency, and create a safer production environment. Manufacturers will be able to predict when a manufacturing machine is about to fail or needs maintenance. In addition, they will gain access to asset performance data, be able to identify the elements that are delaying the speed of production cycle, and get insights that might be helpful in taking important production decisions.
2) Increasing demand for customization
Before a few years customizing products would cost more and require more time to create. Mass production was not an option to manufacture customized products, as the time and cost involved in creating customized products in different batches would skyrocket. With the adoption of technology, manufacturers have developed the ability to create personalized products based on demand at a competitive rate.
The reason behind this is the ability to feed the data regarding the features of a personalized product into the production machines, which would then consider all the customization parameters while working on the production line. This seems to be applicable even for lower-priced products, thus discarding the one-size-fits-all approach for low range products.
The demand for customization might be a source of worry for many manufacturers out there. However, it presents an opportunity to establish a loyal customer base by delivering the products with exact functionalities and features that the customers are looking for. This is great news for many budding manufacturing companies to get some market attention swapped from the big players. Moreover, already established players should also give enough consideration to product customization and adopt the latest technologies to stay in the game.
3) Reinforced products
Converting a traditional factory to a smart factory will result in assets and products that can monitor their own performance, predict failures, as well as notify operators about the maintenance needs. Getting to know the exact areas where the production process needs improvement can help the manufacturers to enhance the product and make it more relevant to the target customers.
Machine learning is going to have a major contribution in predicting asset behavior by analyzing historic behavior patterns. Other technologies that are set to transform the global manufacturing industry are virtual reality and augmented reality. Virtual reality and augmented reality can revolutionize the way products are designed and can provide live demos to deliver a realistic experience of the product. This can allow manufacturers to test the product even before it hits the assembly line, which can help save a lot of time and money.
4) Information access to employees
Digitalization of an enterprise brings in collaboration tools and platforms that provide employees with easy access to information that they need with the flexibility to access it from anywhere and from any device.
Manufacturers can also expect to gain some real benefits by giving a bird’s-eye view of the entire supply chain to the employees through improved CRM, ERP, and Customer Experience Mapping. Access to a common master data that is updated in real-time will give all the employees – working across different parts of the supply chain – one common truth, which will be up-to-date and reliable. This will allow employees to make informed decisions regarding products, assembly line, and the marketing strategy.
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Getting to Industry 4.0 status
Digital transformation is undoubtedly crucial for the success of manufacturing as well as other industries. At this point, the CTOs and CIOs who have already begun the process for digital transformation in their organization know that it is not just another market trend, rather it is the only way to stay competitive and relevant in the current market. The points that were covered here will crop up as manufacturers embark on their journey towards Industry 4.0 or a digital factory.
eInfochips has helped several clients in their industrial automation projects. Starting from the strategy phase to planning, implementation, and managed services, eInfochips has accompanied companies in their digital transformation journey. If your business wants to adopt digital transformation technologies as a part of Industry 4.0 initiatives, get in touch with us.
IoT stands for “Internet of Things.” Breaking down the phrase, we get two words Internet and Things. Internet stands for Interconnection of Networks. It was born in the late 1950s and was known as ARPANET. Experts say that the concept of IoT was taken with the ARPANET but, because of the lack of hardware and software support, it was tough to bring Internet of Things to the real world. Between 2006 and 2008 the first European IoT Conference recognized by EU. In this conference, experts talked about commercializing IoT. Finally, in 2009 CISCO was the first one to connect thing around us to the Internet. Later on, in 2009, companies like IBM and Ericsson also developed IoT solutions for the real world.
Smartphones were the first devices that connected people to the Internet even while roaming. This breakthrough came with the launch of the first iPhone. That is the first instance when IoT started impacting our lives. Since, then a wave has begun to flow across the globe to make everything around us, “smart.” The growth of IoT has been exponential since, 2009.
How IoT Affects Our Day-to-day Routine?
Our day starts at home and ends at home. IoT has reached to our homes and is spreading like wine. Households are getting smarter. Starting from the door from where we enter to the bed we sleep, everything is smart.
There are two types of Home Automation, semi-home automation, and complete home automation. Semi-home automation is where devices can do some of the daily tasks for us and have limited access to other gadgets of our home. Total Home Automation is where the gadgets have full access to the house.
Devices like Amazon Echo, Apple home pod, and Google home are capable of playing songs according to our mood, booking a cab, setting reminders, providing weather updates, making a call, controlling lighting, etc. and they do it via voice commands only.
The gadgets that we use daily are getting smarter as well such as IOT enable smart air conditioner, Fans and monitoring devices like gas meter, water meter, electricity meter, etc. IoT is also prevailing in security solutions for homes and offices. IOT enable Smart smoke detectors, motion sensors and intelligent bio-metrics database are already implemented in homes and offices.
The automobile industry has evolved quite a lot when it comes to automation and safety. Automatic Gearing system and electronic parking system have changed the way we drove the car. Some of the examples of how automobile industry is facing change because of IoT are automatic emergency SOS message, automatic service booking, maintenance alerts, automatic fuel sign, Trip analysis, breakdown information, etc. If there is an ideal car having all the specifications mentioned above, then the owner of that car will save a lot of precious time which others cannot.
Internet of Things is helping us save the environment by smart gas detectors. These gas detectors are spread across the city which collects data of all kinds of hazardous gases and measures its density in each area of the town. Using this data, we can take the appropriate steps to reduce carbon emission in the city.
Smart gas detectors have the capabilities to detect even a small leakage which could destroy an entire city if not fixed in time. IoT has the skills not to improve our lifestyle but also to save lives and towns.
More significant the building higher is the maintenance cost. IoT helps to reduce the maintenance cost by suggesting the most effective solutions to maintain a building by measuring its condition time-to-time. IoT can also help reduce the risk of the data security breach at any level. It also protects the structure from fires.
Blood Pressure and Diabetes are some of the most dangerous diseases that kill slowly. The risk of such conditions has reduced to a fantastic level as people started using wearable techs such as smartwatches and fitness trackers connected to their smartphones. According to a GFK survey, one in every three people around the world wears a fitness tracking device. Some of the fitness trackers also track the sleep and send the sleep data to their smartphones. The app creates a detailed report using that data which user can access from anywhere provided the internet connection.
How will it benefit us?
IoT is making everything around us smart as mentioned. As these things will get smarter, it is going to replace humans in performing all the non-productive tasks hence, improving productivity. The tasks which we would have never imagined to do as humans are going to be accomplished by IoT.
Control Homes Remotely
Robots connected to the Internet will clean our homes whenever instructed regardless of our situation. With the help of IoT, monitoring will be extremely easy. We will be able to see and control our home from far away via an app. Although, staying away from home, IoT will make us feel as if we are at home.
Preemptive Vehicle Maintenance
Any vehicle needs maintenance. In our busy lives we might not always get time to provide proper maintenance to it. IoT will help us complete the tedious task. It will send the remainder to car service center for us to send the mechanic and service the car. With the help of GPS we can also track it live on our phones so, no chance of theft. IoT will also benefit at the time of emergencies. The system present in car will automatically detect the type of emergency and ask for the relevant help.
No one can deny the Climate change happening around the world. We cannot reduce the global warming but we can surely stop them with the help of IoT. Smart sensors help us collect and organize pollution data according to Country, state, city and area. We already have the ways to reduce pollution all we needed was “data.” IoT not only improves our lifestyle but also save lives.
Eco Friendly Buildings
The concept of energy efficient building is prevailing around the world. Such buildings are known as “Green buildings.” IoT can help us save energy that is consumed in big corporate offices and public places. That energy can later on be used at the time of crisis.
All kind of wearable tech comes with GPS functionality and smart watches comes with Internet as well. Most of them has a panic button functionality through which we can alert our loved ones at the time of emergency. The heart rate sensor present in the fitness tracker tracks our heart rate 24x7 hence, it gives an alert to the nearest hospitals automatically whenever our heart rate deviates from the normal range.
Internet of Things has been impacting our lives since 2009 and is going to impact forever. The only difference will be that the impact will be much more than what it is today.
An alarming fact!
According to the UN projections, world population will rise from 6.8 billion today to 9.1 billion in 2050 that signifies food production has to be raised to feed the one-third more mouths.
And, the agriculture industry is accountable for fulfilling humans’ need for food, energy, and shelter (To a great extent). Furthermore, the agriculture industry composes less than 5 percent of the combined GDPs of the world.
But, there is one more distressing fact revealed by Bureau of Labor Statistics, employment of agricultural workers is projected to decline 3 percent from 2012 to 2022.
Why is this employment supposed to reduce? And, what farm owners or farmers would do to sustain the productivity, increase yield and feed additional 2.3 billion people by 2050.
The only solution to all these problems is Agriculture Modernization that has already started by some of the tech-savvy farmers. For the next generation agriculture fields, data collected from sensors would become the fertilizer to grow crops. It’s really perplexing but true.
Embracing IoT Solutions would uncover the new ways that tap the full potential of agriculture yield and alleviate all the challenges that hinder the growth of the crop. Before heading to know how IoT can turn out to be a magic bullet for the agriculture, let’s understand what IoT is.
IOT is the technology that extends the limit of internet connectivity from digital devices to physical objects. It enables the communication between digital devices, objects, and other systems. The data collected can be shared between person to person, machines to person or machine to machine, and data is stored and managed at Cloud.
With IoT, remote water valves, weather forecasts, pest control, food storage and transportation data, and monitoring system could be connected and information exchanged via sensors is available to the farmer on the mobile phones.
Now, take a look how IoT can make agriculture more profitable and crop healthier at every step.
Decide which crop is the best to grow on a piece of land
Every crop requires different atmospheric conditions and land to grow, but concluding the same is tricky. How could farmers find which land or other conditions are the best fit for their crop? It can be identified by conducting a survey for the agricultural land combining the power of artificial intelligence and IoT in unmanned aerial vehicle (UAV).
UAV, a small airplane used for the in-flight observation and monitoring that gathers data like- visual, thermal, and multispectral imagery, air pressure, humidity, the weather condition at resolutions up to 1 cm/pixel. This data is really helpful for the farmers to take the decisive step.
Moreover, UAV also helps farmers in knowing plant height, weed detection, plant-counting, crop health and changes in the plant in different seasons.
Making irrigation smarter
Water supply at the right time, in right quantity and at the right place plays a vital role in the plant’s growth. Water management remotely is also challenging task, especially the management becomes more difficult during the shortage of water, which may otherwise damage the crop.
Connecting humidity sensors, water valves and monitoring system, water supply for irrigation can be managed easily. Humidity sensors smartly measure the soil moisture and based on that data, water valves provide water to the field automatically without any human interventions. Also, any leakage in the water pipes can also be identified. The complete data is accessible to the farmers at distance on the mobile.
With smart irrigation, there will be the least wastage of water, water consumption in the field can be tracked, in drought areas the crop water management could be done efficiently and unauthorized water consumption (If any) is detectable.
Know weather forecast information in advance
Climate and weather influence the crop production at large scale. This dependency on weather and frequent changes in the climate sometimes damage the crops and ultimately farmers suffer from a great loss. How about if the farmer knows weather information before they decide plantation or harvesting of crops. It’d be great. Isn’t it?
With IoT farmers would get accurate weather forecast in real-time and based on this information, they can pre-plan the different activities. Also, in case of future contingency, right steps could be taken beforehand to prevent the loss to happen.
Evaluate the growth performance of produce
Despite having right irrigation facility, perfect weather and optimum pest management, plants won’t grow well. Constant performance measurement and evaluation is necessary, but for that regular visit to the field is arduous. Smart technology makes this work done from a distance with sensors.
Implanting remote sensors would check the soil temperature, humidity, air temperature, pressure and pretty more! Getting this data, farmer can plan accordingly like- change the harvest time, irrigation time, determine heat events and improve plant health.
When plant breeding is done in such a perfect environment, the better would be the food quality and increased production.
Check the level of nutrient in the crops
Presently, getting a good quality food is essential, but having the right level of nutrients is vitally important. Now, farmers can manage the level of nutrients in the produce. Bewildered? As, how is it possible to check, control or manage the level of nutrients in the food. But, yes skyrocketing technology has made it possible.
The nutrient analyzers are built where sensors monitor the level of nutrients in the crops. Every sensor relates to a specific ion that would sit on one side of the membrane and when water passes through, these sensors detects the ion presence and its quantity. Simultaneous measurement of six ions can be done in the real-time. The analyzer is synced with mobile phone where all the data is displayed.
During plant’s growth, farmers knowing the ion level, they can change the mix of nutrients and improve the plant’s yield. Moreover, changing the proportion of nutrients, color and maturity rate of produce can also be altered.
Control the pest at the fingertips
Yes, the healthy crop becomes a prey to pests effortlessly and farmers have to suffer from a great monetary loss. It’s very crucial in the whole crop production cycle to identify when these pests would attack and what quantity of pesticides need to be used.
Here pest control sensors would help. The sensors monitor the pest behavior, pest’s population, and analyzes environmental parameters and plant growth. Based on this data the pesticides are automatically sprayed into the field at the place where it requires and in the right amount so that pests are disrupted initially.
The complete record of the pest’s attack on the crop, the amount of pesticides sprinkled and how much crop production is affected could be tracked. Implementing IoT reduces pesticide usage in the field and keep crop healthier.
Monitor the food storage safety
Once the crop is harvested, farmer’s work is not done. If you are thinking so, you are mistaken. As, crop storage is an essential part of the crop production process. Employing the correct grain storage techniques includes maintaining the accurate temperature, humidity, air control and pressure in the warehouse. But, getting real-time information is difficult and info received lately would result in the severe damage.
Integrating different IoT sensors at storage place would allow farmers to monitor the crop storage in real-time, control the storage temperature, humidity and a lot more. Plus, they would receive the alerts, in case any set parameter in the grain storage changes.
Bring coordination in logistics
Transferring the yield from storage to the market at the correct time through right means of transportation is very crucial. By optimizing the supply chain, farmers can reap good monetary benefits and reduce losses or overhead expenses.
With GPS sensors, the owner can easily track where the transport vehicle is and exact its location in the real-time. It helps in monitoring the vehicle and providing help to the vehicle in any emergency. Plus, installing the thermostat sensors in the vehicle would sense the change in the set temperature and if any fluctuation is found, then the owner would be informed.
With the potential IoT innovations in the agriculture industry at large scale would certainly bring a global shift in the way farming is done and yields are produced. It is predicted that by 2025, there would be 600 million sensors implanted on 535 million farms worldwide and in 2015, these sensors would grow by three folds by the year 2020.
It concludes one thing- Be tech savvy to grow more and if you want to yield more, embrace IoT in your fields to stay at the to
The deployment of the Internet of Things (IoT) has disrupted niche organizations across multiple industries like financial services, technology, agricultural equipment etc. The organizations are shifting from traditional products to smart offerings and outcome-based deliverables.
Evolution of technology
We have progressed from reading a physical copy (paperback and hardcover) of the book to reading it on your device or on Kindle. We furthermore explored the traditional way of reading a book with the audio version of the book. We now can not only download the book and read it anywhere on our smartphones but can also just plug in the earphones and listen to it. This is defined by the progressive model by Amazon:
Amazon →Kindle →Echo →Audible
We need to evolve in a similar manner in the industrial world by thinking of the offer from the consumer’s perspective. Efficiently creating and monetizing value shared by IoT solutions will lead us to profitable outcomes.
Impact of IoT on businesses
Machina Research expands the scope of its IoT forecasts and highlights a USD 4 trillion revenue opportunity in 2025.
Business models require thinking through the consumption side of the offer (demand side). This explores the demand of the product and its usage. Your customers don’t merely purchase your product. They furthermore look for more opportunities – what they want is what your product can do for them. And hence, it is important to understand the consumer aspects of your offerings. Moreover, the business models also require thinking on the production side of the offer (supply side). This helps you better understand how the IoT product is created and delivered for a symbiotic growth.
Let’s further explore various IoT-based business models.
Product Business Model
This model enables to provide your customers with a physical IoT product and the software. You gradually can upgrade the software by notifying the customers of its cost and it will mirror the results at the consumer-end directly.
Let’s take an example of the self-driving cars. The company doesn’t have to additionally provide any product to the users; instead it can continuously improve the car by updating its onboard model and application. The firm can introduce a new feature and update its users by sending a notification. The users will just have to update the system to leverage that feature.
You can also use this model to collect data to create information service products to eventually sell with the product-service model.
Product-Service Business Model
This is a hybrid version of the traditional product business model and the newer service business models. This model enables organizations to offer a physical IoT product along with an informative model. Implementing information service to a product based on its collected data will ensure incremental revenue and provide a competitive advantage. Providing continual information to monetize the availability of the analyzed data that enhance the consumer’s process is the key of this business model.
Let’s take an example of ‘connected vehicles’. With the attached Onboard Diagnostic II chip, users will be able to know the temperature, RPM count, pressure, engine load, location of the vehicle, and fuel level. This information-based model revolves around vehicle safety, saving fuel and ultimately, reducing the maintenance cost. This information or data is the key for predictive maintenance that allows the customers to know the health of their vehicles to further avoid any mishap.
Service Business Model
This is a XAAS – Anything As A Service business model. The company rents a physical product with IoT solution and pays for it only for a period while it is running or working. The service business model is not exclusively related to software or physical products; it can also include the information products. This model allows the organizations to have a predictable and recurring revenue stream by providing their IoT services to the customers for a certain time period. However, your IoT solution must not only have value as a service, but, it must be aligned with how the customer expects to receive, consume and pay for the offering.
Let’s take an example of jet engines. The customers that don’t want to own and maintain the engines by themselves lease the IoT-based jet engines from the seller. The seller also provides maintenance by implementing predictive analytics. The customer pays for only the times where the engines were running and producing outcomes for them.
Service-Outcome Business Model
In the service-outcome business model, the seller becomes a business partner. There are two aspects of the service-outcome model. The first aspect is similar to the service model but instead of focusing on offering a single solution, there are product lines that are monetized. The other model comprises of monetizing based on the outcome or the performance of the offered solution.
The service-outcome business model has an add-on payment based on saving that incentivizes the vendor to improve its customer’s business. The add-on payment in this situation would be related to the reduction in human operating expenses.
Let’s take an example of the mining industry. Instead of providing the mining equipment, the company provides IoT solution for the equipment to their customers. And based on the data collected with the use of that IoT solution, the company can further adjust the equipment in accordance with the parameters of the better-performing ones. By adopting the service-outcome business model, both, the buyer and the seller receives an incremental value. This enables them to establish a baseline and generate a percentage of the incremental revenue or incremental savings based on phases or milestones.
Outcome Business Model
The final business model comprises of an entire IoT ecosystem. It brings together the producers (vendors) and the consumers (customers) of the IoT technology in order to monetize the solution. Instead of partnering with multiple vendors, the customer becomes part of an ecosystem that delivers the desired outcome.
This goes beyond the service-outcome business model where payment now is completely based on performance. This allows the alignment of the business models of the vendors with that of the customers.
Let’s take an example of smart farming. The outcome business model focuses on providing a bundled solution for an effective agricultural solution. Instead of providing separate solution for monitoring the moisture level of the soil, the sunlight, and the CO2 emissions, this model offers a set of solution that combines all these in a package. Separately, each of these separate product categories provides value, but when allied, dependencies are organized, creating greater value than the sum of the parts. This enhances the monetization aspect of the solution for the customers as well as the vendors as the payment will take place according to the outcome that each solution provides.
Analyzing business needs through IoT
The greatest challenge in implementing IoT isn’t technical. The key challenge lies in the business aspect. The challenges are further followed by lack of standardization and strong security. However, these are not the kind of challenges that can’t be addressed and solved by any organization. The key focus should be on using IoT technology to deliver and monetize outcomes.
Business issues may be more challenging than technology. Inculcating IoT solutions into your business practice does not mean you must change your business model too. It is equally important to align your sales and distribution goals along with implementing IoT initiatives. You can then continue on the IoT business model continuum as the time progresses.
Outcomes effectively revamp industries. They impact the business in a way that enables you to identify your competitors and partners. This reduces competitive risk and prepares you to decide when to spend the time and the resources needed to develop your IoT business and product line.
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