The Internet of Things (IoT) is the concept of everyday objects — from industrial machines to consumer devices — using built-in sensors to gather data and take action on that data across a network. The article gives you the brief about “Internet of Things – Enhancing Efficiency & Convenience”.
In the last decade, the Internet of Things has made the leap from conceptual to actual.
The number of IoT devices increased 31% year-over-year to 8.4 billion in the year 2017 and it is estimated that there will be 30 billion devices by 2020. The global market value of IoT is projected to reach $7.1 trilllon by 2020.
Today, there are internet-enabled devices all around us —- be it In our cars, homes, sports equipment attached to our bodies and even ingestibles. Wearables, like fitness-tracking bands and smart watches are part of our daily lives that help us track our health goals. Driver-less cars is another emerging area which will touch us closely. IoT is going to change the way we work, solve climate change, fix our political system, and ensure that we can always find a parking spot!
Adoption of IoT is delivering great value. It is reshaping customer experiences by offering new avenues of engagement and boosting operational efficiency with new insight into the entire value chain.
Though it is still early, evidence of this value Is mounting. For example Uk’s utility power provider, National Grid, is using IoT to maintain the health of the electrical network in real time. Robert Bosch is developing intelligent, interconnected automotive products for smarter vehicles. And Vodafone is gathering & analyzing information from sensors in Spanish cities to improve nearly every system that facilitates life in Urban areas — mobility, emergency management, waste Management and energy, water, education, and healthcare.
Trenitalia, the main Italian Train operator has used loT to deliver improved reliability and compelling cost savings through predictive maintenance… Brake pads, for example, had always been replaced according to standard maintenance plans based on distance (kilometer) intervals. Through IoT Trenitalia now Knows that route-specific factors (hills, curves and local routes with many stops), along with kilometers, have a direct bearing on brake pad life.
As IoT projects become reality for some organizations, lessons from Trenitalia’s journey can be leveraged, aligning IoT to desired business goals. For example IoT can be internally focused, such as Improving your employees’ safety In a hazardous production environment, or externally oriented, such as improving patient outcomes in an acute care setting.
The epi-centres of IoT adoption in India are likely to be smart cities (cities where local governance is IT based to improve quality of life for it’s citizens), smart manufacturing, energy management, video surveillance and fleet management.
According to a Nasscom and Deloitte report, the IoT market in India is expected to reach $15 billion by 2020, accounting for 5% of the global market.
A true IoT pioneer, a third of Coca Cola’s vending machines were connected to the Internet way back In 1982. Today, the company uses IoT to fine-tune their contextual engagement strategies, offer self-service In one click, understand the customer purchasing behavior, re-imagine customer loyalty, and trace spikes in consumption to Improve targeted marketing. In one instance, getting data from IoT-enabled vending machines led Coca-Cola to come up with a new Cherry-Vanilla Coke mix flavor.
British beverage company Diageo, has begun using sensor equipped “smart bottles” for its flagship Johnnie Walker Blue Label whisky. Since more than 50 percent searches about its brands happen via mobile within a few feet of the bottle on the shelf, the sensor allows Diageo to send personalized communications to consumers who read the tags with their smartphones.
These tags also allow tracking of products across the supply chain, in-store and to the point of consumption. The sensor tags remain readable even when the factory seal has been broken. This provides an additional layer of security to protect the authenticity of the product.
IoT is Covering other Dimensions:
IoT is behind the Smart Street Lighting Project in Jaipur. The project is expected to benefit 1.65 million people through improved street lighting and will reduce greenhouse gas emissions by 36,750 metric tonnes/year. It will result in $1 million per year in fiscal savings accrued to the government of Rajasthan due to reduced energy consumption.
Escorts, India, launched the country’s first smart tractor. These tractors with self-driving technology will help farmers save time and maximize output. The new product is styled by Germany’s Porsche Design, a subsidiary of luxury car maker Porsche AG.
Chitale Dairy in Bhilawadi, India, which sells nearly 60 million litres of milk annually from its dairy farm and small surrounding farms has with the help of experts, developed an IoT solution to help keep livestock healthy and produce at a 10x higher yield through big data and analytics, automated farmer to-do lists and computerised breeding management.
Local farmers noted that this digital transformation allowed them to receive messages on cows’ pregnancies, vaccinations and changes to their diet — key drivers of their constant growth and overall profits. Cows have been tagged with radio frequency identification (RFID) labels on each ear which, when scanned by an RFID reader, transmits information about each one of them back to the data centre.
RIO Tinto has been using self-driving dump trucks in Western Australia for the last decade. All the vehicles are joined into the Autonomous Haulage System (AHS) allowing the staff to manage the fleet remotely. And the Company’s Mine Automation System (MAS) provides a real-time 360-degree view of all the mining operations, comprehended via 3D visualizations for the purposes of predictive maintenance, smart scheduling, and servicing.
Hitachi has developed an IoT-enhanced production model that it claims has slashed production lead times by half within its Omika Works division, which manufactures infrastructure for electricity, traffic, steel manufacturing and other industries.
BUILD A BLUEPRINT
Getting your IoT project off to a good start Is essential to long term success, but the IoT is not a “one size fits all” solution. Implementing the right IoT solution requires an IoT architect, who must be able to employ ‘solution level” thinking. And as with any emerging technology, the recipe for success involves a mix of technical knowledge, business acumen and delivery skills.
The Internet of Things is undeniably large and complex. But the strategic approach to capitalizing on IoT is relatively straightforward. Any successful implementation requires a cohesive strategy that addresses four critical areas of IoT in an integrated manner:
Also it is critical to reassess IoT projects periodically during implementation to validate that the project will still deliver the business goals, objectives, outcomes and business value originally expected as often it is seen that IoT projects are challenging for enterprises and that they take some unexpected turns as they go through the architecture and implementation process.
It is estimated that by 2020, more than 65% of enterprises (up from 30% today) will adopt IoT products. However, a lack of data science specialists will inhibit 75% of organizations from achieving the full potential of IoT.
REAL VALUE OF IOT
The real value that the IoT creates is at the intersection of gathering data & leveraging It. However, all the Information gathered by all the sensors in the world isn’t worth very much if there isn’t an infrastructure in place to analyze it.
Given that 80 percent of the IoT data generated Is unstructured, companies are becoming overwhelmed with making sense of the vast amount of data. Artificial Intelligence (Al) Is critical to making sense of all this data to enable people and things to work smarter and better.
THE CONNECTED HOME
In the connected home, a garden-watering system might monitor and irrigate plants and be connected to and controlled by a smartphone app. When a system is more complex, then watering system would be connected to the water supply utility and use intelligent cloud services to combine weather forecasts and pricing to minimize costs.
In times of drought, the system might prioritize using limited water supplies for more valuable plants. Consider smart meters that are capable of reading individual water consumption In real time and preventing wastage by detecting leaks and shutting off the water supply remotely. In five years, more than 500 million smart water meter units would be sold globally.
The more connected things there are, the more chance there is that they will have to use multiple apps to control and monitor their home. Consumers are increasingly looking for one app for one integrated smart ecosystem. As a result, for connected-home products to achieve mass-market adoption, continued efforts are needed to integrate providers and apps.
PREPARE TO DO BUSINESS WITH THINGS AS THEY BECOME CUSTOMERS
What if your customer’s electric vehicle found the nearest charging station, reserved a spot and then paid your company for it? Or your customer’s dishwasher told you, the manufacturer, when It was ready for service and scheduled the service call on the customer’s behalf? Things becoming customers will fundamentally change the vendor/ customer relationship in many industries.
Things will make lives easier, both at work and outside of work, by handling routine tasks, and It’s not a stretch to see how they will move from simple ordering to negotiating. By 2020, it is estimated that internet-connected things will outnumber humans 4-to-l, creating new dynamics for marketing, sales and customer service.
For large-scale adoption and making IoT mainstream, there Is a need for leaders, decision makers and technology experts to collaborate and identify IoT applications that would lead to performance enhancement of repetitive processes based on dependable data and enabling scalability leading to significant monetary benefit to the organisation.
The possibilities of reducing dependence on humans for assembly line production on the one hand and creating Innovative offerings and customer delight on the basis of Insights derived from the connected devices on the other, could become the game changer for the manufacturing industry.
Whether it is the developed countries which had outsourced manufacturing to China and other such countries on account of high labour costs and are now considering bringing back some of the manufacturing activities or It is those countries who could not manage economies of scale and hence had to depend upon imports for their needs or countries like India who Nave the potential to design and implement cutting edge digital solutions in manufacturing, every one of them could go on to creating a niche for themselves and become a winner.
In the ultimate analysis, winners will be those who have access to deep insights on the buying behaviour, have the right talent mix to function in the dynamic environment, are able to customise the solutions to service each of their segments and are able to combine innovation with speed on a continuous basis.
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