Why is IoT exciting?

Why is IoT exciting?

As a quick refresher on what exactly IoT is, it refers to the idea that everyday household objects — such as your dishwasher — can be connected to a network, thus sending real-time data on improvement and upkeep. Tesla actually somewhat predicted the idea in 1926!

In our next post, we’ll look at the implications of IoT on field service management. For now, though, we want to concentrate on some of the overall benefits of the Internet of Things. Why should technology moving in this direction excite you?

You’re already beginning to see this with devices like FitBits and a Health app built into iPhones, but the Internet of Things promises a world where real-time health information is being tracked. While this is scary to some — think about a science fiction movie where everyone has a chip implanted — it can also be very beneficial to people understanding their health peaks and valleys, vital signs, and more. Potential risks can be identified way faster than the prevailing current model of “See a doctor if I think I might be sick.”

Financial Savings
Everyone wants to more effectively manage their budget, from individuals to organizations. This could be a major boon for field service management budgeting, as we’ll address in our next post, but the implications are massive across all fields. Let’s say your refrigerator is able to send information about maintenance and service directly to the retailer, or the nearest repair shop. There’s one sizeable fiscal advantage; the repair shop can contact you and offer you a price break because of early detection. Imagine that same refrigerator can essentially be ‘e-mailed’ 4 recipes you plan to use that week, and tell you the exact shopping list you need based on what you already have. That eliminates the all-too-common excess purchases once at the supermarket. Simply by connecting an inanimate object (refrigerator) to a network, you’ve found ways to reduce costs and waste.

Do you travel for work a decent amount? Are airports often the bane of your existence? IoT might make that better, as we’re currently seeing in London. Airports can use IoT around arrivals and baggage claim, which can send real-time data about how many workers are needed in a given area. They’ve also been able to use information from the aircraft themselves to turn around a plane in less than 30 minutes for a second departure. The whole idea is maximum effectiveness based on information — which is something many travelers have wanted to see from airports for decades.

Overall Economic Benefit
In addition to your household or organizational savings, IoT might represent $1.9 trillion of economic value by 2020. What’s good for the goose might well be good for the gander in this case.

What other benefits are you thinking could come from IoT?