Anyone engaged in IoT or exploring how IoT could be part of their business will be fully aware of the eye-watering numbers that surround the opportunities presented. Looking behind these numbers offers some comfort - there are now numerous case studies and deployments demonstrating the benefits IoT offers across a diverse range of industries, from agriculture and retail to utilities and transportation.
In sectors such as local government and Facilities Management, IoT is already being adopted at pace with use cases such as Smart Parking and Environmental Monitoring showing compelling results by driving efficiencies, improving legislative compliance and increasing safety.
We've also seen IoT put to good use by insurance and facilities management firms in water temperature monitoring and lead theft detection solutions. The technology can identify risks early and reduce the need for regular attended patrols across thousands of locations.
The primary driver for the majority of enterprise IoT projects (54%) is cost saving - far outweighing any upfront investment and even presenting additional revenue-generating opportunities.
What is stopping IoT?
Having launched with a fanfare of promises, the IoT has, until recently, under-delivered against expectations. The reasons vary but key themes include the cost of deployment, lack of low-powered wide area network availability, power-hungry devices, and projects failing before they are released from the grips of the IT team.
One of the less obvious barriers is the complexity of the value chain. IoT solutions are not just one device sending a message to a Google Doc via the internet. Many project leaders swiftly discover the challenge of procuring devices, edge processing and connectivity services, cloud storage, analytics platforms and machine intelligence solutions that integrate with each other, are available in the required location, and work with existing management systems.
Putting faith in the PoC
In spite of these challenges, proof of concepts and trials across sectors have provided strong evidence of success. Strong business cases have emerged, driving demand for the expansion and rollout of IoT technology at scale.
In parallel, the introduction of new, low-power network technology has reduced the entry level to IoT and supported the mass rollout of low-cost sensors. This technology enables deployment of equipment over up to 10 years. Business cases can therefore be measured over time, making IoT an even more compelling proposition.
Making a difference
At IoT Solutions Group we passionately believe in working with clients to design the whole solution, from end to end - across the IoT value chain. A Smart Parking project being delivered with one local authority secures benefits across multiple departments including revenue collection and traffic management, whilst also delivering lifestyle improvements for local residents.
Similarly, Smart Bins offer a simple return on investment - by providing fill-rate data to the authority's logistics team, we can support smart routing of the waste collection fleet, driving huge cost savings and wider environmental benefits.
In summary
The IoT has a bright future. The potential for business is huge and - for society as a whole - it's even greater. Based on our market experience we are excited to be at the tipping point where the much-promised benefits are now being realised, the stories told, and the lessons shared. Only by listening, learning and adapting will the IoT transform business and become the most significant catalyst enabling the next industrial revolution, Industry 4.0.