4 Industries that Are Slowly Being Transformed by the IoT
In 1999, Proctor and Gamble innovation and consumer expert Kevin Ashton was the first person to coin the term “Internet of Things.” Even Ashton probably never imagined how disruptive this future technology would be. Smartphones hadn’t even been invented yet, but he was already starting to see signs that technology would be more connected than any other time in human history.
As a young high school student at the time, I began making similar predictions the year before Ashton coined the term. Of course, my visions mostly revolved around the impact this future technology would play in my personal life and those of other customers around the world. My 14-year-old self didn’t think much about the implications for businesses on a global scale.
Most other analysts have also restricted their forecasts to the best custom essay consumer market. They have only recently begun to discuss the substantial impact the IOT will have on SMEs and multinational corporations. As the IOT becomes more mainstream, it is expected to affect countless industries around the world.
Here are some of the industries that will be affected the most.
Agriculture
According to a report from BI Intelligence, the agricultural industry will be affected by the Internet of things more than most others. Agricultural companies of all sizes are expected to install around 30 million more IOT devices in the next few years.
Why is there such strong demand for IOT solutions in the agricultural sector? These devices can play a huge role in increasing crop outputs. They can help determine:
· Whether crops have received the optimum amount of water
· Which crops have access to the highest quality soil
· If any weather changes are likely to threaten the crops
· If there are any tests that are likely to destroy them
Minimizing the loss of crops can substantially improve the ROI for farmers of all sizes.
Marketing
Since the beginning of the 20th century, marketers have been investing in new technology to better understand the behavior of their customers. Having access to valuable marketing data helps them minimize their CPAs and increase the expected value of each customer. The Internet of Things gives them access to unprecedented data that will shape their strategies in the coming years.
For the past decade, marketers have been encouraging customers to engage with them through mobile devices. This has given them the opportunity to solicit input on products and services.
As insightful as this data has been, other devices give them more valuable insights. Wearable products are probably the best example. They provide detailed marketing data on the behavior of their customers when they don’t feel pressured to provide specific responses to a marketing research team.
Insurance
Insurance companies are always trying to calibrate their actuarial models to offer lower premiums and minimize their exposure to high risk clients. The IOT gives them the opportunity to do this. Many car insurance companies have started offering incentives to customers that use tracking technology to show whether or not they are speeding. These tools help them identify the risk profiles of various drivers and offer lower premiums.
Security
Marketers aren’t the only professionals using IoT devices to understand human behavior. Security professionals are also using them.
The most obvious benefits of IoT devices in security are to better monitor their surroundings. Video feeds can be streamed from remote devices to computer networks anywhere in the world.
However, there are less obvious and equally valuable applications. IoT devices give security professionals a deeper understanding of human behavior. They can look at data from security footage, wearable devices and mobile maps to predict user behavior and biological rhythms. They can use this information to detect abnormal behavior, which can suggest that people warrant closer surveillance.
As a young high school student at the time, I began making similar predictions the year before Ashton coined the term. Of course, my visions mostly revolved around the impact this future technology would play in my personal life and those of other customers around the world. My 14-year-old self didn’t think much about the implications for businesses on a global scale.
Most other analysts have also restricted their forecasts to the best custom essay consumer market. They have only recently begun to discuss the substantial impact the IOT will have on SMEs and multinational corporations. As the IOT becomes more mainstream, it is expected to affect countless industries around the world.
Here are some of the industries that will be affected the most.
Agriculture
According to a report from BI Intelligence, the agricultural industry will be affected by the Internet of things more than most others. Agricultural companies of all sizes are expected to install around 30 million more IOT devices in the next few years.
Why is there such strong demand for IOT solutions in the agricultural sector? These devices can play a huge role in increasing crop outputs. They can help determine:
· Whether crops have received the optimum amount of water
· Which crops have access to the highest quality soil
· If any weather changes are likely to threaten the crops
· If there are any tests that are likely to destroy them
Minimizing the loss of crops can substantially improve the ROI for farmers of all sizes.
Marketing
Since the beginning of the 20th century, marketers have been investing in new technology to better understand the behavior of their customers. Having access to valuable marketing data helps them minimize their CPAs and increase the expected value of each customer. The Internet of Things gives them access to unprecedented data that will shape their strategies in the coming years.
For the past decade, marketers have been encouraging customers to engage with them through mobile devices. This has given them the opportunity to solicit input on products and services.
As insightful as this data has been, other devices give them more valuable insights. Wearable products are probably the best example. They provide detailed marketing data on the behavior of their customers when they don’t feel pressured to provide specific responses to a marketing research team.
Insurance
Insurance companies are always trying to calibrate their actuarial models to offer lower premiums and minimize their exposure to high risk clients. The IOT gives them the opportunity to do this. Many car insurance companies have started offering incentives to customers that use tracking technology to show whether or not they are speeding. These tools help them identify the risk profiles of various drivers and offer lower premiums.
Security
Marketers aren’t the only professionals using IoT devices to understand human behavior. Security professionals are also using them.
The most obvious benefits of IoT devices in security are to better monitor their surroundings. Video feeds can be streamed from remote devices to computer networks anywhere in the world.
However, there are less obvious and equally valuable applications. IoT devices give security professionals a deeper understanding of human behavior. They can look at data from security footage, wearable devices and mobile maps to predict user behavior and biological rhythms. They can use this information to detect abnormal behavior, which can suggest that people warrant closer surveillance.
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