Internet of Things: how big is the next big thing?
By Bruno Mommens (Delaware Consulting)
The buzz surrounding the Internet of Things (IoT) is big. In 2020 more than 50 billion devices will be connected to the internet. The amount of data coming from these devices will be enormous. But what does IoT mean for your business in particular? Is IoT really the next big thing or should we sit back and wait for the hype to move on? It’s hard to predict where exactly IoT will be in a couple of years, but one thing is for certain: the potential is huge!
Why is that? Well, because IoT ultimately leads to business model innovation. The real value of IoT can be found at the intersection of gathering data and leveraging it. By combining the intelligence from a multitude of interconnected devices with other information sources, innovation can take place at a much faster pace. And with sensor technology getting cheaper, networks getting faster, data storage getting bigger and the cloud being within reach of everyone, all barriers to start experimenting with IoT seem to have broken.
Connecting to the cloud
Grasping the potential of IoT isn’t the hard part, finding a business case for it within your company is. To help companies make IoT more tangible, Delaware Consulting developed a state-of-the-art demo, built on IoT on HCP, illustrating how IoT can enrich your business processes.
Four IoT-enriched processes
A second set-up takes us to the production floor where a 3D-printer is equipped with both temperature and energy sensors. The sensors capture data every second and send it several times per minute to the HANA cloud platform, where it is stored and is then available for further exploration. When do energy peaks occur? How can these be leveled out? How do engine temperatures evolve, so that we can develop a predictive maintenance model? All the data required to crack this puzzle is available at a glance.
Need more inspiration? Imagine a warehouse where every pallet has its RFID-tag making it possible to know exactly which goods are entering and leaving the warehouse. Also, getting full transparency on stock levels and stock movements without any manual intervention. Finally, reducing incorrect shipments through instant validation of the truck loading process. Real-time insights that allow warehouse managers to increase service levels, customer satisfaction and operating efficiency.
The fourth and last process in which the demo displays the power of IoT is transportation. Temperature and humidity sensors, combined with GPS-data, allow you to monitor and manage the cold chain in, for example, the food, floral or pharmaceutical industry. The data provided by the sensors ensures full traceability of the goods during transport and allows companies to inform their customers timely when deviations occur. The benefits? Real-time monitoring, traceability and a much more proactive approach to problem solving.
Towards business model innovation
So start exploring your data and start making sense out of it, to make sure you don’t get outpaced by the competition. Data is the key, not only to product and service innovation, but to true business model innovation, generating new revenue streams and driving new customer value. Interested in how your business can benefit from IoT? Check our demo!