The Internet of Things with Terry Brock PT 1
Steve Brumer, a partner at 151 Advisors and a mobile/wireless industry expert talks to Terry Brock, a marketing expert from Business Journals. Steve and Terry discuss the meaning of “Internet of Things (IoT),” the idea that you can connect things whether it is a business product, consumer product, car, or meter through the Internet. Steve highlights the type of connectivity that can be used through the Internet cloud and the latest trends in the industry.
The Internet of Things started out as M2M and switched when Cisco started using a new acronym. Connectivity through the Internet cloud brings back data. Most of the time, this connectivity is wireless. Companies interested in IoT should look at the size of devices, the size of products, and things to communicate. In home automation, IoT could be wireless or wired, but in the outside world, it makes more sense for devices to operate on a wireless basis.
IoT can help businesses in different ways, but it depends on what the business does. From a retail business perspective, IoT can help business control the facility remotely, utilize mobile advertising, trigger alarms, and integrate RFID tags. Retail businesses can use knowledge from data to analyze what is going on in their facilities. This can increase efficiency, increase productivity, and save on inventory controls. It can be hard for small and medium sized businesses to understand the possibilities and opportunities for IoT, but the possible overall productivity gains can add up with more and more information.
From a B2B standpoint, Internet of Things has the ability to offer a lot more control. For example, one client rolled out an alarm system for retail stores, but it was also tied to payroll and tied to understanding the efficiency of people moving in and out of the store. The store knew when to add shifts, what the peak times and peak days were because of the ability to monitor changes. From customer phones, the store executives also knew where people were in the store and could use that information to put employees around the store. With the ability to track movements through the store and studying the points of sales, the gain was amazing.
The Internet of Things is also tied to big data. One client, Illuminate 360, built a big data analytics package. The package took data, analyzed it, and then could use it how a company wanted, whether that was accounting, sales, etc. Another client in Lithuania used a retail store analytics product and information from sensors in retail stores.
Businesses interested in using the Internet of Things have many options. They could look into the automation of power requirements and lighting in retail, office, and home spaces. Internet of Things consulting shows people how they can save money and be more efficient. Many times, IoT is thought of as consumer oriented, but 151 Advisors see it from an enterprise standpoint. Looking at the idea of how to control lights, water, and controlling facilities, companies have to look at how automation through IoT and connectivity can be used to their advantage. Usually, IoT and connectivity is the last thing companies think about, because they are focused on sales and revenue. In the future, lighting, alarms, and garage doors can be applied to a small-medium sized business standpoint, like tracking deliveries, tracking facilities, and ease of use.
151 Advisors offers a full IoT, M2M practice with a series of white papers and practical case studies about what is going on in the IoT space.