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IoT technology saves both insurance companies and those they insure directly and indirectly. Demonstrating this to potential clients can secure you some “big fish” as an IoT agency— CEOs and CTOs take note!

Here’s the angle: collateral savings are still savings. If you save three days of waiting, that’s three days you can do something productive. Imagine getting in a wreck and waiting several days for an appraiser to reach you. In the meantime, you have no car and must work out travel solutions for yourself. But with IoT, that is changing. One example that’s very tangible is a downloadable smartphone app which allows those involved in an accent to file an insurance claim without the need of an appraiser. One example is called PhotoEst and it’s commonly used by USAA.

Say someone backs into your car in your driveway. You get their insurance info, they get yours. You call the insurance company and it turns out your area is too remote for an appraiser to reach you unless they travel for several days. Or, you can download an application, snap some pictures, and have your settlement check direct-deposited in your account before the week is out. This is a rudimentary IoT application, and it is only one example of many notable ways in which the insurance industry has begun to totally transform. Several others your IoT agency should familiarize itself with, if it already hasn’t, include:

• Geospacial applications
• Environmental sensors
• Connected biometrics
• Diagnostics

Geospacial Applications

IoT technology can gather information concerning braking patterns of policyholders, their turning patterns, how these factors compute when distance is factored in, and many other factors. This gives policy-holders what’s known as UBI or User-Based Insurance. For those who don’t drive like maniacs, this can mean a substantial cost-reduction in their insurance bill. For those that do, insurance companies can hike up the price of coverage, allowing them to safeguard interests. If you work in insurance, you already know statistics are the name of the game. As vehicles become more computerized, you can bet this will be a defining factor in coverage going forward.

IoT also helps policyholders refrain from avoidable incidents. Certain weather-sensing equipment can tell if, for example, a storm with hail is approaching, allowing a policyholder to find cover and preserve their vehicle.

Environmental Sensors

This leads into a second notable area of innovation that is changing how insurance businesses will run in the near future: environmental sensors. Now, these aren’t strictly for vehicles. Environmental sensors can be installed in a home, office building, school, or other structure where sensors are desired. They can detect if an earthquake is approaching, whether toxic substances have polluted the air, whether dangerous temperature fluctuations will affect interior atmospheres or make exiting the building dangerous, and whether mold has made itself a resident of the property.

Biometrics

There are numerous “wearable” technology solutions today— like the fit bit, for example— which are connected to the Internet of Things. Google Glass, smartphones, etc. Some businesses can leverage IoT tech against corporate insurance policies by giving employees wearable tech which monitors activity. If employees start getting healthier, the business gets a break in the cost of coverage.

Such devices can additionally help those who need to keep track of certain individuals. This improves workplace compliance. It’s an upward spiral for both insurance companies and employers— everybody wins.

Diagnostics

Sensors are increasingly embedded in a variety of manufacturing equipment, toys, appliances, electronics used by consumers— the list goes on. Warranty protection— a kind of insurance all its own— can provide preventative services should sensors indicate this is necessary, extending the life of products and decreasing costs of repair and replacement. Again, everybody wins.

Interconnected Realities

As IoT technology grows to define daily life with the integral nature traditional web-browsing already has, easily rectifiable errors will be stopped before they can compromise anyone. Operational costs will be curbed and insurance companies can avoid paying out unnecessary settlements. Through IoT tech, they can fully cover those who deserve it, diminish recurrent losses, and even expand profitability. Marketing such advantages to such companies is lucrative for agencies specializing in the provision of IoT solutions.

IoT solutions have taken the Internet from inside the computer and transmuted it to a tangible thing. If you’re working as a CEO or CTO in the IoT industry, you’re in a good place. But if you want to be the most successful one, you need to approach sales strategically.

The Internet of Things can turn a thermostat into a remote-controlled atmospheric system which can be activated or deactivated with the swipe of a screen on your smartphone. For residential applications, this totally and fundamentally changes things. When you expand possibilities from a housing solution to a corporate one, the possibilities are practically endless. These can save your clients tens of thousands— even millions— annually. Three areas of such savings will be primarily explored here:

• Supply chain management solutions
• Inventory and warehouse management
• Fleet management

Supply Chain Management Solutions

IoT solutions are integral for modern supply chain management. The reason is twofold: on one hand, through IoT, costs can be curbed substantially; on the other, increased efficiency, as well as operational optimization, leads to increased marketplace competitiveness for clients. The way things are now, all businesses are going to be using IoT for their supply chain management solutions very soon. Many have made the switch and it’s getting to the point where getting involved with this form of management is becoming status quo. Soon, businesses will be on the back-end of that trend if they don’t upgrade.

The way IoT makes supply chain management more manageable is through analytics and asset tracking. While asset tracking has been around a while, IoT makes assets possible to track not just from one location to another, but as they are in transit. With analytics, clients can shave away operational percentage points by avoiding construction zones, areas of high traffic, redundant routes, and high-fuel routes. Sometimes, it’s more cost-effective to go the straight route; sometimes, you may want to go the long way for fuel conservation and construction avoidance. Also, with IoT, supply chains can be paused or re-routed in real time as conditions like the weather alter road conditions. Those are strong selling points.

Inventory and Warehouse Management

RFID tags can be passive or active, providing varying amounts of information on items they’ve been attached to. Here’s the difference between the two: a passive RFID tag doesn’t have its own power supply; it’s just got an antenna. An active one has its own battery power as well as, in certain cases, more sensors. Through satellite trackers, either option can be used to keep an eye on certain items during transit, though with the active RFID, you’re going to get more data.

Additional data can be used to streamline operations when it comes to managing assets in a warehouse. Sometimes certain items will become rotten over time— this is often true with fresh produce. Via IoT, prioritization can be given to certain items over others and maximum thresholds can be reached as necessary— these add profitability percentage points and represent good sales points for your IoT agency to hammer home.

Fleet Management

Like supply chain and inventory management, fleet management uses IoT to identify redundancy and safeguard shipments. GPS, as well as newer tracking tech, are brought to the table. Furthermore, all that data is available in real time. Supply chains are more often going to be “static”— they’re not going to change except should something very exceptional force them to. Fleets will generally be traveling along diverse routes. With real-time tracking solutions, up-to-the-minute information can be relayed to fleet managing personnel, allowing them to be the most productive. Real-time analytics is a big thing with IoT, and these days, it is possible through Big Data and the cloud to process terabytes of data instantaneously, meaning large companies can really save resources in areas like this.

Optimizing Operations

IoT solutions aren’t only for exceptionally large clients, though. Whether a company’s large or small, streamlining operations through remote access via IoT saves resources. Cloud computing, IoT, and edge computing are quickly coming to define a diversity of industries worldwide. Demonstrate potential advantages of such solutions to potential clients and see increased sales conversions.

The use of IoT solutions has steadily grown over the last few years and it has a significant impact on building operations. Whether a company is brand new or has been in business for decades, the use of the Internet of Things offers many benefits that cannot be attained through any other program. IoT companies that provide this service can experience a big boost in sales if they understand the best ways to market the various ways that IoT technology can benefit building operations. Here are just four ways that a company can use this technology and impact day-to-day building operations:

Improve Energy Management

Focusing on improving energy management is great for the environment, while also significantly enhancing profits. For example, the Al Bahar Towers, located in Abu Dhabi, can regulate the building louvers at any time through IoT technology, which results in a reduction of CO2 emissions that estimates to be over 1,750 tons per year. Companies can use this technology in a variety of ways, whether it is through controlling the temperature of the climate or turning off power circuits that are not in use after business hours.

Optimize Space

The use of IoT technology is a great way to utilize space, whether it is through sensors, RFID tags, or infrared motion detectors. These forms of technology can provide critical information on various ways to improving spacing for companies of all sizes. After careful evaluation of this data, various patterns in usage that can help predict the best way to optimize space in the future will emerge. For example, another employee can use a conference room if it is not booked for that particular week. Companies can also maximize retail displays in areas that are densely populated with customers. Ultimately, the use of IoT technology is a great way for businesses to optimize space through the analysis of data collected over time.

Security and Safety

Safety is a top priority for companies in all fields. The use of IoT solutions can enable a company to use a wide range of access controls to enhance security measures. For example, many businesses use proximity readers that enable employees to check in without the need of human ID checks. These access control points are connected to the Internet, which allows companies to use facial recognition or video analysis to enhance security. Presence detection can also increase security, as it will automatically notify the company of an intruder in a vacant building. It can also help a business in the event of an earthquake or other natural disasters.

Improve Building Maintenance

The use of IoT technology can predict the best times to repair an item before a company experiences costly amounts of downtime. Sensor data can track stress indicators on a wide variety of items and will enable them to view any abnormal patterns that need to be addressed immediately. Over the long term, this technology can help prevent unplanned maintenance while keeping each employee productive and avoiding downtime.

The use of IoT solutions has a significant effect on building management and will continue to expand in the near future. The ability to improve energy management, optimize space, increase security, and improve building maintenance are great selling points for prospective clients. Describing the various uses of this technology is a great way to increase knowledge and convince them to choose to use your services. Whether they are a small business or large corporation, the use of IoT technology can enhance their services while also having a significant impact on their building management.

Diverse Applications

IoT technology can do a lot more than many realize. Construction is one of many industries that stand to benefit substantially. Seven considerable applications of the Internet of Things pertaining to construction will be explored in this writing:

• Facilitation of remote operations
• Optimized supply replenishment
• Tool and equipment tracking
• Servicing and repair of equipment
• Monitoring of equipment and operators remotely
• Power and fuel conservation
• Augmented reality potentialities

Facilitation of Remote Operations

IoT technology allows most devices to be connected to the Internet. This means that certain automated construction tools can be operated from a remote office and the possibilities from there just continue to expand. For example, if you had IoT helping on a dangerous worksite, machines can be controlled from a safe place, allowing production without the compromise of workers’ lives.

Optimized Supply Replenishment

RFID tags can be fit to certain tools and machines that are regularly used. Such tags allow a computer system to automatically tabulate how many devices are available and facilitate automated replenishment when necessary.

Tool and Equipment Tracking

There are a lot of ways tool and equipment tracking through IoT tech can be useful. It can be a security measure to prevent theft; additionally, tools that are lost can be found with ease. Sometimes, a drill might go on a tour of the build-site and a construction worker may spend a long time looking for it. That kind of unproductive time can be curtailed with IoT. Additionally, certain terrain development modifications can be conducted remotely with proper equipment placement using IoT.

Servicing and Repair of Equipment

With IoT tech, equipment can be continuously monitored. This means that it can be used right up until the point where it needs repair, allowing sites to maximize the utility of certain machines.

There are always going to be instances where one machine breaks down for whatever reason. When systems can be monitored remotely, an amount of fluid can be changed before something seizes up, etc. Maximization of existing equipment increases the security of the associated investment. You get more for your money. Imagine being able to get 50,000 hours out of something that would otherwise only yield 15,000. The increased usage alone covers what otherwise would have been the cost of a new machine. If you don’t think that is realistic, consider the million-mile club which characterizes automobiles. If proper repair and maintenance of a car can keep it going for a million miles, the same kind of phenomenon can be seen with heavy equipment.

Monitoring of Equipment and Operators Remotely

Dovetailing from the previous point, it is a natural step to ensure all equipment is continuously monitored. Additionally, there are wristbands and the like which can be used to check vital signs on workers. Such IoT wristbands can send an alert if a worker is fatigued or otherwise compromised, allowing worksite accidents to be reduced substantially, while simultaneously maximizing the output of individual workers.

Power and Fuel Conservation

With IoT tech, it becomes possible to cut off systems that use energy redundantly. Sometimes, a building will be running at full power with nobody in it, and no reason for it to be costing the company money. IoT tech can automatically or manually deactivate redundant energy drains, conserving electrical costs. The same can be done about fuel in many scenarios.

Augmented Reality Potentialities

Augmented Reality (AR) has been around since at least the 90s, though it has not gotten to the truly effective point that is possible today via IoT. You’ve seen it in heads-up displays that are reflected on a windshield, and more dramatically, you’ve seen it through things like Google Glass, which represented a more dramatic approach. Today on construction sites, AR can be used to float information on the windshield of a piece of heavy equipment— again, the possibilities are extensive.

Optimizing Construction Operations

IoT technology can reduce costs and expand efficiency, both of which measures free up resources and increase a construction company’s competitiveness in the marketplace. If such innovations keep developing, they will be a regular aspect of construction sites soon.

IoT devices have totally re-engineered what it means to access the Internet. They are taking the abstractness out of computer interaction and replacing it with day-to-day relevancy. Before, the Internet was almost static that it existed solely within computers and required some level of acumen to use. But now, the ‘net has expanded such that everyone uses it on a daily basis. Servers led to desktops, desktops led to laptops, laptops led to tablets and smartphones, and these represented the infancy of the Internet of Things.

As technology became condensed and more cost-effective, it became possible to make anything Internet-enabled. Now cars, refrigerators, LED lighting displays, thermostats, garages, home security systems, infrastructural power allocation systems for large buildings, maintenance, and more can be manipulated via IoT. It’s such a dramatic transition that it may be compared to that which differentiates three-dimensional pictures from four-dimensional objects. Very literally, IoT has jumped out of the web and into your living room. This has some profound implications for a number of industries which include:

• Construction
• Supply Chains
• Medical Applications
• Manufacturing

Construction

IoT devices can help job coordinators and construction site crews get a better idea of the status of their operations— this can save quite a lot of money very quickly. Real-time maintenance solutions are available. It becomes possible to see how much fuel is being consumed in real time and how much idle time isn’t being utilized. Machine hours can be remotely monitored. It even turns out there are IoT solutions which have the capability of checking temperatures of certain sensitive fluids, whether an engine is overloaded and when to tune-up equipment. When operational time can be maximized and equipment lifespans extended, that saves time and money for the construction company, allowing for more ambitious construction endeavors in the future, and higher profits per job.

Supply Chains

There are a lot of aspects which make up a supply chain that can be improved through IoT technology. Routes can be monitored in real time, construction and weather incidents can be avoided, fuel economy can be maximized, and like in construction, it becomes possible to get more life out of supply chain vehicles. It’s all about cutting costs and IoT provides statistical information that allows marginal percentage points to be shaved away in many different operational areas, ultimately conserving thousands of dollars.

Medical Applications

When it comes to medicine, a revolution is going on because of IoT. Devices can be installed in personal residences. This can help those who are older have constant contact to the medical support they need. It can also help those with chronic conditions to get proper support as quickly as possible. Additionally, exterior IoT solutions save hospitals money by helping them to free up space.

When it comes to operations, it becomes easier for hospitals to organize themselves in an infrastructural sense. Everything can be automatically consolidated and disseminated among practitioners as necessary. Smartphones and tablets are saving doctors hours of time, which is tangentially saving lives as well. You can expect the medical industry to see a substantial IoT boost in the coming years— as a matter of fact, the global IoT market in medical devices is set to hit $400 billion by 2020.

Manufacturing

“Smart” manufacturing is a system of real-time monitoring and support which optimizes how products are made in a given factory. Machines can be monitored in the same way construction equipment and supply chains are. This allows maximum utility to be reaped from them. Additionally, overall productiveness can be examined, again allowing marginal areas to be shaved off or encouraged toward greater success. IoT-enabled devices make production more effective than it’s ever been.

Upgrading Markets

IoT devices are changing how computing is done from a personal level to a corporate level. Construction, supply chains, medical applications, and manufacturing constitute the barest tip of this technology iceberg. Businesses that are savvy will get on the IoT train as soon as possible, because that will increase their competitiveness in the marketplace while streamlining operations and making them less costly. Focus on these businesses and how your IoT services can benefit them.