What does IoT really mean for the enterprise?
Published: Nov 09, 2017
Author: Mary Beth Hall
For most people, the Internet of Things (IoT) conjures up images of self-driving cars, smart refrigerators and fitness monitors. But in reality, some of the biggest IoT use cases are happening in B2B. Companies are leveraging the technology to improve the efficiency of their day-to-day processes and operations. According to McKinsey, nearly 70% of potential value enabled by IoT will fall to B2B users1.
At the enterprise level, while many organizations recognize the potential of IoT, adoption of IoT enterprise solutions is not at the grand scale that some might expect. For now, many of these businesses are focused on simpler uses of IoT, such as tracking data and sending status alerts. And some enterprises are still being held back by concerns over a lack of IoT standards, security, interoperability and cost2.
Despite these challenges, there is a positive shift occurring. New network technologies are helping to get larger IoT projects off the ground. And those enterprises that have embraced IoT are already reaping the rewards of increased efficiency, streamlined operations and new services.
Enterprise-grade IoT in practice
Here are just a few examples of enterprise IoT solutions and the benefits.
Drones are taking flight
Hensel Phelps Construction Co. uses IoT for tasks like tracking pilot hours, flight records and maintenance for its fleet of drones. Tasks like building inspections can be difficult, time-consuming and even dangerous for employees—so the company’s fleet of drones is taking some of these on and even helping to save costs and improve efficiency. And the IoT-enabled drones are delivering benefits across the business in areas from data gathering to HVAC efficiency inspections. Managing all of this is surprisingly simple. Hensel Phelps works with Skyward to streamline drone operations, cut costs and keep safety as a top priority.
Enhance your service
It might not have the glamor of self-driving cars, but the energy and utilities industry is using IoT to reinvent itself by automating and enhancing distribution grids. Dakota Valley Electric Cooperative and Peninsula Light Company are two of a growing number of utilities companies using Verizon’s Grid Wide utility solutions to improve visibility of their operations. These organizations can better monitor consumption, manage remote connections and detect outages more quickly. And this helps drive faster service restoration times, cost savings and increased customer satisfaction.
The new sharing economy
Columbus Yellow Cab empowers its drivers, many of whom are casual workers, to locate and use vehicles at their convenience using Verizon IoT solutions. Its self-service approach is improving the customer experience with increased ride availability and shorter waiting times as a result. IoT is helping the company boost the efficiency of its asset management and enable city-wide fleet sharing to run smoothly. And Yellow Cab gets a clearer picture of its operations with an enterprise IoT platform that integrates all of the data and functionality needed to track and manage shared assets.
Get the full picture of IoT
This is just a handful of use cases showing how IoT is helping the enterprise realize benefits such as new revenue streams, cost savings and improved customer experiences. It’s also helping in lots of other ways, like the insurance industry using drones for inspections and healthcare organizations taking advantage of track and trace capabilities. If you want the full picture of what’s happening in the world of IoT and what the future holds, read our third annual State of the Market: IoT 2017 report. And for more examples of how businesses are making use of IoT in real life, take a look at the infographic.
About the author
Mary Beth Hall is the Director of Marketing for the IoT organization at Verizon. She is responsible for integrated marketing and digital experience for the organization.
1 McKinsey Global Institute, The Internet of Things: Mapping the Value Beyond the Hype, June 2015
2 Survey of industry executives commissioned by Verizon