I have been watching the stock market act like the cyclone at Coney Island. For many this is a time to preserve capital. This sounds like a job for IoT.
Particularly in the two ways IoT can be used to save money.
The first is in enabling efficiency. No surprise there. I have listened to companies finding ways to reduce manpower.
- Oil and Gas company using acoustic sensors to replicate the knowledge of how pipe flows sound when leaks or drills are impacting production.
- A distribution center using LED lighting to only light when needed in zones and eliminate electric bills.
- And of course the various solutions such as asset tracking, fleet management and monitoring solutions.
In addition to these strategies come the as a service solutions that move the cost of build outs from intensive capital investment to expenses at significant savings.
Examples here include…
- Personal savings by using shared bikes and / or scooters to reduce the cost of transportation and perhaps car ownership.
- Building management solutions for costs such as water and HVAC systems that reduce the need for staff not associated directly with the line of business
- Augmenting Utility solutions with smart meters that are managed and monitored on behalf of the utility.
Talking with James Brehm, as I do daily, we got on the subject of oil prices fluctuating so dramatically and if that impacts the use of IoT. He pointed out that whether the price of oil was high and economically viable to open all spigots; or low and requiring rigs to be capped waiting for the economics to change, IoT was essential.
So I have come away feeling pretty good that IoT is needed no matter what the economic conditions. Let me know if you agree.