Are you tired of drowning in a sea of raw data from your IoT devices? Are you ready to take your business to new heights with actionable data?
A big piece of achieving key business outcomes like cost savings, productivity, and excellent customer experience through IoT is analyzing the vast amounts of data that those technologies provide. But how many businesses do you know have the time or resources to sift through and make sense of it all? This article takes a look at how today’s all-in-one IoT solutions make it easy for companies in different industries to leverage actionable data for more informed business decisions. Included in the article are 5 industry specific examples for boosting efficiency and profitability.
The Essence of Actionable Data in IoT
Actionable data refers to the information obtained from IoT devices (sensors, wearable devices, smart appliances, etc.) that can be transformed into meaningful insights and utilized to drive specific actions or improvements. Instead of siphoning through loads of raw data, managers can look at customized, easy-to-consume dashboards that quickly deliver the knowledge necessary for them to gain a comprehensive understanding of their operations, customer behavior, and market trends, enabling them to adapt and optimize business practices. The perfect IoT solution offers actionable data and insights reporting as part of a complete IoT implementation.
Industry-Specific Examples of Actionable Data in Action
Healthcare
In healthcare, remote patient monitoring (RPM) devices such as wearables and connected medical equipment generate actionable data that holds immense potential for patient care and operational efficiency. Continuous monitoring of vital signs, medication adherence, and patient behavior enables remote patient management, early intervention, and personalized treatments.
Healthcare providers can also optimize resource allocation and cost savings by attaching tracking sensors to inventory and analyzing the data to reduce loss associated with stolen, misplaced, or expired equipment (eg, EKG machines, portable x-ray machines, wheelchairs, and yes – beds!).
For example, per Patrick Verdugo, Director of IoT Product Management at Claro, most hospital facility managers reported that nurses waste up to 1 hour of time per shift looking for mobile medical equipment, and when nurses can’t find it, they have to supplement the inventory by renting equipment.
Entertainment / Recreation
This is an excellent industry vertical for trash talk. Let me clarify: Smart sensors can be applied to trash receptacles throughout entertainment venues and parks to greatly enhance quality control and asset tracking. For example, one amusement park assigned 12 staff members to manually check and empty trash cans throughout the park several times a day, taking valuable time away from other operational tasks. While some trash cans were overflowing, others were practically empty. And there was no consistent, predictable pattern to the usage.
When the park installed waste bin monitoring from EPIC iO, managers could easily monitor and rank higher-traffic areas that needed more frequent cleaning. The results: reduction in staff, increased productivity and safety, and improved visitor experience. Plus, having real-time insight into high-traffic locations throughout the day allowed managers to better allocate roving souvenir and concessions vendors, increasing revenue.
Retail
Actionable data in the retail industry enables personalized customer experiences and targeted marketing efforts. IoT-powered beacons and smart shelves provide real-time data on customer foot traffic, product popularity, and purchasing patterns. By analyzing this data, retailers can optimize store layouts, stock levels, and pricing strategies to increase sales, reduce waste, and enhance customer satisfaction.
Chances are you are already seeing IoT in action at your favorite retailers and grocery stores. Recently a friend was shopping at Lulu Lemon and his wife suggested he try on a pair of pants displayed on a mannequin. After a few minutes of sifting through the section where his size was supposed to be and not finding it, he was about to give up when an associate asked if she could help. She pulled out her smart phone and in 5 seconds was able to see what area of the store his pants had run off to, waved her scanner over the shelves and “beeep!”, there they were. Lost amongst the tennis skirts.
Real Estate / Property Management
For property managers of commercial buildings and multi dwelling units (MDUs), water detection and air quality data are saving them from costly future repairs. Leak sensors indicate when a leak is happening in real time, which helps avoid expensive wall and flooring repair. Air quality sensors track high CO2 levels, indicating poor air flow, which lets managers know the HVAC system is not working properly. Additionally, many insurance providers offer property owners double-digit discounts for these smart solutions.
Agriculture
IoT devices, such as soil moisture sensors, weather stations, and drones, equip farmers with actionable data for precision agriculture. Analyzing data on soil conditions, weather patterns, and crop health helps optimize irrigation, fertilization, and pest control, maximizing yields and reducing resource wastage.
For example, EPIC iO has a unique soil moisture monitoring solution that helps farmers gauge how much water to use to keep the crops alive. The system also looks at the weather forecast to determine water needs, preventing overwatering. This gives farmers real historical data when analyzing crop yield and quality of produce.
These are just a few examples of how businesses are getting the most out of their IoT investments with actionable data. As IoT technology continues to advance, businesses that effectively utilize actionable data will gain a competitive edge in today’s data-driven landscape.
On that note, just keep this statement in-mind. Think of all the problems you could solve if you knew the state of everything.
To help you with that effort FreedomFire Communications is a FREE resource that assists with sourcing and designing a custom IoT / IIoT ecosystem for your enterprise Industry 4.0 Strategy….including sensor technology, network connectivity, data analytics tools, and network security. Simply tell us what you want to accomplish, and we’ll make it happen.
