We’ve become used to the convenience of being hyper connected through social media. We have the world on our fingertips and are now marching towards the concept of IoT, Internet of Things.
If you need an update on the meaning and importance of IoT, it’s the “network of physical objects embedded with electronics, software, sensors and network connectivity, enabling these objects to collect and exchange data.” An example of the usage of IoT would be to visualize your morning routine, all carefully planned out and synced by the help of technology. Once you walk into the shower, your coffee machine start brewing a cup of perfectly made homebrew while the TV turns on. When it’s time to leave for work, all lights go out automatically, the AC turns off, and your car is getting ready to start. Basically, if an object is able to connect to a network - the Internet - then the possibilities will soon be endless of what could be done here.
IoT is a market that, according to Wired, is driven by a strong market force - the Millennials, born between 1980-2000.
As Andrew Binns, an Executive Director of Technology at Xchanging states in in this Wired article:
“The digital generation expect integrated service offerings and are either happy to trade personal data in lieu of better service or a price reduction or are savvy enough to detect a poor value exchange. By creating new pay-as-you-go business models, you are effectively removing the barrier to entry for the high-value asset class. What’s more, you are paving the way for the IoT to flourish. This works by the service provider owning the asset (be it a car, building or even a fridge) and using IoT technology to enable full access to the consumer. It’s this customer-access business model that enables the asset owners to cover the cost of technology and credit this on an amortized offering to the customer.”
IoT does not only serve the users of the technology, but the providers as well. Just imagine the number of high quality usage patterns and data that the devices will be able to collect. This will allow for companies to improve and tailor their products to their users, and doing seamless improvements to benefit their customers.
How will IoT have an impact on facility management? Where do you see possibilities for IoT in the future?
We would love to hear from you in the comments below.