Updated: Oct 12, 2018
The data generated by iot devices and sensors is exploding, and as we continue to find new ways to connect and use these devices, different ways will be needed to use the data to create value for its organization.
These IoT sensors are in everything from our smartphones and computers to our washing machines, generating valuable information on customers and use cases. Smart companies are beginning to realize the value of this data, using it to improve their products and internal efficiencies through process and technology optimization.
Companies that develop an IoT strategy are in a better position to directly influence their bottom line because they’re analyzing their data systematically and using it to drive revenue. Yet, many CIOs from these companies feel that an IoT strategy is difficult to develop and implement as they think it will require expensive and complex purchases. In reality, many CIOs can build out an IoT strategy starting with something they likely already have in place: their video surveillance system.
Use video surveillance to drive your IoT strategy
Even companies with existing video monitoring systems would not consider using it to drive the iot strategy because they either thought it was too complex or too costly, or thought their video monitoring systems were just for safety or compliance.
Instead, video monitoring is a powerful asset that can provide more business intelligence and financial returns, which is why the cios and technology leaders who own these systems should use it as a starting point for their iot strategy.
Video monitoring creates a wealth of data that can be analyzed to provide value.
And using an already-in place system can save time, effort, and money, and it encourages teams to participate and have work because they are familiar with the system.Companies can use video monitoring of generated data to discover insights into employee or customer behavior, modify internal processes or optimize their technology stack performance. Here are some real scenarios that use video monitoring as the basis of the iot strategy.
Transport system: by using video to monitor passenger flow and crowds, the transport system can improve efficiency, reduce costs, improve public safety and get passengers to the places they want to go faster.
Retail: retail centers use video monitoring to achieve several goals, including driving store traffic, keeping customers happy and avoiding lawsuits.Imagine a shopping center that sends targeted coupons to shoppers via wi-fi, based on where shoppers are in the shopping center. Coupons automatically show up on customers' smartphones, increasing foot traffic and sales at stores while also making customers happy.
Stadiums: similarly, many venues are starting to use existing video and sensor infrastructure as well as wi-fi to target fans, offer promotions based on their location or game time, help provide an extraordinary fan experience, and drive revenue through vendors and ticket sales.
Parking lots: combine video monitoring and license plate recognition systems to ensure that only office tenants park in the lot and do not use parking Spaces that exceed their allotment.Building management can then notify tenants using more or less of their quotas and adjust rents automatically.
Three steps in the IoT strategy to deepen insights and drive value
Here are three steps that will help CIOs build an IoT strategy that benefits their businesses:
Keep it simple. Don’t be too ambitious. It can be easy to overthink your IoT strategy and start analyzing everything at once; instead, start with a single device, define a specific goal and determine the data you need to analyze. Once you achieve that goal, move on to another goal and another piece of data, and so on. This can help organizations get into the “IoT mindset,” which makes it easier to move to the next step. For example, a smart city could focus first on improving crosswalks, with the goal of reducing pedestrian road traffic or pedestrian vehicle collisions.
Think about infrastructure in modules, not as a whole. Right now, it’s impossible to know the IoT projects you’ll face over the next three, five or 10 years. Your infrastructure needs to be easy, simple and modular. This removes the pressure to suddenly deploy an overwhelming number of IoT use cases to justify the cost of a large, expensive infrastructure. The point of an IoT strategy is to derive value from data, which will not happen if your first project is overly complex. Define a target, design it using a modular infrastructure and build on it as you grow and evolve.
Use video surveillance as your foundation. The video surveillance system is already in place and generates a lot of data that can be used to uncover meaningful insights for the organization. It’s the perfect data set, with endless possibility for providing greater intelligence to the organization.
Organizations may think they are not ready to develop an IoT strategy, but they are more prepared than they think. The IoT strategy can start with a project and a goal, which can unlock many different insights and drive the bottom line.
Start with simplicity and take short, logical steps that allow your strategy to evolve organically with your organization. Starting with a system can help it provide more value to customers and their own organizations. By leveraging their video monitoring system and making it " smarter," "the companies will have a scalable IoT strategy to support more complex and robust future IoT projects.