How will we use it
We have passed the “smart phase” where items told us what was happening. Now we are in the automation phase where items will do something based on a previous action. For example, currently a smart watch will show your heart rate. An IoT device will show your heart rate know if you are having a heart attack and automatically call for help.
How will IoT affect your business model
IoT will place a monetary and measurement value on employee and machine “down” time. GE Aviation is a great example of how to bring IoT technology into your business. They are working with airlines to install sensors that read a plane’s data in the air and on the ground to minimize equipment and personnel downtime. The resulting data is being sold back to the airlines for them to adjust maintenance schedules and flight schedules to maximize revenue opportunities.