Are you in the early stages of your Internet of Things (IoT) strategy? According to new IoT research done by the Internet of Things Institute on behalf of SAS, you are not alone. There's been a lot of buzz in the market for several years around IoT and how it's changing the world, yet when I meet with customers many are still in the conceptual or innovation stage. And all of these companies want to grow existing revenue or create new revenue streams leveraging their intellectual property.
Per the new research, only 6 percent of companies are running multiple IoT initiatives and 60 percent are still in the pilot stage. Those considered "leaders" in IoT are applying advanced concepts such as predictive and prescriptive analytics to learn from past operational data and then to understand likely future outcomes.
IoT and analytics use cases
An ideal place to see IoT in action is at Mobile World Congress. Every year that I attend, the IoT use cases get more and more advanced. I come back very energized about IoT and the possibilities of what it will mean to our future and our planet as it pertains to telecommunications, cities, cars, industrial businesses, travel, healthcare, energy, retail, etc.
One example of Industrial IoT leadership is GE Transportation. Last October, GE Transportation introduced EdgeLINC™ which is using advanced digital technologies and analytics to create an efficient, digital rail ecosystem – from the locomotive and rail car to the train yard and operations center. GE Transportation is combining EdgeLINC with SAS Event Stream processing for real-time analytics at the edge. The results?
- Extended life of locomotives.
- Reduced fuel consumption.
- Decreased emissions.
- Boosted locomotive velocity.
- Improved operations.
Another IoT leader is Octo Telematics. The company provides driver behavior information to insurance companies. Per Octo Telematics - they are using advanced data capture technologies and streaming analytics at the edge to determine individual driver risk profiles based on thousands of parameters, including: location, duration, direction, braking, cornering and road conditions. Octo technology allows insurers to monitor key driving metrics to produce a personal driver score and calculate a more accurate cost per individual which ends up rewarding good driving behavior with better scores and lower insurance premiums while identifying drivers with higher risk.
Your thoughts on IoT
Both GE Transportation and Octo Telematics will be at the SAS booth at Mobile World Congress Feb. 26-Mar. 1 in Barcelona. They'll be showing off their IoT applications and sharing insights on getting started in hall 6 booth 6F61. We will also have telecommunications specific presentations and a networking mixer daily.
To learn more before MWC18, please check out the recap of our recent Twitterchat on What does IoT mean for the telecommunications ecosystem?