How the Internet of Things will Transform Sustainability
The world of sustainability is about to change dramatically. Internet of Things, or IoT, combines artificial intelligence, miniaturisation and communication, and is set to manage electricity use much, much better than people can. Fifty billion devices will use IoT to reduce energy consumption by as much as 40% by 2020. If your firm uses anything with a plug, you are buying cars, fleets, transport, factory equipment, computing – make sure your company strategy is IoT ready.
OK, What is IoT?
Just as mobile phones connect people, IoT connects anything that has a power source. White goods, vehicles, machinery, hardware, audio visual equipment, security systems, supply chain inventory, wearables, you name it, IoT will become commonplace. From photocopiers to fridges, thermostats to Tesla supercars – IoT controls itself and dialogues with its manufacturer or owner in order to manage energy use and operation with a level of efficiency that would be impossible using ordinary humankind.
What’s the business model?
Previously IoT has been deployed in expensive products that are hard to maintain manually. Computing and communication (what used to be called machine to machine), are already installed in vending machines, high end vehicles like trucks, and electrical devices like street lights which are located over wide geographical areas. The IoT component reports faults, stock levels, energy use, and in return the dialogue from the owner or manufacturer computer can be making thousands of tiny adjustments in performance every day instead of occasional changes by people every month. In the UK for example over 1 million street lights are IoT controlled over the internet, saving 40% in energy. Increasingly now IoT is being embedded in smaller and smaller devices as costs tumble and the industry consolidates. (Read more)