What does this mean for my company? Many wonder is this all hype. Currently, many business are improving their capabilities with automation and predictive maintenance which helps the business operate more efficiently. For example, Cantaloupe Systems automates vending machine operations, from optimizing service schedules, restocking levels, merchandising, and repairs. This company has outfitted 100,000 vending machines with wirelessly connected sensors which allows their customers to easily manage, monitor, and optimize vending operations from anywhere on any device.
Innovative companies are rethinking their core business with internet of things technologies in mind. This is leading to new intelligent digital products and services. An example is Michelin, which historically sold standard tires. The company added internet enabled sensors to their tires which collect data on fuel consumption, tire pressure, temperature, speed and location. Now, Michelin is able to provide new intelligent digital products and services like fuel consumption reduction service and tires as a service. The fuel consumption reduction service uses data from tire sensors along with analytics to coach truck drivers on how to save fuel. Michelin is also using a new business model to sell tires based on the actual mileage driven. This allows drivers or fleet managers to pay per mile rates based on what they’ve actually driven and reduce costs and unpredictable tire expenses.
How could Internet of Things make your business more efficient and produce savings? What new intelligent digital products or services could your company provide with Internet of Things technologies?
Members of DAF Technologies regularly partner with organizations to accelerate their innovation initiatives. We identify opportunities for innovation, research and identify recommended emerging technologies, and pilot and integrate new technologies into business processes. Let us help you leverage internet of things and other emerging technologies to innovate and endure. If you have questions, please contact Director, Innovation & Technology Faith Davis at 301.541.8569 or firstname.lastname@example.org