How Internet Of Things Is Changing The Enterprise

by CXOtoday News Desk    May 20, 2014

digital innovation

The Internet of Things (IoT) is growing at a phenomenal rate. Mark Bartolomeo, VP of connected solutions at Verizon’s enterprise business explains in WSJ blog why IoT is becoming mainstream in certain industries that are using this type of technology to better manage supply chains, equipment in the field, and customer demands, according to Bartolomeo.

Verizon has been working closely with several industry verticals for years by collecting and analyzing sensor data and data from M2M communications that will yield valuable insights into operations and markets. Recently, the company has moved into digital cities, which requires a more integrated approach . Bartolomeo sees interest in IoT across his five business units:

Energy: The energy sector is the fastest growing part of Connected Solutions, he says. Gas and electric companies that are hiring Verizon to install and manage “smart grids” that collect user data and help manage supply and demand. Oil field services companies are using sensors to monitor and manage wells.

Digital Cities: The newest sector at Connected Solutions was formally launched in the last 12 months and is growing over a 100% a year, according to Bartolomeo. IoT will help digital cities and utilities corporations in processing large amounts of data siphoned from databases and sensors that control the infrastructure of the city.

 Heath care: While healthcare is a relative laggard when it comes to adopting IoT, owing to regulation and compliance, Bartolomeo says solutions that enable doctors to remotely monitor patients using biometric sensors will be popular in the coming years. He explains how Verizon is experimenting with virtual visits, in which a patient sets up a video chat with a doctor. That doctor can then diagnose the patient and write a prescription that that is delivered to the patient’s nearby drugstore, he states in the blog.

Read: IoT Will Force CISOs To Redefine Security

Financial Services: Verizon puts monitors inside vehicles, which compute insurance payments based on driver behavior. The vehicle monitors, which sell used cars and also operate offices where customers can make regular car payments in person. Sensors help keep track of vehicles in this part of the market, where credit risks are higher than average. Other financial applications include sensors for use in ATMs and mobile POS systems.

Retail: The Internet of Things can help business create wireless pop-up stores, or back up a grocery store in the event a cable gets cut. There is also a lot of opportunity with vending machines, says Bartolomeo. IoT allows firms to get a better grip on matters such as inventory, payment methods and rewards programs. Moreover, if a customer opts-in to a certain program or product, a vending machine may send that person a personalized message when he or she is near a machine.

Bartolomeo says, companies are taking a broader approach to sensor data, approaching it less a matter of sensors and gear, and more as a matter of buying analysis and information. “And what they want  increasingly takes the form of software as a service,” he says.