Internet of Things (IoT) is changing how companies do business, across industries. Using connected sensors, better data processing capabilities and automation, industries are looking  to achieve workforce optimisation, improved customer experience, and cost savings in the short term. In the long-term organisations are looking for service and product innovation, as well as a competitive edge from their IoT investments.

In the global Ecosystm IoT study, participants revealed the IoT solutions that are part of their larger IoT deployment projects. Here are the top 5 solutions that industries are implementing, and how they are benefitting from them.

Smart Security

Smart Security is being adopted in several enterprises, especially in the Financial and Hospitality industries. Aside from improved safety, Smart Security solutions have the potential to deliver more personalised service and better customer experience (CX).

Maintaining security for the guests is one of the top concerns for hotels and smart video surveillance systems, motion detection, audio detection, and alert systems are helping hotels to identify possible threats and get early alerts on potential events.

Hotel chains Hilton and Marriott are leveraging Smart Security IoT solutions to create better travel and stay experiences for guests. They are working on creating enhanced security for their visitors by replacing card-based door keys. Simultaneously, smartphone applications connected with hotel sensors and devices are offering a seamless experience to guests with automated room settings such as  HVAC, lighting, and blinds.

The Banking industry is incorporating Smart Security as well. Banking and financial institutions attract criminals for obvious reasons and to improve security, smart CCTV surveillance, wedge barriers, laser scanner detectors, light barriers, and quick folding gates are embedded with sensors and connected to safeguard against potential attacks. IoT-enabled network security measures to provide intelligent Perimeter Security is also seeing an uptake in the industry.

However, the proliferation of ubiquitous devices also leaves organisations vulnerable to data breaches. Digital and electronic devices incorporated into a hotel’s infrastructure can be exploited by hackers or may jeopardise the security of guests. The now-famous incident of the casino in the US that was hacked into through the IoT-enabled temperature control system in the fish tank is a case in point.

Fingerprint Biometrics

While Fingerprint Biometrics is often a part of a Smart Security solution, it is being used more often for asset management, as well as access control. This is fairly common in industries where multiple people fill a particular role, such as Manufacturing, Retail, and Healthcare. In hospitals, for example, multiple clinicians work on the same patient order entry system. Using fingerprint biometrics ensures that there is full accountability for care delivery at any given point, irrespective of the clinician.

Biometrics and its application are redefining the banking experience for rural and the unbanked population – in emerging countries especially – as one of the key authentication methods. Biometrics is helping in e-KYC, often used to open a bank account, on-site cash delivery by scanning fingerprints, opening a bank’s wallet with fingerprint authentication, fingerprint-based ATM kiosks and fingerprint mobile ID all connected through the IoT Solutions.

Governments use fingerprint biometrics to accurately authenticate the identity of travelers, implement biometric voting systems for fair and credible elections, develop fingerprint-based national identification cards and create a composite individual identity. But with this advantage, there could be associated challenges of managing personal databases in a safe and secure environment.

Inventory Management

Better supply chain visibility and management is considered one of the most common benefits of IoT deployments, and has use cases in several industries, including Transport & Logistics, and Primary industries. Inventory management became a lot easier and reliable, when IoT sensors and devices can do remote stock taking and track inventory movement.

IoT will enable more holistic inventory management, as asset tracking, asset management and eventually predictive maintenance, are incorporated within the IoT system. Supply chain requirements of Manufacturing organisations can vary vastly – a discrete manufacturing supply chain will vary from a FMCG supply chain. IoT sensors have made ‘track and trace’ more reliable, and easy to customise.  eCommerce giant Amazon’s inventory management and warehousing system is a good example. To manage the large stock,  the storage facilities employ pickers (robots) to pick items from and replenish stock on shelves which in turn improves receiving, pick-up, and shipping times. The inventory is scanned through barcodes which also helps in aggregating information from other warehouses for stock maintenance.

Several Retail organisations make full use of IoT for inventory management. G-Star Raw, for example, uses garment RFID tags to track inventory movements across the supply chain and store shelves. Being able to locate clothes on the basis of style, colour and size in the stores makes the order fulfillment reliable and more real-time.

Payment Systems

Several industries other than Financial Services, such as Hospitality, Services, Healthcare and Government are evaluating IoT-enabled payment systems such as mobile points of sale and NFC payments.

On most occasions, these are being promoted by financial institutions.  As an example, MasterCard has created a Mastercard Engage platform with technology partners resulting in innovations which include contactless payments (with Coin), smart refrigerators that can re-order groceries (with Samsung) and IoT-connected key fobs (with General Motors). Capital One has made it possible for its customers to pay bills via Alexa, whereas Starling is experimenting with integration with Google Home to enable queries on payments and balances on the Google Home platform.

There are also several use cases that are not so obvious –Amazon Go offers a shopping experience where no check-out is required. Your Amazon account, wallet and phone are all inter-connected.  When a consumer arrives at a store the application allows store entry, tracks the consumer through the shopping journey and requires no formal check-out at the end of the shopping trip.

However, IoT-enabled payment systems will have to evolve as industries become increasingly services based. There needs to be a focus on the business and not just technology – defining workflows with the right alerts that will automate bill generation and the payment process, irrespective of how complicated the service delivered is.

Energy Management

Resource shortage and the ever-increasing price of energy has forced organisations to identify innovative ways of conserving energy. A Smart energy management system can help to reduce the costs and energy consumption while still meeting energy needs. IoT is helping companies to achieve their energy goals, predict maintenance needs, and increase the reliability of energy assets. Smart energy solutions continuously analyse energy data to ensure dynamic performance which in turn manages energy requirements.

Take an example of a smart building management system where date from various sensors is collected and analysed, such as from HVAC, air-quality monitors, and other equipments, and lighting, heating, air ventilation, elevators, room equipment are remotely operated according to the building energy requirements at the moment. This technology helps make smart decisions and provides energy efficiency.

Capital Tower in Singapore, a 52-storey high building, is not alone in being energy efficient. It has a number of in-built smart energy solutions for energy and water efficiency. The building has motion detectors in elevators, smart car parking system, exterior structure glasses which help reduce energy consumption, and water conservation through condensation of air conditioning units. The building has devices to monitor oxygen and carbon dioxide levels ensuring optimal air quality which results in significant energy savings while delivering comfort for tenants.

As is clear from the solutions that are being currently deployed, IoT adoption is at its nascency. As IoT deployments mature, there will be more industry-specific uses of IoT, and a shift of focus from asset management to people management (including customers).

What IoT solutions do you use/ intend to use in your organisation? Let us know in your comments section below.