How Insights are Revolutionizing IoT
August 09, 2017
We asked Mehul Patel, chief technology officer for Honeywell Home and Building Technologies for his perspective.
Now that Internet of Things is a reality, what's next?
We hear a lot about IoT and how it's changing the way we interact with devices. The time has come for us to look beyond IoT. The things we create can't just connect for convenience. In my opinion, we should be focusing on actionable insights from data that solve customer problems in simple ways. I call this the “Insights of Things.” Mere IoT deployment is no longer a competitive advantage without understanding the implications of insights. Insights help us understand consumer patterns, preferences, what's working with our products, and what's not.
How do engineers play a key role?
Our engineers have decades of domain knowledge, and use this knowledge to work on problems that impact people's lives every day‚Ä¶whether at home, at work, in a plant, in your car, or on an airplane. They're using their insights and domain expertise to deploy information into predictive analytics to improve products and solve customer problems faster.
How does this actually help customers?
Today, like never before, we are able to see how our customers are engaging with their products real-time and understand their behavior patterns. This is possible with the power of data collected by devices or things, combined with the domain knowledge of engineers. IoT-generated insights are at work everywhere. We can now learn from customer behavior to enhance their experience of interactions with devices, drive prescriptive actions, strengthen long-term profitability, speed up the time to market of products and open up new business models.
For example, building managers use IoT-generated insights towards predictive maintenance of building systems to optimize operations, lower energy usage, save operational costs, minimize safety risks, unplanned shutdowns and provide meaningful interactions with building occupants. This is not a one-time activity but an ongoing process driving value for customers and providing a comfortable experience to building occupants. Similarly, utility companies are leaning on insights from smart metering data to understand how their consumers are using utilities. They then employ this intelligence to manage supply-demand and modify distribution infrastructure as per power usage.
What role does data privacy and security play as we move into the Insights of Things?
Data privacy and security becomes even more important as we start looking at insights for customers. It calls for greater focus on securing our critical infrastructure and developing products with security built into our software and hardware right from the beginning. It needs managing risk across the entire product life cycle. Therefore cybersecurity should be a key part of every software development process.
If you want to know more about the Insights of Things, click here.