Internet<\/a> of Things (IoT<\/a>) has taken automation to another level. With uses from airplanes to houses, IoT<\/a> is bringing in a new wave of innovations that present a massive business opportunity for manufacturers of consumer goods<\/a> through a host of opportunities to improve everyday health and lifestyle of consumers.
IoT is an important component of Industry 4.0<\/a> - the fourth industrial revolution in the making. With connectivity playing a crucial role in our lives, we can expect good growth of IoT applications<\/a> in consumer goods<\/a> putting consumer IoT on the road to become mainstream.
The majority of successful IOT implementations have been in the industrial sector. In the case of consumer goods, while there have been quite a number of innovations, the market penetration is very limited. In this sector, there are two variants which are IoT for consumer business and IoT for personal consumption.
At the business end, we have cities that can be transformed into smart cities through the use of IOT connected devices. Imagine having smart traffic lights that collect data, and use the traffic data to sync lights to peak traffic times. This can improve the city’s overall efficiency since many things can be remotely managed. Smart homes<\/a>, lighting systems and even coffee makers will all collect data on habits and patterns of usage. All this data will be collected to help facilitate greater automation. An extensive implementation will lead to the government money saving money.
Companies are taking several different approaches to integrate IoT in their operations. Key initiatives used include creating processes for managing IoT. Following that is training or acquiring IoT-capable staff, learning from early adopters’ actions, increasing budget, and building an organizational consensus.
IoT in consumer products will increase when innovation matches the current need of consumers. Many possibilities exist including:
Healthcare<\/strong> - This sector that can reap major benefits from IoT. For example, IoT can transform the care of senior citizens. An application from Temboo combines inputs from a microphone, motion sensor and paging device to track the whereabouts of senior citizens and also sends an alert to a designated person in case something is wrong. Other IoT powered devices such as smartwatches can monitor the heartbeat, sleep cycle and general health. With IoT devices delivering value, there will surely be an increase in adoption.
Smart Homes<\/a><\/strong> - This is another popular application of IOT. The use of IOT enables automation and efficient resource management for the home. The most common use of IOT here is voice enabled appliances, a sought after use of IOT in smart homes. The Taiwan Excellence Award-winning Aifa Wi-Fi i-Ctrl system is a perfect example for the category of smart homes. With the help of this device, an individual can control the functioning of the appliances at home by just configuring them to this device and then control the appliances anywhere, anytime. IoT enabled security systems also form an important part of smart homes.
IoT driven stores <\/strong>- IOT can create an impact in stores by providing an enriched digital experience. In retail stores, it can help in reducing wastage and spoilage of food. With expiry dates encoded into the barcodes, IoT allows customers a dynamic range of prices with cost of the product coming down as it nears its expiry date. The results have been positive, with a reduction in waste by 33%, better inventory management and higher sales. Another example is Ralph Lauren which has interactive fitting rooms furnished with RFID<\/a> tagged interactive mirrors. The mirrors detect and display the clothing items brought into the room along with available sizes, colors and suggestions for a complete look.
The future is bright! The consumer market holds great potential for IoT as countries such as Taiwan and Korea are battling it out to emerge as a reputed market leader while giving the likes of China tough competition. As society turns wireless, connected and digital, consumer product companies will need to seamlessly integrate IoT into their products to survive and grow in a progressing marketplace. Design creativity ensuring security and privacy will drive the evolution of these next generation IoT consumer products.
The author is Director at Taipei World Trade Center.
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DISCLAIMER: The views expressed are solely of the author and ETCIO.com does not necessarily subscribe to it. ETCIO.com shall not be responsible for any damage caused to any person\/organisation directly or indirectly.
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