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Internet of Things Continues to Make Inroads in Business, Report Says

The Internet of Things is already having a massive effect on business, according to a recent report by Verizon, and by 2025 it predicts best-in-class organizations that use IoT extensively will be up to 10 percent more profitable than they are today.

Internet of Things Continues to Make Inroads in Business, Report Says

"We see the Internet of Things as an extension of our machine-to-machine business, as does everyone else in the marketplace today," says Mark Bartolomeo, vice president of IoT Connected Solutions at Verizon. "When you think about machine-to-machine, what you're really looking at is connecting devices and collecting data from those devices. The next big leap for IoT is really about the use case. IoT is about interconnecting these devices for specific use cases and deriving value from the data."

For instance, transportation companies are using data to reduce fuel consumption, while local governments are turning to smart LED street lighting that doesn't need regular maintenance but automatically reports when it needs repairs. Utilities are deploying smart meters that provide more granular data on energy usage while minimizing or eliminating the need for home visits.

One highly recognizable example of IoT in action is the way automotive insurers have begun setting premiums for commercial and fleet customers though usage-based insurance. Rather than rely on broad indicators like the driver's age and gender, these insurers are installing devices in the users' vehicles. These devices can track how many miles a driver drives in a year, when and where they take their trips and how safely they drive. With this data, insurers can align their premiums against measured risk.

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"We see the Internet of Things as an extension of our machine-to-machine business, as does everyone else in the marketplace today," says Mark Bartolomeo, vice president of IoT Connected Solutions at Verizon. "When you think about machine-to-machine, what you're really looking at is connecting devices and collecting data from those devices. The next big leap for IoT is really about the use case. IoT is about interconnecting these devices for specific use cases and deriving value from the data."

For instance, transportation companies are using data to reduce fuel consumption, while local governments are turning to smart LED street lighting that doesn't need regular maintenance but automatically reports when it needs repairs. Utilities are deploying smart meters that provide more granular data on energy usage while minimizing or eliminating the need for home visits.

One highly recognizable example of IoT in action is the way automotive insurers have begun setting premiums for commercial and fleet customers though usage-based insurance. Rather than rely on broad indicators like the driver's age and gender, these insurers are installing devices in the users' vehicles. These devices can track how many miles a driver drives in a year, when and where they take their trips and how safely they drive. With this data, insurers can align their premiums against measured risk.

Read Full Article

Internet of Things Continues to Make Inroads in Business, Report Says