The Internet Of Things & Energy Costs

IoT 2

For my disruptive innovation project, I looked at “The Internet of Things,” one of the top disruptive innovations recently, and an idea that I was not familiar with. This concept is that of things all around us, from watches to refrigerators, being embedded with sensors that allow these devices to communicate and share data. In doing some further research, I found this article about how The Internet of Things can help companies slash their energy costs- a concept that I had no considered.

While I think many people focus on The Internet of Things as a way to make people more connected and make our lives easier, I don’t think there’s enough focus on the good that IOT can do. The article talks about how companies can use smart grids, which will run on the IOT, which allow energy distribution to be evaluated in real-time, rather than based on historical data. This will allow companies to more effectively manage their energy usage, thus saving them money and helping the environment through reduced energy usage/waste.

What other potential do you see for IOT savings money and doing good? Do you think there are applications for a smart grid in a smaller sense, rather than just for businesses?

One Response to The Internet Of Things & Energy Costs

  • You’ve raised a great point. I found the evaluation of information in real-time other than historically to be the most interesting and eye-opening; that is definitely beneficial to businesses. To answer your question (which actually prompted me to write my post on artificial intelligence), I have an answer that goes along with real-time monitoring. This article here (http://blog.xively.com/xively-infographic-future-of-the-iot/) provides an infographic on the future of IoT, and one key benefit for businesses (or, “doing good”) will be that “organizations will predictively meet business needs through intelligent, automated action driven by previously inaccessible insights from the physical world”. The example given was a refrigerator that has sensors in it connected to a scientific lab that is able to dispense enzymes for the purpose of accelerating experiments. The interconnectivity of devices allows the business to automatically recognize when revenue is created and restocking is needed, with the process ultimately allowing the devices to automatically predict upcoming experiments and alert scientists to new enzyme lines. This is just one of many examples of potential benefits (which would save money on operating expenses), and would also be an example of an application for a smart grid in a “smaller sense”.

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