As 70% of IoT value resides in the industrial space, let us look at some practical examples of how industries have saved and made money by deploying IoT:
Maersk modernizes global cold chain fleet through wireless connectivity
International shipping competition requires a unique and global level of container monitoring and data analytics. By deploying IoT, Maersk was able to come up with a comprehensive wireless design that integrates short range, mobile network and satellite technologies to provide top level of cold container performance monitoring. According to Machina Research, performance monitoring of shipping fleet has resulted in an annual fuel savings approaching $20 million for the shipping line.
Masternaut’s service reduces costs, eco footprint and errant driver behaviour
UK-based Masternaut is one of the largest European telematics service providers. Masternaut’s platform data enables comprehensive analysis of fleet condition, route optimization, driver behaviour and delivery. This has resulted in fuel savings (typically in the 10%-15% range) and route optimization (reducing delivery times by 10%)
OnAsset package tracker creates real-time monitoring to mitigate risk
Detailed air cargo package location and condition monitoring provide comprehensive detail contributing to lower shipping risk to clients. Due to connected monitoring, a pharmaceutical company was alerted to a disconnected refrigeration unit, permitting a quick location and repair, saving $600,000 in perishable medical products. Also, through access to shipping platform data, insurance companies mitigate risk leading to reduction of policy fees by as much as 75%
Dynamic public transport project saved Helsinki city €4.6 million in annual costs
Helsinki partnered with Mattersoft to wirelessly connect vehicles and trams, monitor performance, and integrate vehicle data with traffic light controls. When a pilot program was launched in 2006, it resulted in a €4.6 million cost savings and led to full roll-out in 2011. Traffic lights prioritization in the city has resulted in route completion time savings of 7.5%-10.5% and improving fuel efficiency due to less idling time. Now, the platform combines telematics integration, on-vehicle Wi-Fi, real-time digital information displays for riders, mobile apps and third party development platform.
Source: Machina Research
Featured image credit: vodafone.com