How IoT and Location Intelligence Affect Different Industries

Today, the world is afforded the convenience of remotely turning on household appliances from their office. Not just that, you can also power on your car and set the temperature in the cabin before you even step out of your home. It is the power of the phenomenon of the Internet of Things or simply IoT. It has proliferated virtually every facet of life, enabling everything from household items to industrial machinery to be embedded with sensors that generate and stream data without necessitating the involvement of humans.

Also, considering how quickly things are moving in the context of IoT, analysts predict the world will host over 20 billion Internet-connected devices by the year 2020. Another research predicts that by 2025, IoT will have a global economic footprint of $3.9 trillion - $11.1 trillion every year. So with IoT devices growing at a mind-boggling pace, the data gathered by them is also increasing at an equally quick rate. What this means is that gleaning practical insights from this humongous amount of data is now a significant challenge for companies. Thankfully, with location intelligence businesses have the solution to exploit the possibilities presented by their IoT-related endeavors.

To help you understand the potential of the combination of IoT and location intelligence better, let's take a look at the different industries impacted by it.

1. Supply chain and logistics: IoT and location intelligence together have provided enhanced efficacy as well as in the supply chain and logistics industry. How? Cargo embedded with tags can be easily tracked, while distribution centers are leveraging this combination to give updated directions to truckers depending on the type of load, thus managing their fleet much more efficiently.
2. Smart cities: Thanks to IoT and location intelligence, regional insights can be collected quickly to pinpoint environmental risks, inefficiencies, and more. Case in point, sensors on wheels can be used to recognize areas with traffic issues or even those areas that experience high levels of pollution.
3. Insurance: Data gleaned from sensors and fortified with location intelligence can empower insurance companies with pertinent information about the event, consequently enabling them to attend to claims quickly. Such data can also be used to identify fraud, enhance loyalty among clients, better risk rating, and more.
4. Retail: Retail businesses are already leveraging IoT and location intelligence to analyze foot traffic in and around their stores at various points of time through the day. It, in turn, helps them administer plans that improve business. This combination is also being utilized to enable things such as determining gainful locations for stores, in-store navigation, and more.
5. Energy and utility: IoT and location intelligence provide companies in this industry with high levels of visibility as well as control, thus allowing them to deliver dependable service to their customers.

Thus, it is easy to surmise that a location-based mobile application is now practically indispensable to a company that is looking for context for business decisions as it strives to tap into more and more opportunities for intellectual growth.

Hi, I am Dorothy and I write technology related articles