How IoT Could Transform The Business Models Of Essential Services

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IoT Business Models

IoT Business Models- IoT technology seems to have penetrated every sector and geography imaginable, but there are still places that the hype has not yet reached. In the current climate of uncertainty and risk for vulnerable individuals, IoT technology could drastically improve essential services by offering a completely new way to deliver that service.

This article will cover how the benefits of IoT are being introduced to industries in Canada, and how connectivity is enabling the most crucial services to be more efficient and continue to address our most vital needs.

Connecting new ground

Whilst only a few thousand miles from Silicon Valley, and even closer to the rapidly-growing tech hub of Seattle, businesses in Canada do not necessarily have the same experience when it comes to using digital technologies. “There’s not a lot of applications in the IoT space [in Canada] right now,” says Sigfox Canada’s Kent Rawlings, “from a low power perspective awareness is starting to grow here in Canada but it certainly hasn’t proliferated through all the industries.” While interest is certainly growing in Canada around the potential of IoT, “a lot of the reactions we see are of surprise that you can actually achieve these things,” says Rawlings, “but when you describe what [IoT connectivity] can do for them, they intuitively appreciate the benefit of that insight.”

Starting fresh, in a region that has not been ‘oversold’ on the transformative power and simplicity of IoT technologies, gives solutions and connectivity providers a way to approach business on their own terms – without having to explain implementation difficulties after the fact. “Once we explain how the technology works, [businesses] start to think about how to re-engineer their business processes, and that’s causing them to rethink their entire business model,” says Rawlings.

Early transformations

In today’s environment of social isolation and extended quarantine, new, more efficient business models could help the most essential services adapt to the challenges that Covid-19 poses. Care facilities and retirement homes have felt the horrific consequences of coronavirus more fiercely than most, due to the proximity and vulnerability of residents and lack of sanitized protective equipment for staff in some areas. Senior monitoring company Senioradom connects motion detectors together with a central platform, which employs “an algorithm that tracks and monitors the senior’s activity to figure out the standard activity for that person,”says Rawlings,  alerting staff to any anomalous behavior before a dangerous event occurs.

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Article Credit: Forbes