Global insurer American International Group (AIG) continues its work regarding the Internet of Things (IoT), this time tackling implementation and growth through collaboration. In their first white paper, they shed light on the security risks associated with the growth of the IoT. In their second white paper, entitled “IoT Case Studies: Companies Leading the Connected Economy”, they have highlighted the greatest strength of the IoT: Cooperative tech advancements.
Perhaps the most telling statement in the white paper reads:
‘In our conversations with AIG customers around the world, one common thread emerges when we talk about how to successfully implement IoT technologies: The only way to keep up is to learn from each other.’
To develop their understanding of this cooperation and growth, AIG authored eleven case studies with technological pioneers who are driving their own industries forward through collaboration. Each case study highlights a unique way in which the IoT is changing the face of progress. Three companies in particular represent the heart of progress.
Amec Foster Wheeler: A Safer Way to Fuel the World’s Energy Needs
According to AIG’s case study, Amec Foster Wheeler is embracing the IoT by using it to ‘monitor environmental conditions to improve safety and prevent environmental accidents.’ What does that look like, though? It means using weather stations and IoT based systems to rapidly communicate the status of ships, oil rigs and mines to provide safety for the workers, and to even prevent accidents. This is done via rapid communication from sensors to the mainland, or even to the ship or to the rig itself, something that would have been impossible in the past. This kind of technology allows critical decisions to be made quickly, including whether, or when to evacuate nonessential personnel, or to alter the course of a ship.
For the last twelve years, Amec Foster Wheeler has also been using sensors embedded in highways to monitor the weather conditions and their effects on the roads. With this data, predictions can be made regarding iced over roads, snow, and freezing rain, resulting in improved road safety, and saving money through efficient use of winter operation resources.
U.S. Bank: Transforming the Banking Industry with IoT
Instead of stopping at online banking and tellerless branches, U.S. Bank is exploring options to improve the lives of its consumers by helping them to automate parts of their daily lives. Examples include the ability to automatically schedule oil changes when a sensor indicates a need, or to connect ‘weightloss goals with credit scores, financial rewards and more.’ This is great for consumers because connecting the many facets of life to one another can make vehicles safer, and encourage other responsible behaviors with the passive help of automated devices and incentives. Think of it as ‘bill pay’ on superjuice. This modern banking convenience already helps busy families manage the mundane task of paying bills, but by breaking the fourth wall with the IoT, this convenience can integrate other industries to care for their clients’ needs.
John Deere: Connecting the Farm to the Cloud
Perhaps the sector most affected by the IoT evolution is agriculture. AIG puts it best:
‘Farmers used to rely on clouds for rain. Today’s digital cloud helps maximize crop yield, optimize seeding, automate harvesting, and more.’
John Deere is now leading this revolution with advanced systems and sensors connected to tractors. These sensors connect to JDLink, an advanced platform that helps farmers track weather, crop status, and everything that happens between the time a crop is planted and the time it is harvested. The IoT based system also provides data that farmers never had in the past, facilitating scientific leaps in crop production.
Continuing their 178 years as an industry leader and pioneer, John Deere’s goal is to improve the industry for everyone, from farmers to suppliers and buyers. Typically, the agriculture industry is one ruled by harsh competition and rivalry. With John Deere’s leadership, the members of this harsh business can collaborate in ways that help everyone, hopefully without introducing new points of conflict.
The Future of the IoT
There’s a lot to take in here, but there’s always going to be more. Thanks to companies such as AIG, and the others mentioned in the report, the collaboration that will drive future technology is being fostered. As with any major change, the world might push back against the growing digitalization of all aspects of life, but eventually, it’s clear that this ‘evolution or revolution’ is coming. The challenge for most will be to remain relevant, and part of that growth. Perhaps one of the most telling statements of the white paper is this quote:
‘Revolutions do not have to be scary. In fact, there is a lot to be optimistic about. As a recent AIG poll found, twice as many U.S. consumers are optimistic about the IoT as are fearful.’
It is clear that the Internet of Things is going to keep growing, expanding, and surprising us all. To see the full eleven case studies in their entirety, check out the white paper. To learn more about this growth, head over to AIG’s Innovative Tech page or join the conversation with #InnovativeTech.
This article is the product of a partnership between GeekDad and member companies of American International Group, Inc. Although this post is sponsored, the information and opinions expressed in the article constitute only my own beliefs.
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