“Data” is the word on the tip of everyone’s tongue. Arguably more valuable than oil, data has the prodigious power to change business, manufacturing and shipping in incredible ways. No one knows this more than Jim Lester, CEO of ThingTech. Lester joined MarketScale to discuss the state of the Internet of Things (IoT) and how businesses can benefit from data collection and sharing.
ThingTech’s fleet management system offers a holistic view of a fleet thanks to widespread data collection. When pulling usage data from different car manufacturers, for example, ThingTech can normalize the differences and offer real, usable data to clients. Lester said that ThingTech “[does] the heavy lifting for them.”
But IoT data collection isn’t used solely for fleet management. As technology prices go down, specialty logistics become more feasible. When shipping climate-controlled products, for example, ThingTech can monitor the product throughout shipment, ensuring its safe arrival. Lower IoT costs mean being able to monitor custom shipments both big and small.
It is hard to talk about IoT without talking about 5G. Lester said the reality of 5G is that it will first reach urban areas and, until 5G is more widespread, 4G is perfectly fine for monitoring trucking as it travels through rural areas.
So, what is the future of IoT? Jim outlined the three pillars of IoT adoption – connectivity, costs, and device durability. As these three trends materialize, moving from static asset management to dynamic asset management will become the norm.
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