With the use of the Internet, new business models that are sensor-driven have been created. These models have been inspired by the need for information and analysis as well as automation and control. Sensors and actuators are being fitted into physical objects and then linked with both wireless and wired networks. These sensors gather data that can be used for the benefit of your business. You can even hire data analysis experts, who you can easily find at activewizards.com, to help you draw some meaningful insights from the data you have gathered. Sensor devices can be a great source of data. Regardless of the format in which the data will come, at some point it will be used by a cloud resource to create applications that come with an automated response. Below are some of the ways sensors are transforming business models.
This has been widely used by insurance companies where they install GPS sensors in their clients’ cars. This allows them to come up with the right price of the insurance policies they offer based on how the car is driven and also where the car is driven. Companies like Tesco are also using sensors to capture the profile of their shoppers using just the membership cards. The data collected becomes useful when discounts are offered at the point of sale, and even during close purchases, as it provides extra information.
Enhanced situational awareness
Here, a group of sensors are placed in whatever form of infrastructures such as roads or buildings, which can then report in real time any changes in the environmental conditions, like temperature or even the weather. For instance, we have smoke sensors that can trigger a fire alarm in case the building is on fire. Sensors have also been installed in ships to help the crew to identify and thus avoid any obstacles ahead, like icebergs.
Sensor-driven decision analytics
Here, businesses can use sensors to gather crucial information on the preferences of their customers and then make decisions based on the collected information. The sensors enjoy the advantage of the customers not realizing that they are actually being studied. For instance, retailers are working on ways in which they can collect data from shoppers and then customize their displays based on how the customers like it. Sensor readings and videos can be used to tell the amount of time the customer actually spent in the shop and also the kind of items they ended up purchasing. This means that retailers can increase their revenue if they optimize their display layouts depending on what the customers like most.
Complex autonomous systems
This is one of the areas that has arguably been most transformed by sensors. Here, sensors are used to detect in real time any condition that is unpredictable. For instance, the automobile industry is working on designing sensor systems that can detect any imminent collisions and then take evasive action. This will reduce the number of collision accidents, as now vehicles can automatically avoid colliding with each other.