The Internet of Things is a rapidly growing opportunity for businesses and investors alike. With an estimated 27 billion devices expected to be connected to the internet by 2025, IoT is changing the way we live our lives.
There are endless possibilities for what the Internet of Things can do. It’s not just about connecting your phone to your car anymore – now it can connect everything from home appliances to medical devices. And as more people get on board, we’re seeing new ways these technologies are being used in our everyday lives.
At CheckVentory, we see the potential in connected cars and are using this technology to provide a new virtual auditing service benefiting OEMs and their captive finance companies.
Read on to find out more about how we’re using IoT to change automotive auditing, and how you can benefit.
What is the Internet of Things?
Put simply, it is the connecting of physical things to the internet. This could be anything from your coffee maker to your car. The potential applications for the internet of things are endless, and it is already starting to revolutionise many industries.
The term was first coined in 1999 by Kevin Ashton, a computer scientist who was working for Proctor & Gamble at the time and later went on to co-found the Auto-ID Centre at MIT.
The Internet of Things, or IoT, means that the ‘thing’ can send and/or receive information. Or, as it is commonly referred to, is ‘smart’.
These devices can collect and send information, for example, about how often they are used or the temperature and humidity of a room. They can also receive and act upon data, for example, a printer. Or they can do both of these things.
How does IoT work?
IoT devices work by using sensors, processors, and communications hardware to collect, process, and exchange data. The data collected by IoT devices can be used to trigger actions, either automatically or through user intervention.
Applications for IoT
Applications for the Internet of Things are numerous and varied.
For example, in the home, IoT devices can be used to control heating and lighting remotely or monitor energy usage. In healthcare, IoT devices can monitor vital signs or provide reminders to patients about taking medication. In manufacturing, IoT devices can be used to monitor production lines and to optimise processes.
The potential is enormous, and it is likely that we have only scratched the surface of what is possible. With the continued development of IoT devices and applications, the opportunities for businesses and individuals are only going to increase.
What benefits does IoT bring?
The benefits of IoT are many but can be generally summed up into two categories: cost savings and increased efficiency.
By connecting devices to the internet, businesses can automate tasks and make processes more efficient. This can lead to significant cost savings and improved customer service.
IoT can also help businesses to gather data about their customers and operations. This data can be used to improve products and services and make better business decisions. As a result, IoT has the potential to transform how businesses operate, making them more efficient and responsive to customer needs. As the internet of things continues to grow in popularity, these benefits will only become more pronounced.
How is IoT Growing?
The Internet of Things is growing at an unprecedented rate. In 2020, there were an estimated 11.3 billion devices connected to the internet. This number is expected to grow to over 27 billion by 2025.
A recent report from McKinsey shows that by 2030, B2B applications will account for around 65 per cent of the economic value that the IoT can create. However, business-to-consumer applications are also multiplying, driven by the faster than expected take-up of IoT solutions within the home.
Three main factors are promoting growth in the adoption of IoT solutions today: perceived value, technology, and networks.
The first factor is the perception of value that businesses and consumers see in IoT applications. The McKinsey report shows a growing appreciation for the benefits that IoT can deliver, such as increased efficiency, better customer service, and new revenue opportunities.
The second factor driving IoT growth is the continued advancement of technology. As sensors get smaller, cheaper, and more powerful, storage gets more affordable and easier to use, and computing becomes faster and more sophisticated, the barriers to entry for IoT are lowered. This makes it possible for businesses of all sizes to deploy IoT solutions at scale.
The third factor driving IoT growth is the expansion of networks. Mobile 4G networks have spread to cover more people at higher performance, and 5G is now rapidly being deployed. This expansion of connectivity makes it possible for more devices to be connected to the internet and for those devices to communicate with each other in real-time.
These factors are coming together to create an accelerating opportunity for businesses and consumers alike. The IoT is no longer a future technology; it is here today, and it is growing at an unprecedented rate.
Opportunities in Automotive
The estimated economic value for the Internet of Things in a vehicle-related context is estimated to be in the range of $430 to $620 billion by 2030.
And while autonomous vehicles are stealing the headlines, there are plenty of other opportunities in the automotive sector.
Many new vehicles come with built-in connectivity that allows them to communicate with other devices and share data. It can be used to remotely diagnose and fix problems with vehicles or alert the emergency services if you’ve been involved in an accident.
In a B2B context, this connected car technology can be used to improve asset tracking and management, logistics and fleet management.
All involved in wholesale and floorplan financing are familiar with the requirements for auditing a dealer’s physical inventory.
This process can be time-consuming and costly when done manually, although technology-driven solutions have brought significant improvements via digital auditing.
Digital auditing allows for a more efficient and accurate way to audit stock using imaging technology to identify physical assets at a precise time and location, using the vehicle’s unique Vehicle Identification Number.
By harnessing the power of vehicle connectivity, digital auditing can be taken a step further, becoming virtual. First, digital auditing brought the capability for dealer self-auditing, and now, virtual auditing enables vehicle self-auditing.
Virtual auditing is a new service development from CheckVentory, which builds on its established digital auditing by using the vehicle’s embedded technology to enable asset tracking that is faster, more accurate, and at a lower cost.
From a vehicle audit perspective, connectivity means accessing the asset’s onboard data and identifying the vehicle location. Then, using data verification tools, the system identifies any asset that is not in its expected location and flags these for review.
This virtual auditing technology allows for instantaneous identification of the location for 100% of the funded vehicle assets.
The intelligence provided to management allows for clarity and focus on issues in need of attention.
Find Out More
CheckVentory Audit is the funder solution for monitoring funded stock portfolios across dealer groups.
Via a sophisticated digital platform, CheckVentory Audit goes beyond providing an accurate and up-to-date view of dealerships’ portfolios; it actively assists in identifying those dealer groups that provide the greatest growth opportunities, as well as highlighting potential risk issues.
To learn more about how we can help your business or get a demo of the system, enter your contact info here and we’ll get right back to you – or call on +353 1 9069616.