Sunday, April 27, 2014

Is the internet of things going to steal your money?

It’s not unreasonable to say that the IoT is going to change most of our lives (and probably for the better). It’s also not unreasonable to say there is probably a lot of money to be made in this market. Which got me thinking, is the IoT going to make my life easier while it slims my wallet?

Luckily I think the answer is no. As long as I’m willing to make some small changes, which are probably for the best anyway, I may actually end up saving money.

Take, for example, this amazing new bulb from Philips.

Now imagine that bulb not only connects to your smartphone or tablet, but to the grid; reacting to peak energy usage hours by automatically dimming lights and saving you money while simultaneously reducing overall stress on the grid. As long as you don’t mind losing a few lumens, your bill goes down while your community benefits.

In fact, any kind of resource management will probably receive an overall benefit from the IoT. Waste, water, gas, electricity, and traffic will be among the first management systems revamped by the IoT. And the cost to you and me? Nothing, really. Assuming we play by the new rules that will come with the new systems. Heck, we’re more likely to save money than to lose it. I know that if I have to pay per pound of garbage in the future, I’m going to be a lot more careful about the things I throw away. Not only that, my refrigerator will be in charge of the just-in-time ordering of all my groceries, so there will likely be less waste anyway.

Of course, the interconnectedness of all things will help advertisers and marketers in a number of ways. Imagine your fuel band knows exactly how many miles you’ve run since your last purchase of $99.99 at the Nike store, and it knows those shoes have a life of 400 miles. How far do you think you’ll have run before you start getting notifications that it’s time for a new pair? The good news is your stuff probably won’t be able to spend your money without your okay. The bad news is that the world of advertising just weaseled its way into your entire connected life.

If you’re keen to know which companies are making strides in the IoT, check out this list.

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