The Internet of Everything in Measurable Business Outcomes
At Cisco we often talk about the Internet of Everything and how there is an opportunity to create a whole new world where everything in the world is connected, interacting and sharing data.
At a recent event in Sydney, Australia we discussed this phenomenon with a particular focus on the real business benefits and outcomes that are obtainable today with the technology that currently exists, as well as the potential opportunities further down the track as the concept of the Internet of Everything matures.
Ken Boal, Managing Director for Cisco ANZ, opened the discussions by talking about the “Value at Stake” for the Internet of Everything in Australia. The Value at Stake refers to the revenue that is “up for grabs” for business investing in the Internet of Everything. In Australia, the Value at Stake is $74.4 billion dollars. This equates to around 5% of Australia’s current GDP and therefore an important opportunity for Australian businesses.
At a macro level, it is clear that the Internet of Everything will become more and more important, given the proportion of Australia’s total output it already makes up. But, what about on the micro level? How are individual businesses using the Internet of Everything to improve their bottom line and drive business benefits?
Take a listen to Ken’s perspective on the “Value at Stake” to Australian businesses here:
John Ansley, CIO & President Supply Chain Solutions, Implementations at logistics company, Linfox, explained some of the benefits that the Internet of Everything is bringing to his organisation.
John identified a dramatic decrease in workplace injuries on account of some of the connected solutions installed at Linfox. In fact, in the past seven years, Linfox has reduced its Lost Time Injury Frequency Rate from 40 to 1.9.
The tracking of how vehicles are driven, in terms of fuel consumption and ensuring drivers are taking the best possible routes through connecting vehicles, has also led to measurable benefits both in terms of sustainability and in terms of Linfox’s bottom line. Through tracking driver and vehicle behaviour, Linfox is well on its way to achieving its goal of reducing carbon emissions by 20% by 2015. As it currently stands, the company has hit 42%.
As regards the bottom line, by tracking and analysing data, turnaround times have been improved by 18%. By improving vehicle utilisation through data analysis, Linfox has been able to remove 25% of its trailer fleet from operation, resulting in reduced expenses and therefore a greater bottom line for Linfox and better prices for customers.
Simply by connecting “things” and creating a single pane of glass lens to multiple business processes, it becomes clear that this has the potential to translate into increase revenues and reduced operational costs from more efficient business operations and most importantly the opportunity for lives to be improved, as evidenced by the safety example from Linfox.
For more information, please watch the Linfox achievements John shared at the event in Sydney: