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IoT Data Opens New Revenue Streams

Posted by Sue Holub, Chief Marketing Officer on 03/29/2018
 

We have recently explored how data collected by IoT applications is unlocking new capabilities and driving the service economy to new heights. One of the leading providers of GPS monitoring services in the U.S., Mexico, and other countries across Latin America exemplifies this IoT-powered service expansion.

The organization built its business offering real-time insight and precise location-based telematics data on fleet vehicles and container assets in-transit. With a heavy presence in Latin America, assets are often transported across remote locations and long distances that are historically attractive targets for criminals. Using satellite, cellular connectivity, SMS, and web services, end users are able to more easily identify and prevent possible robberies.

Using the data extracted from its asset tracking services, this business was able to implement a similar IoT application to address an emerging market need: tracking humans. More specifically, executives or other “VIPs” traveling in countries where they may be targets for kidnapping.

Although this expansion opportunity was attractive, it was not without challenges. While tracking assets and people involve essentially the same breed of hardware, connectivity, and cloud technologies, they are very different operations. Privacy concerns, response times, and liability risks are held to much higher standards – it is a vastly different matter to misplace an asset compared to losing contact with or location of a person.

The requirements that arose from these challenges included a re-evaluation of how data from its asset tracking solution can reconcile the offering with the foundational value proposition and technology infrastructure. Such considerations included:

  • A concerted effort to “humanize” and personalize the VIP service
  • Provide VIPs real-time situational awareness and communication options
  • Optimize operational workflows to enable fast, accurate assessments of each risk situations
  • Proactively work with relevant local authorities to expedite incoming security alerts and reports

Based on the research – with the assistance of outside consultation and development – a  human tracking platform was deployed that has successfully diversified the business and created a new stream of revenue.

On the ground, a “panic” button was introduced, which instantly notifies a security team of an incident. Once engaged, the exact nature of the problem is determined and relevant authorities and emergency services are alerted.  Alerts can also trigger the ability to send commands to vehicles, such as:

  • Vehicle Immobilization
  • Engine disengagement
  • Activation and deactivation of lights, horns, door locks, and trunk

The platform also monitors, compiles, and analyzes risk-related data in real-time, which might include a breach of a particular geo-fenced area or the discovery of unusual telemetry metrics such as excessive speeding, braking or roundabout routes.  

The results speak for themselves. IoT-generated data built the foundation of this new solution, enabling this organization to offer its clients a suite of powerful location-based services that ensure the safe arrival of VIP personnel.

Most critical to the company’s bottom line, the offering has been foundational in uncovering monetization opportunities extending beyond traditional fleet and cargo tracking that are allowing the company to penetrate new markets around the globe.

Need help extracting the value of IoT for your business? KORE can help. Learn more here.

Topics: IoT, Monetizing IoT, GPS, Transportation

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