Rick Payne shares how businesses can save time and energy - as well as making more of under-used assets - with the Internet of Things.
By embedding sensors and computing power in a wide range of objects and connecting them to the internet, waste can be better identified, analysed and managed. Below we provide some examples based on the research we carried out for ICAEW’s report, The internet of things and accounting: lessons from China. We hope you can adapt some of the ideas to your business needs.
Accountants are no strangers to “sweating the assets” and the IoT offers many opportunities to do so. China Tower – a company that manages telecoms towers – talked to us about a number of asset-utilisation projects it implemented. For example, as a result of analysing the use of its back-up batteries it is now able to share these batteries with other organisations and so generate additional revenues, with minimal risk to its own services. Banks have been taking advantage of this service to ensure their cash machines are always up and running.
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