Smart products are improving the following industries and aspects of the business environment:
- Catastrophe management industry
- Employee safety
- Property management
- Supply chain
- Transportation industry
Catastrophe management industry
Smart products are used by catastrophe management and storm tracking teams, such as FEMA. These parties use smart products, such as sensors, to measure and track the physical environment to predict, monitor, and manage catastrophes. For example, a sensor can be used to detect wind speed and warn nearby homeowners of an incoming tornado.
Employers are now using smart products to improve the safety of employees. Smart products are primarily used to improve ergonomics. Ergonomics is the science of designing and arranging the workspace to enable humans to efficiently and safely perform tasks in the work environment. This reduces workers compensation claims.
The following smart products are commonly used to improve employee safety:
- Clothing sensors – sensors gather ergonomic information; this data helps management improve the workplace.
- Robotics – robotics eliminates tedious and manual tasks, such as assembly line manufacturing, which reduces the wear and tear on a human’s body.
- Unmanned aircraft – insurers use drones to take photos and inspect the quality of a homeowner’s roof. Insurers have used drone data to analyze wildfire-prone areas.
The property management and rental industry are utilizing smart products to improve off-site property management. Property managers can now monitor, detect, and analyze property hazards from a remote location.
The supply chain is the sequence of processes involved in the production and distribution of a product. Businesses are now using smart products to better analyze and improve the supply chain. There are a few common smart technologies used in managing the supply chain:
- Drones are being used to deliver packages to the end consumer.
- Smart products, such as wearables, are used to provide inventory details and track packages.
- Robotics is used to improve warehouse management and production.
The transportation and shipping industries use smart products and the internet of things to streamline and improve logistics management. The internet of things is a network of objects connected to the internet. This enables everyday objects to send, receive, and transmit data to computers. This allows management to easily analyze risk and implement risk control measures.
The shipping and transportation industries are using the following technologies to address risk management: