The socio-economic benefits of IoT are becoming increasingly clear as deployments yield results, either in the form of improved efficiency or in additional revenue. Wealth creation on one hand is creating a higher standard of living for world populations while automation is increasing efficiency while also removing dangerous and unpleasant tasks from the world of work. With food supply and climate change putting pressure on societies, technological solutions are needed to manage and minimize disruption and to eradicate waste.

IoT is uniquely placed to deliver socio-economic benefits because it can address multiple dimensions of the challenges the world faces. In terms of productivity, greater automation, improved analytics and the utilization of artificial intelligence are simplifying and accelerating production process, eliminating wastage and improving yields – both in agriculture and also in industry in terms of volumes of products made in factories. In terms of worker safety, IoT is enabling lone worker tracking, automation of dangerous tasks, and improved safety monitoring to prevent accidents.

Smart cities and campuses are enabling safer environments in which to live and work, with care being taken to ensure minimized environmental impacts which benefit all in society. Cleaner air and water are fundamentals for healthy existence and IoT systems have been addressing these and improving public health. Healthy people are more productive and happier so this is of enormous societal benefit.

Eliminating wastage of food, energy and water also impacts society as well as the environment so IoT-enabled systems that utilize cameras, sensors and weather sensors and apply analytics to these data can identify causes of potential wastage and address them before damage occurs. This extends from ensuring minimized crop wastage on farms to helping retailers reduce spoiled inventory. Even in the home, IoT-enabled apps can help reduce wastage.

Energy utilization is also being maximized thanks to IoT. Smart meters are utilized to give consumers better control of their power and HVAC usage and to help them to understand the impacts of their consumption.

We are also seeing improvements to healthcare and education that are being IoT-enabled. These advances will feed through into better-trained, healthier people who are able to work more productively and create a society in which there are better work to life balances. IoT is also referred to as the Internet of Everything and it’s true that if everything is connected and the data is processed and acted upon correctly vast efficiencies can be realized and new opportunities brought from the theoretical into practical reality.

That will be the big shift enabled by massive IoT. With the things all connected, the data will flow and the insights, benefits and advantages will be achieved. This will be a positive change for society and the world economy. IoT is already having a significant socio-economic impact and we are looking forward to hearing about more projects in this and other areas from organizations that enter the IoT Social Impact Award. To enter your project, simply visit: iotsocialimpact.com and submit your entry.