Sachin Lulla, EY Consulting Advanced Manufacturing and Mobility Leader, joins Cheddar News to discuss real-world use cases and applications for IoT, and how IoT connects to sustainability.

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Breaking Down the True Potential of IoT

this segment brought to you by consulting over at Ey empowering today's leaders to realize tomorrow's opportunities now IOT or the internet of things bridges the gap between the physical and the digital world for us and although we can't see it, it's everywhere and it's changing the way that we live and we work. So what are some of the ways in which IOT is used and what will it all look like in the future? Well joining us now to answer that and so much more is the chin lula Ey consulting advanced manufacturing and mobility leader. Sasha thank you so much for joining us, your leader at Ey in terms of the internet of things and how it's used in manufacturing. So when do you feel like the true potential of IOT will actually take off here speaker firstly. Good morning and thank you for having me join the show. Uh you know I think the billion dollar question is billion dollars billion 50 billion devices connected and where is the value from IOT? I think Howard business review did a study where $1.3 trillion was spent on IOT and digital transformations and 90% of that was wasted on pilots that did not scale. You know, I'll make two points. 1, I truly believe the value of Iot is an industrial B two B used cases while smart speakers and other B two C applications get all the attention if you look at I the IOT market as a whole and the B two B space, that's where we believe a trillion dollars of value can be unlocked by you know focusing on IOT use cases and out of that trillion dollars, 34% of that is manufacturing, you combine the transportation and logistics sector, that's more than half the value which is the sector I leader at ey and then you add power and utilities and oil and gas, that's pretty much 80% of the market. You know, we also believe it's not one technology that will scale value in the industrial world. It is the convergence of technologies and I think we are a tipping point with five G being deployed an IOT five G and ai truly enabling unlocking of value across these billion dollar use cases. Okay so for our viewers at home who are watching this, they're probably thinking how can I apply IOT and all of this in the real world maybe. What are some examples of this here? Yeah, let me make this simple. So if you made a decision on which vehicle to buy based on, you know, does it support android auto or carplay? That's one big example users today want to plug in their vehicle into their phone, not the other way around based on the experience that they expect from the vehicle they purchase a connected vehicle today Um you know generates 3:50 MB of data and only 1% of the data is actually used. Ah and you know this is a great connected product use case where you can use the data from the vehicle, not only to inform the end user about the health of the vehicle. For example, if the check engine light goes on typically your water do I keep driving? How far can I go? So with the data from these connected products, you can actually build a better experience for the ownership, lifecycle of the vehicle, get the driver home safely or to a nearby hotel and then schedule the maintenance and service and actually predicted before it all fails. That's the real power of IOT when applied the right way. Let's talk sustainability here because that has really been in the spotlight right now at mobile world congress, that's happening. How does IOT really sort of connect to sustainability? What do you think about in terms of that here? Yeah, that's a great question. You know, IOT and data we believe is at the heart of unlocking the true value from sustainability. When you look at E S. G broadly, you know, as you know, the automotive world is shifting to mobility and electrification. Transportation is a sector alone, has the highest garment emission of any other sector. As the mobility industry electrifies. You know, we'll see huge benefits from a sustainability perspective and a lot of the shift comes down to end user adoption today. When you look at the vehicle adoption for electric vehicles, especially a big issue is range anxiety. Most companies today can predict range at plus or minus 20% accuracy because they just use battery chemistry and basic data to predict it with IOT data, combining driver behavior with battery chemistry, traffic As well as real time weather data, we can actually get down to plus -2%, which can make that range anxiety a lot more lower, improve end user adoption. When you look at the carbon footprint of the home, 65% of that carbon footprint is from your utility bills and you can, you know, by connecting your water heater, your H V A C and other appliances. You can optimize energy in real time and again improve sustainability and enable the net zero consumers. So these are a couple examples of why we believe IOT and data are truly at the heart of enabling sustainability at scale. This is really cool stuff that's happening in this industry. Sachin lula is such a pleasure to have you here. Ey, consulting Advanced manufacturing and mobility leader joining us this morning. Thank you so much. And this segment brought to you by consulting over ey visit ey dot com to learn more