October 2, 2017 | Written by: Chris O'Connor
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I was lucky to be a part of the Genius of Things event in Shanghai, where we were joined by hundreds of clients. The Chinese market is primed to take advantage of the Internet of Things: It was valued at 71 billion RMB (~ $11 billion USD) in 2015 and is projected to grow to more than 780 billion RMB (~ $121 billion USD) by 2020.
This growth is being fueled by government support and partnerships between organizations. Shanghai is a worldwide innovation center focused on leveraging IoT and AI technologies to become a technological leader. The State Council issued a guideline on developing AI, with the goal of becoming a global innovation center in AI by 2030. There are huge opportunities across industries for IoT to drive efficiency, quality and yield, and to help transform business models. Our IBM Shanghai lab, and other labs across the country, are helping drive new IoT innovations in China.
Client transformation stories
We are working with 6,000 global clients, helping them do everything from engineering lifecycle management to asset management. Here are some highlights of client transformation that I shared during my presentation at the Genius of Things event:
- China Star Optoelectronics Technology Company is using IBM Visual Insights of LCD panels to drive an 80%+ reduction in labor costs
- LongiTech Smart Energy Holding is using a smart energy cloud platform with cognitive computing to drive 10x business growth through the launch of the platform
- Faurecia has adopted predictive maintenance solutions from IBM to reduce inventory by 10%–20% and reduce raw material consumption by 5%
I was joined onstage by one of our leading IoT clients, a company that is truly reinventing with the Internet of Things. KONE spoke about how they are tapping the IoT to improve people flow and elevate the customer experience. Their elevators and escalators move one billion people a day. As a point through which almost every building occupant passes, KONE is in a unique position to not only use the IoT to ensure their elevators and escalators are always running at peak performance, but to create new ways to engage with users.
Hands-on with IoT demos
After the main tent session, I explored the demo zone, which showcased our IoT solutions and let attendees get a hands-on experience. The IBM Visual Insights demo showed how product defects can be identified and catalogued with our VI algorithms. This technology has the potential to save countless hours required by manual inspections and can also provide greater depths on defects than possible with any human inspection. I also stopped by the IoT for Insurance demo, which gave attendees the experience of being a driver in an accident and showed how our IoT offerings automatically tracked and reported any incidents up into the IoT Platform.
I also met with several clients and witnessed their contagious enthusiasm around what they are doing with, or are planning to do with, IoT technologies. Check out our IoT solutions page to find out how we are working with clients and partners across the globe.