How to build a Business Case for Industrial IoT
The Industrial Internet of Things (IIoT) is one of the most transformative trends of recent years. By integrating and blending the physical and the digital, it fundamentally alters the spatiality of manufacturing environments. Monitoring and management of physical assets can take place centrally and remotely. Physically disparate machines and equipment can nevertheless be bound closely together, through intricate webs of information sharing. The IIoT can make organisations smarter, more strategic and more efficient.
All this sounds wonderful – but it can also sound like hype. The IIoT is transformative, yes – but that also means that it has been discussed in more breathless terms than most other forms of business technology. It is a hugely dynamic field, yes – but that also means that it can be difficult to differentiate between concrete reality and hyperbole.
And yet making these differentiations is crucial for organisations who suspect that the IIoT may be of benefit to them – but what do you need to build a solid business case for investing in such technology? How do you build a compelling business case for the IIoT?
The basics: capture, analysis, decision-making
The IIoT, of course, means different things to different businesses. Depending on the sector you operate in and the scale and scope of your organisation, the connected devices and IoT applications you deploy will look very different.
That isn’t to say, however, that the principals of building a compelling business case for the IIoT need to be dramatically different between organisations. In fact, understanding the basic principals of what the IIoT can achieve in corporate and particularly industrial environments is the basis for building a successful business case.
Building a case: possible benefits
The tangible benefits of the IIoT from your organisation will, once again, vary depending on the exact nature of your business. However, there are some general areas to consider.
- Process efficiency
- Energy savings
- Proactive maintenance
- Scalability and payment models
The bottom line
Having explored the three-stage IIoT process, from data capture, to analysis, to decision-making, and having considered some of the potential IoT benefits outlined above, it is vital that your business case circles back to the clear and simple issue of the bottom line.
For more useful tips download “Building a Business Case for IIoT” below.
Building a Business Case for IIoT
Making differentiations is crucial for organisations who suspect that the IIoT may be of benefit to them – but what do you need to build a solid business case for investing in such technology? How do you build a compelling business case for the IIoT?