Creating value sounds like a worthy goal, but how do you know what value you want to achieve from your Industrial IoT initiative? Here are some different types of value that you might strive for:
Probably the most obvious for any business owner, but it’s a value that IoT analysis can offer. To do this, you have to decide in advance where you think it might be possible and collect and analyse the data accordingly.
With IoT technology, which offers new possibilities for fast and efficient delivery of applications over the Internet, the “Everything-as-a-Service” or “X-as-a-Service” (XaaS) offers companies a huge opportunity to transform their business models from selling products to offering service or selling business information. Find out four of the most common monetisation models to help you decide which one might suit you best
Can you achieve the same tasks more quickly or efficiently? The answer is probably yes, but analyse the tasks that will make the most impact on the bottom line. IoT data from connected assets, in collaboration with other enterprise systems, can provide not previously possible visibility and automation across organisations. Read this article to find out how Industrial Internet of Things (IIoT) can Improve Continuous Improvement.
Good maintenance of your equipment can save both time and money, bad maintenance can cost you both. Analysing IoT data can help you to predict or plan maintenance requirements. Organisations are shifting from purely reactive and preventative maintenance to proactive maintenance – and in turn, driving efficiencies, maximising the useful lifespan of their physical assets while still avoiding costly shutdowns.
The customer service delivery model changes when companies can provide proactive notification of customers affected by an outage or an affected asset. Technicians come fully prepared, leading to improved FTFR, MTTR and overall customer satisfaction.
Customers’ uptime rates increase in turn, adding value toyour service reputation and securing contract renewals.
Can you add value by automating decision making in your factory / laboratory or work environment? Maybe the power consumption of the building can be reduced? In any case real-time analytics fuels data-driven decision making adding to efficiency and agility of your business.
Some IoT projects in the health care sector can help to save lives through all of the above. There’s no better value that can be added.
To create Real Business Value, you need to identify and prioritise the specific IoT Use Cases: start your IoT journey here.
Connected operations offer a diverse range of business benefits. Whether you are most interested in driving efficiencies or increasing flexibility, reducing waste or enhancing asset performance, a connected approach will likely deliver – and more. Here’s how.