Benefits of IoT Adoption
- Operational Precision
- Blended Jobs
- Better Service
- More Customers
The most important aspect of any new innovation is how the technology is applied. While many are beginning to realize that data is a new tool to drive business growth, few understand what data to choose, how to collect it, or why it’s so valuable. In the big picture, data is obtained from IoT devices and driven through a platform that can separate the information into easy to read charts and graphs. While technology can collect and display the numbers, it’s up to people to extract value from the data. Adopting IoT to business is about getting comfortable with data and using it to make better business decisions.
IoT allows a fine-tuning of daily operational procedures; it takes existing business models and increases the reliability and accuracy of execution. Imagine being able to receive alerts about issues before severe damage occurs, assure the quality of perishable goods upon delivery and prevent damage to assets in storage and during transport. IoT enabled solutions create opportunities for companies to address pain points and reduce overhead by tracking and remotely monitoring assets.
In addition to a budgeting for an IoT solution, it is also important to have a clear picture of what data will be the most beneficial. The best thing a business can do is analyze pain points and figure out what information could alleviate it. The answer could be as simple as knowing where an asset is going, or being able to tell when something has moved that is supposed to be stationary. IoT offers many solutions, but every business is different, and it’s essential to consider the very best IoT solution that will extract the most value for the cost of deployment.
These days employees wear many hats, and companies still find the best way to stretch dollars is to stretch people. With reduced workloads, employees can perform their roles with more accuracy and clarity, without artificially clouded judgment that results from stress, multitasking and constant over time. IoT is an opportunity to ease workloads so human capital can do what it does best, innovate. Ingenuity does not happen on its own; it takes a human mind to be met with challenges, explore options and solve problems.
Less is more, and Simple IoT creates an additional level of field support that allows employees to perform better by focusing on fewer tasks. Productivity levels have nowhere to go but up when employees don’t have to interrupt workflow to make sure the freezer door is closed, fuel tanks are full or determine if waste bins need to be emptied. On the surface, they are simple tasks, but over time they incur significant overhead in labor, transportation and fuel costs. Cutting out small expenditures adds up to substantial savings over time which can be reinvested into human capital and business expansion.
Better Service, More Customers
The buzz around IoT has become less about endpoint devices and more about analyzing data to make better business decisions. Beyond supply and demand, there are many external factors that contribute to the complexity of industries. From production to transportation and consumption, the characteristics of each market are unique. Businesses that invest in IoT will thrive because of their ability to provide more value-added services than the competition with fewer operating expenses.
Remote monitoring has the opportunity to bring quantified differentiation and unique selling propositions (USP) through added value to independent businesses. With this differentiation comes an opportunity for branding and higher profits. Using data from their IoT solution, businesses can rightfully claim that their product or service is executed more efficiently and with less waste than the competition or against the companies own metrics from previous years. Differentiated products turn producers from price takers (subject to whims of the market) to price makers (those who can set prices for their goods). This data can be used to provide more leverage when negotiating prices, allowing producers across many sectors to stand out in the marketplace and charge a premium for their product.
Making Business Future Proof
IoT enables businesses to save money, reduce capital expenses, and reinvest back into data management infrastructure. As upstream players begin to see reduced operating costs from outfitting their machines and field assets with IoT and remote sensing technology, their data will grow and require better data management systems. The ability to process, log and share this data will need new systems with architecture that can account for long supply chains with multiple stakeholders; hence, the blockchain. There is no getting around the fact that IoT is the future, but it’s also an expense, so the smartest thing to do is extract as much value from it as possible. Through implementing an appropriate IoT solution, valuing IoT data, and investing in proper data management systems, companies can step into the future with full confidence that they are well prepared to benefit from every major digital transformation in 5G, blockchain and IoT.