5 Things to Capture the Value of Internet of Things (IoT)
IoT is what many would consider a worldwide phenomenon these days. While many may see it as a complexity of a billion connections, it needn’t be the case. With the advent of Internet of Things, technology can be used applicably and practically as a trend to generate what companies look for in terms of ROI while at the same time, driving up the efficiency levels and gain proper insights for the future.
This is essentially done by organizations willing to connect their assets and harness their data so as to create more value for their businesses with the help of IoT solutions. While connection is only the first step in this process, the real meat comes from the data gained and how these readings can translate into valuable business enablers.
The promise of prediction:
The most mind boggling element and advantage of IoT is the ability it presents allowing you to make more informed decisions. Imagine being able to predict a failure in processes much before it actually happens! IoT is powerful, isn’t it? This means effectively using data accumulated to identify early warning signs and pre-emptively service the same need so as to ensure a smooth working flow.
Internet of Things – A game changer:
When taking into consideration something like the manufacturing industry for instance, what was once seen as a manual and time consuming task, now can be more dynamic, quick and most importantly automated for more efficiency. Such services can take great advantage of streaming data from sensors and other devices alike so as to quickly assess the current situation & conditions while at the very same time being able to recognize any changes in the process that may hinder it allowing for much more informed decisions when moving forward. This ability to see into the future provides great scope for what the technology holds moving forward. This is one of the most important advantages of internet of things or IoT.
Many may see this as the next evolution in technology but it really does go without saying that this is more of a transformation of the industry into something much bigger. And all of this can be attributed to vast amounts of data, connectivity, the use of data analytics and the steady progress of artificial intelligence in technology. There is a sense of optimism backed by a stern belief that IoT will make companies more aggressive and more competitive.
IoT Solutions – Getting value to the table
Given the success and benefits that internet of things (IoT) brings to a business and its ability to compete with others can certainly be appreciated. But this true appreciation lies in the value it brings to the table. While IoT has seen its fair share of criticism especially on the lines of security and vulnerability towards cyber-crimes, many companies lack what is known as a business case for the implementation of an IoT transformation. And it’s because many fail to comprehend the value that can be derived from IoT. With that in mind, there are a few things that can help capture the value if IoT for your business as follows:
1. An analysis of the entire digital thread that relates to your businesses products. This means from the very inception of a digital undertaking within your company up until the very end of your products life cycle. This helps in analyzing the actual value automation brings to your production.
2. Keep a clear focus. By this, we mean to focus your efforts on a limited number of high valued applications. While it may seem enticing to work on everything at once, remember that a lot of this is a game of patience and endeavor. Focusing on a limited number gives you the resources to complete sure-win projects which can go a long way in businesses development.
3. It can never be stated enough to invest in IT infrastructure. It’s in that investment that truly allows you to measure your returns on investment in the long run.
4. Always consider your relationships with other partners, be it suppliers, vendors or even long term customers. It’s difficult to take on the ideals of IoT on your own. There is a need to establish some sense of a partnership that help evaluate your efforts in IoT.
5. In today’s ecosystem, companies are required to be dynamic towards the ever changing requirements. This means not just an overhaul in the business chains but also transitions which can be difficult to comprehend. Companies constantly shift up their networks in an effort to streamline work efforts and the same should be considered with the change in time.
There is no doubt that IoT will progress positively in the future with its mind blowing advantages and benefits. There will remain businesses who may fail to truly see the potential here and while measurement of ROI may be a cause of concern for those early adopters, it’s only a matter of time before it starts to show.
With this in mind, there’s no doubting the immense difference something as simple as the internet of things can play in one’s business processes!