7 Real Benefits That IoT Data Brings
The Internet of Things (IoT) is a network of physical things (‘Things’) that utilize sensors to collect data and embedded connections to exchange data over the internet in order to generate new value. Computing devices, mechanical and digital machinery, objects, animals, and people are all examples of ‘things.’
The expected benefits of IoT data have been highly lauded. But what is the reality of today? What are the real-world commercial benefits of IoT that can be reaped right now?
1.New business opportunities
IoT can help you collect data from the network and utilize advanced analytics to unearth new business insights and possibilities while also lowering operational costs. Consider the following scenario: Choose a sample of data from your top customers as well as the main operations that support them. Break down what you can to provide a starting point. Examine how customers request your services and how you usually respond. Are you merely reacting to requests, or can you generate new revenue streams by leveraging IoT data?
2.New capabilities to predict and act
The capacity to identify demands before they arise and act with accuracy based on insights from the IoT network is a key opportunity. Data collected can be utilized to create historical trends that can help you predict and prevent problems before they arise. For example, IoT-collected data can be combined with manufacturer warranty and maintenance information to predict maintenance incidents. You might be able to provide a value-added service to your customers that saves them money while also increasing their loyalty.
Sensors and smart devices enable the Internet of Things to manage a network of physical items. Consider monitoring across various layers of your and your customers’ network and equipment. Data about hardware version, firmware version, and location could be added to the data collected from an onsite monitor. To increase network speed, look beyond sensor data and consider how data is captured and transported, such as timestamps and error logs.
4.Increase customer dialog
All of this additional potential opens up new possibilities for increasing consumer dialogue and connection. Take a look at the monthly utility bill you get. Most likely, it gives you an estimate of how much you may expect to pay in the coming months. Use it as an example, and collaborate with your marketing and business development partners to turn the IoT data you’re collecting into models that will improve customer dialogue, trust, and retention.
5.Fine-tune services and products
IoT is being used by cutting-edge companies to fine-tune their services and products. Consider light fixtures that include a sensor that turns on the lights when you enter the room as an example. However, after a while, the room becomes dark, requiring you to wave your arms around to switch the light back on. It’s infuriating! Apply the following example to your customer: Do they require anything from you, yet the flow of information is disrupted as a result of the misalignment? (Turn off the lights!) Look for data gaps or disruptions in the process your customer is completing. What can you do to fine-tune and eliminate any gaps that your clients may encounter?
6.New revenue streams
IoT capabilities enable you to easily set up and roll out new products and services. Use IoT data to predict what your customers want and to expedite the planning and delivery of new revenue-generating services. Combine your IoT data with previous data to identify new areas of work ahead of time (i.e., new revenue). How can the information be presented to the consumer in a way that encourages engagement and demonstrates a strong commitment to the client? Provide data to call center personnel, for example, to assist them in suggesting new products and services that are personalized to each customer’s needs and preferences.
7.Improve control of operation processes
We can think of IoT’s ability to improve and enhance controls in addition to new capabilities. New data visibility to automate a control that incorporates IoT data, artificial intelligence, and machine learning are just a few examples. Consider how you’re recording data abnormalities or gaps in each control’s data collection. Every anomaly should elicit a reaction and action. However, it’s possible that the anomaly isn’t noticed or addressed in a timely manner. Examine each component of the infrastructure to see what can be done to bridge the gap and improve and improve controls.
The opportunities that come with IoT are enormous and can be game-changing for virtually any business or organization, especially those that are embarking on a digital transformation. If you are actively implementing IoT solutions, best of luck! I look forward to hearing your feedback and success stories in the comments section of this blog!