The Internet of Things yields more productivity and revenue
- Posted on January 18, 2016
Organizations are discovering more and more ways The Internet of Things (IoT) can deliver business value. To realize its full potential, it’s crucial for the right pieces to be in place.
Freeing up resources
What do I mean by “pieces”? To succeed with IoT you need to make context-aware and relevant data accessible and turn it into enterprise-grade, tangible, actionable business insights. If one of these pieces is missing, the ecosystem is disturbed and the true value we know it can deliver won’t be achieved.
Let me give you an example. In the past, a water treatment company would regularly have to send field workers with a clipboard to inspect chemical levels used in the treatment process. Because its core operations rely on these results, there’s no way it can cut corners.
By bringing IoT into this process, the chemical tanks can be connected to the cloud and alert the right team when levels are not where they should be, and employees can act accordingly. That’s the important part; the data is accessible and actionable. The business is able to free up resources and allow employees to focus on operations elsewhere.
Routine tasks no longer have to be a laborious part of an employee’s day-to-day activity; IoT has them covered, and will alert the relevant people to any anomalies.
Let’s look at the example of a generator company. If I’m a maintenance worker, I might come into work and have a schedule that says I need to visit 10 sites today to do routine check-ups. But do I need to spend my day visiting all 10? With IoT, I am given information that tells me if and when I should go. In this case, perhaps there’s a function that alerts me when the vibrations of each generator go beyond a pre-determined safe range. If I receive an alert, I know to go and check that generator.
For this to work, all the pieces need to be connected. When they are, the process runs more efficiently and the business value of IoT becomes evident.
Making work proactive
The neat thing about IoT is that it allows businesses to be proactive rather than reactive. Predictive analytics can be used to predict when each generator will malfunction, and with enough data it’s possible to ask why it happens when it does. Over time, the life-cycle of the generator can be extended, and the end product is improved.
New revenue streams
The value in IoT doesn’t just lie in existing operations, either. For example, a company that creates asphalt could use machine learning and predictive analytics to create a composite mix that increases the life expectancy of its asphalt product. It can then sell this information to tire companies, creating a whole new revenue stream for the asphalt business.
These examples are just a few of many ways IoT is able to deliver value to businesses. When the right pieces are connected, resources become flexible and new revenue ideas will start to form across the organization.