How Can Companies Boost Their Chances Of IoT Success?

Operations and IT professionals have never been inundated with quite so many big changes at once as they are in the modern day. Right now, they have to contend with four major shifts at once: big data processing, cloud computing, the Internet of Things and enterprise mobility.

Perhaps the most mysterious and promising of these is the Internet of Things. It might sound like it’s simply a matter of connecting some sensors and gathering data, but the right approach can completely transform a company or even an industry. According to Lopez Research, three phases must be traversed by companies when deploying their IoT strategies.

Use Faster Data Access To Create Efficiencies

The first of these is creating efficiencies with quicker data access. Using a mobile device, manufacturers can send plant managers alerts in real time, for example. Telecom providers can use IoT and complex event processing to get to the bottom of network issues and improve customer service, while retailers can gain access to inventory availability information in an instantaneous manner.

Use New Data To Make Improvements

Second, sensors can be used in conjunction with analytics to improve business processes. One example of this is Maersk’s use of IoT to provide SLAs and audit logs to ensure the health of cargo as it is transported. Some municipalities, meanwhile, are using parking spaces equipped with sensors to offer parking availability in real time and set variable pricing depending on utilization.

Introduce New Business Models

During the final phase, the firm’s products move past simple items to become combinations of products, business models and services that make the most of the functions and data available, such as “as-a-service” business models. John Deere has used this approach to their advantage, shifting from merely selling tractors to providing extra data services that can enable farmers to improve their yield by knowing what they should plant and when.

This blog post was based off an article from Bosch ConnectedWorld Blog. View the original here.