What business value does the Internet of Things have?

Recognizing the business value of the Internet of Things and communicating it to business leaders is the first step in the timely and effective implementation of the Internet of Things in any business.

The Internet of Things is rapidly becoming the next huge technological leap in global integration and connectivity. Combining the vast geographic coverage of the Internet with everyday objects makes the Internet of Things a truly global network, where everything can communicate and communicate with each other. The application of this technology, or rather a phenomenon, although it has not been fully implemented, is already ubiquitous around us. From the IoT cars launched by Tesla and General Motors to the smart cities being developed in many countries, most people have witnessed the miracle of IoT, as have industry leaders. On the other hand, companies preparing for the future, such as Google, Samsung and Amazon, have realized the business value of the Internet of Things. It's your turn now! If you leverage the power of the Internet of Things, your company can realize the following three major business benefits:

Improve asset management

Make your organization's assets, such as devices and vehicles, part of an IoT network that can continuously track their health and performance, and better maintain assets. In addition to monitoring health, IoT systems can adjust process parameters to avoid fatal failures and perform system diagnostics on a regular basis. This makes maintenance easier and less expensive. IoT-managed devices will last longer, perform better, and minimize downtime. Performance monitoring will also track equipment utilization and help make better scheduling decisions to get the most value from the equipment lifecycle.

What business value does the Internet of Things have?

Increase revenue

Not only can the IoT increase your income indirectly, but it can also directly impact the value your business creates. Providing customers with highly personalized services and recommendations based on data collected from customers can increase the perceived value of the service. Giving you the flexibility to price your products is another way for the IoT to provide business value based on continuously generated supply and demand data. Turn the data collected through the Internet of Things into insights and sell them to relevant parties, or you can directly monetize valuable market data.

Effective resource management

With real-time market and process monitoring enabled by the Internet of Things, you can efficiently manage all types of resources: materials, energy, and people. The supply chain supporting the Internet of Things allows the entire chain to be completely transparent and allows individual companies to make purchasing and planning decisions based on downstream needs. IoT's perception and decision-making capabilities also allow you to adjust power consumption based on usage.

The urgency, potential impact and business value of the Internet of Things is beyond doubt. However, the major challenge in implementing the Internet of Things is the lack of compatibility with existing IT infrastructure. Another major challenge is the disruption and novelty of the Internet of Things technology, which makes the planning around the Internet of Things technology complicated and uncertain . Most professionals are still trying to fully understand the technology, so CIOs and other technology leaders must be involved in the IoT and do so early to gain a decisive advantage in the global market.