Smart connected devices, ubiquitous wireless connectivity and scalable cloud-based computing have created the platform for the Internet of Things (IoT). These IoT platforms are enabling organizations to monitor, control, optimize and automate their operations in ways that were previously unimaginable. In many industries, IoT is disrupting traditional business models causing companies to ask the fundamental question “what business am I in?”
This is leading to many private and public sector organizations asking how they can use IoT to create new sources of value. Some are using it to deliver new operational efficiencies. Remote asset management allows organizations to track assets in real-time and make much more efficient use of their field teams. Predictive maintenance reduces downtime by replacing parts before they fail. Real-time analytics help employees make better decisions. And smart IoT systems can automate repetitive and predictable processes.
Other organizations are using IoT to better understand how their customers use their products. This deeper understanding allows them to improve product performance, add additional services and deepen their relationship with customers. Companies that once sold products are using IoT to move into higher-value service-based business models such as pay-per-use. And some organizations are finding new ways to monetize the data and insight that their IoT platforms generate.
