The incorporation of IoT into business operations is destined to fail without a definitive business goal to bolster the adoption.
FREMONT, CA – The proliferation of new technologies has spurred businesses to adopt new approaches, including the integration of the internet of things (IoT). However, most of these businesses end up wondering why they lag behind others in the market. Often, the reason is quite simple. They lack an effective strategy to bolster the adoption of IoT.
The organizations that have witnessed growth have integrated IoT to augment a specific process, rather than adopting it for the sake of modernizing their operations without a business goal in mind. Only with a clear business objective can organizations integrate IoT data analytics seamlessly into their activities, and achieve success.
Driving the Revenue
Organizations are incorporating data analytics into their marketing platforms to enhance user experience. It allows the users to track load signatures of customers and identify the usage patterns. The IoT usage data and the demographic information will enable the organizations to segment their customer pools and target them with specific promotions based on their profiles. The insights from IoT analytics can help organizations in creating new business models. Data analytics can potentially revolutionize the business processes and their interaction with the customers.
Cutting the Costs
Effectively reducing costs without affecting the routine operations is a challenge to most organizations. In most cases, energy is the primary operating expense, especially for the manufacturing sector. Introducing energy efficiency into the processes can significantly aid the organizations in cutting the energy costs. The efficient utilization of IoT can enable a reduction in HVAC consumption by controlling the air supply based on the occupancy of the building.
Eliminating the Risks
Often, organizations cannot predict the breakdown of equipment, which could not only cost them in maintenance but also in downtime. Hence, organizations are willing to spend a lot more on new and high-cost machinery. The implementation of a good maintenance program can help organizations in avoiding costly repairs and purchases, which could cost them ten times more. IoT sensors can be used to perform predictive analysis and identify failure before it occurs.
IoT applications are often specific, and hence, it is imperative for organizations to form specific strategies. Selecting the right IoT partners can bolster the business goals of the organizations. As long as the organizations maintain clear goals, they can make successful IoT integrations to enhance targeted processes based on the analytics data.