Beyond proofs of concept, CIOs and CEOs want to see evidence of hard returns on investment for how IoT improves business processes, optimizes operations, enhances workforce productivity, increases revenue, and drives customer loyalty in a quantifiable manner.
For extended, the Internet of Things (IoT) benefits have not gone beyond hypotheticals and potential opportunities. However, in recent times, deeper insights have evolved around the business benefits and the quantifiable measures to justify IoT implementation costs.
Beyond proofs of concept, CIOs and CEOs want to see evidence of hard returns on investment for how IoT improves business processes, optimizes operations, enhances workforce productivity, increases revenue, and drives customer loyalty in a quantifiable manner. Several companies remain coy about publicizing their returns, perhaps to maintain a competitive advantage or due to the early-stage nature of their projects.
How IoT Is Delivering Business Benefits Within the Organization?
For technology providers to successfully sell IoT, it is imperative to focus on the business value. In recent times, survey respondents indicate that the most significant benefits generated from internal IoT activities are workforce productivity enhancements and remote monitoring and operations control. IoT is proving its worth from IoT-enabled carts following employees in warehouses, pulling up part information from wearable technologies, assisting with asset tracking, increasing supply chain visibility, and improving processes.
The most significant benefits generated by internal IoT initiatives include but are not limited to:
- Workforce productivity enhancement
- Remote monitoring and control of operations
- Process improvement(s) – business processes, manufacturing processes
- Supply chain visibility, control, coordination, integration
- Asset monitoring or optimization – utilization, maintenance
- Enhanced worker or visitor safety health
- Conserving resources – energy, water, fuel, raw material
- Better risk assessment for the development of SLAs and warranties
How IoT Is Delivering Business Benefits Externally and New Customer Experiences?
Organizations are achieving business benefits from their external IoT activities. According to the recent 2017 Gartner IoT study, nearly 40% of the survey respondents indicate that an essential service they receive or will receive from IoT is a tighter integration of customer care with product performance and customer usage.
The most significant benefits generated by external IoT initiatives include but are not limited to:
- Customer care more tightly integrated with product performance and customer usage
- Gain competitive advantage
- Improve customer experience/loyalty
- Ability to remotely monitor faults and improve products or services
- Acquire greater insight into customer behavior (e.g., usage)
- Improved risk assessment for the development of SLAs and warranties
- Enable new or incremental revenue streams (e.g., from targeting new or current customers with new offerings)
- Satisfy regulatory requirements
- Automated replenishment of customers’ consumables
IoT presents an opportunity for providers and end-users, and it has the potential to tap into new revenue sources. IoT affords companies the ability to morph into a new type of company. Product companies are evolving to become service companies. Enterprises are expanding their role in the digital ecosystem to run a platform business to earn digital revenue. The data generated by IoT can provide much insight and hold significant economic value for others. Research predicts that by 2025, 30% of businesses will have an advantageous business unit to productize and commercialize their information assets.
As of 2020, nearly 60% of organizations increase revenue from additional value-added services after selling the product.
They are monetizing customer data in the following ways:
- Increasing revenue from additional value-based services after the sale of the product (e.g., consulting)
- Create a loyalty program for customers or partners that incentivizes increased revenue and long-term retention
- Selling entire IoT systems/solutions to customers and partners
- Selling data generated from the use of products or services to the third party
- We are using an asset leasing model where maintenance is priced as per the usage of the asset.
- Converting existing products into IoT services where customers pay for usage rather than buying the product
COSMOS IoT Platform By Techwave
COSMOS is an enterprise IoT platform using Cloud-native architecture and a fully bespoke set of features.
Based on flexible microservices, Cosmos Platform easily adapts to any application and need. It can seamlessly scale from start-up size needs to giant enterprises and support advanced deployment for multi-cloud IoT.
Cosmos handles the entire IoT application creation process, from hardware-cloud integration to rules automation and customized user experience. Cosmos provides a set of the most wanted IoT features out of the box and offers flexible customization options to ensure your project goals are always fully met.
COSMOS offers more technical benefits over other IoT platforms, especially those provided by AWS and Azure.
- CONNECT with standard, present protocols on encrypted channels for secure data
- MANAGE all devices and credentials and arrange devices into groups
- PROCESS AND ANALYZE any data stores and analyze with proprietary or COTS system with customized automation scenarios
- VISUALIZE data with zero sets up or Create interactive user interfaces with integration with 3rd party visualization tools
- CONFIGURE device behavior via data push or pull and apply configurations to device groups and Queue configuration for offline devices
- EXECUTE commands remotely and Pull current device status
- UPDATE new features to devices and Track current device software with the ability to manage compatibility and even roll back updates
The Cosmos Enterprise IoT Platform has been designed to deliver enterprise-level IoT solutions from the beginning. It brings IoT architecture into the modern era with highly portable micro-services, giving you the flexibility to rearrange and customize at any stage. It allows scalability and offering the freedom to choose your style of deployment.
- Few key advantages include but are not limited to:
- Cloud agnostic deployment model
- Lower cost of operations
- Built-in security with a 124-bit encryption protocol
- Provides easy connectivity to other IT systems using REST API etc.