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Benefit and Enablers of Deploying IoT Solution

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Ashish Saxena
Ashish Saxena

The rise of the data-driven economy with IoT enables improved productivity, cost optimization, and new business models. We have highlighted the benefits and enablers of deploying an IoT solution.

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Benefit and Enablers of Deploying IoT Solution
The rise of the data-driven economy with IoT enables improved productivity, cost optimization, and new business models. We have highlighted the benefits and enablers of deploying an IoT solution. Improved Productivity IoT enables quantifying, tracking, measuring, and monitoring of assets. This further maximizes productivity and efficiency which is a high priority for businesses to ensure profitability. IoT deployment enables smart management of assets as the information about the asset health is accurate, comprehensive, intelligent, and real-time. Cost Optimization IoT solutions can help firms cut costs and maintain a competitive advantage with predictive maintenance strategies. IoT enables the asset monitoring and minimizes downtime by predicting failures or misalignments. Predictive maintenance reduces costly unplanned downtime and replacing parts only when they need to be replaced. Real-time alerts expedite response time and enables faster and smart service strategies. Business Models (IoT) presents a new opportunity for value creation. Enables new business models that power revenue growth. Presents an opportunity for asset providers to shift to “as-a- service” basis business model. Cloud-based IoT connectivity management platforms can support flexible and cost-effective basis, even enabling dynamic pricing strategies or pay per use models.
The table below further illustrates the different ROI components and IoT enablers.

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Benefit and Enablers of Deploying IoT Solution

  • 2. The rise of the data-driven economy with IoT enables improved productivity, cost optimization, and new business models. We have highlighted the benefits and enablers of deploying an IoT solution. Improved Productivity IoT enables quantifying, tracking, measuring, and monitoring of assets. This further maximizes productivity and efficiency which is a high priority for businesses to ensure profitability. IoT deployment enables smart management of assets as the information about the asset health is accurate, comprehensive, intelligent, and real-time. Cost Optimization IoT solutions can help firms cut costs and maintain a competitive advantage with predictive maintenance strategies. IoT enables the asset monitoring and minimizes downtime by predicting failures or misalignments. Predictive maintenance reduces costly unplanned downtime and replacing parts only when they need to be replaced. Real-time alerts expedite response time and enables faster and smart service strategies. Business Models (IoT) presents a new opportunity for value creation. Enables new business models that power revenue growth. Presents an opportunity for asset providers to shift to “as-a- service” basis business model. Cloud-based IoT connectivity management platforms can support flexible and cost-effective basis, even enabling dynamic pricing strategies or pay per use models.
  • 3. The table below further illustrates the different ROI components and IoT enablers.