The number of connected things in use will go up to 25 billion by 2021, from 14.2 billion in 2019 – Gartner
The Internet of Things is one of the disruptive technologies that enable enterprises to make smarter business decisions and increase automation. Today, enterprises generate abundant data through connected things, such as remotes, sensors, devices, iBeacons and other sources; however, they face a challenge in utilizing the data to derive real business value. The IoT ecosystem is incomplete without data. So if you can decipher the gathered data correctly, then you can not only derive business insights but also develop predictive models.
Organizations have the invaluable resource – data, but the biggest hurdle is to systematically understand its OT and IT inflow from devices, store it and combine it with business intelligence, analytics, and artificial intelligence to create value through new business models. This is why, enterprises across the globe are adopting a more agile, scalable and powerful business intelligence architecture that can seamlessly gather, store, manage and process IoT data for generating intelligent business analytics and creating new business revenue.
Manufacturers in all the major industries such as electronics, durable goods, chemicals and others gather a huge amount of data from machinery, embedded sensors, systems, hardware and more. This data is valuable when combined with AI and analytics solutions as it helps you to identify hidden patterns, predict behavior, and send notifications to the concerned department for better decision-making.
With the help of data analytics, you can:
Besides, the collected data can provide insights that can be monetized at various levels internally as well as externally based on the hierarchy of the manufacturing ecosystem. This helps manufacturers to save costs, provide opportunities to generate added revenue and build a strong customer relationship.
For example, a manufacturing company can visualize insights of car engines in different conditions and provide an advisory service on how to improve car engine life enhancement to the owners of vehicles and to the manufacturers who build car engines. Through this advisory service, the company can provide useful information to improve the tire designs and other car accessories which will increase the monetization potential. All in all, the mix of IoT data with analytics provides manufacturers with additional monetization opportunities.
The healthcare industry has been facing complex challenges such as shrinking margins, narrowing budgets, changing payment models and others. To solve these challenges healthcare organizations are making tremendous use of patient-generated data (PGD) which can improve healthcare value greatly. By leveraging PGD generated from IoT technologies, hospitals are able to improve health outcomes, augment access to care and cut costs.
Apart from that, IoT-enabled healthcare ecosystem uses monitors, sensors, camera systems, detectors and more. The huge amounts of data generated from these interconnected devices are also processed further by using AI, analytics, and business intelligence solutions to extract actionable insights.
IoT enables healthcare professionals to:
In the BFSI industry, IoT provides greater opportunities to minimize the risks that are endemic to this industry. Today more and more people are using banking applications, laptops, kiosk desks, swipe cards, ATMs and card readers to deal with an abstract commodity like money. These physical objects are connected to the Internet and they exchange a huge amount of data that provides you with numerous growth opportunities. For example, banks and other financial services institutions (FSI) can understand your customers better by gaining deep customer insights and providing personified offer and services.
With the use of the constant data generated, you can:
In order to improve the in-store shopping experience of the customer, brick-and-mortar store retailers use IoT devices, such as RFID tags, Bluetooth beacons, in-store infrared foot-traffic counters, kiosks and digital signage. These devices gather large quantities of data that can be used to increase purchases through cross-selling, reduce theft, improve consumer’s shopping experience and enable precise inventory management. With the help of IoT, you can ensure that your customers have thorough information on everything they might be looking for.
IoT enables retailers to:
In the automotive sector, IoT is transforming the traditional car concept into smart connected cars. These connected cars gather a large amount of data via sensors, on-board processors and computers. This IoT data when further analyzed using business intelligence and AI solutions can help in increasing productivity, which eventually improves fleet management, driver assistance, traffic management and workload management.
Nowadays, in the automobile industry, digital twin technology leverages IoT data to create the virtual model of a vehicle. This digitized version helps you to analyze the overall performance of the vehicle and offer more personalized services to the customer. You will also be able to predict breakdown, reduce defects and save costs on road test and maintenance. Hence, with the use of IoT data, the automotive industry can fill the gap between physical and virtual versions of product prototypes, shop floor and vehicles on the road.
By harnessing IoT’s full potential, automotive companies can:
Organizations do understand the importance of leveraging IoT data to improve their business operations, but they lack a fail-proof strategy. We can help you with our IoT readiness workshop wherein we will discuss requirements, use cases, and other challenges that your business faces and talk about how IoT adoption will offer rich insights to make rapid data-driven decisions rather than depending on guesswork. To learn more about our workshop, click here.
With the increase in adoption of the Internet of Things (IoT), companies from all industries now have a question – which IoT business model and application is right for them? Check out this whitepaper to know what, why and how of IoT business models.
In this whitepaper, we have covered some important elements you should consider when looking to transforming your business model.