How to monetise the Internet of Things

12 Jul 2018

How to monetise the Internet of Things is a big question for many CIOs. The benefits of IoT are well documented, and research already indicates the financial benefits.

Australian research shows that 65% of organisations that have deployed an IoT solution show operational cost savings at an average of 28%¹.

If only it were that easy.

The reality is, attaching a sensor to a device won’t generate profits or savings overnight. The solution to IoT monetisation starts with creating innovative solutions that deliver recurring customer value.

Data and predictive analytics play a critical role in achieving this. The organisations that invest time and money in the right partnerships will reap the most financial benefits from IoT.

So what are some of the common solutions that drive the financial gains with IoT? Here is a sample list that you, as a channel partner, can tailor to meet your customers’ needs.

IoT in inventory 

Organisations can use IoT sensors to monitor inventory levels across multiple locations in real-time to make informed decisions about when to reorder stock and meet customer demand.

IoT in utilities

Using IoT sensors, businesses can determine when facilities are not in use and can power down accordingly to save money on energy generated through water, electricity and gas.

IoT in labour

Businesses that provide repair services can leverage IoT to save money on labour by obtaining the data they need to troubleshoot remotely, rule out problems and make decisions without leaving the office.

IoT in safety

Organisations can use sensors to measure air quality, temperature and other conditions conducive to health and safety, thereby eliminating costly claims.

IoT in shipping

Carriers can use IoT tags to relay data on their shipments to their clients, which would reduce the number of lost packages and in-transit damage.

IoT in transport

IoT-enabled sensors can help drivers and fleet companies save money on petrol by determining the most fuel-efficient route and driving technique, such as how to brake properly and the optimum speed.

IoT monetisation 2

From retail and manufacturing to transport and health, the possibilities to make and save money with IoT are endless.

Talk to us today about how we can help you monetise the IoT opportunity.

 

¹ Cut through: How IoT is sharpening Australia’s competitive edge.