The path to IoT monetisation

12 Jul 2018

The Internet of Things (IoT) offers tremendous advantages for organisations wanting to remain relevant in the digital age. For many IT decision makers, the potential to make (and save) money ranks high on the list of reasons to adopt IoT, with research already demonstrating the financial benefits.

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

That said, attaching a sensor to a device won’t generate profits or savings overnight. The path to IoT monetisation starts with creating innovative solutions that deliver recurring customer value. Data and predictive analytics play a critical role in achieving this. Ultimately, the organisations that invest time and money in the right partnerships and skilled resources to leverage this data 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.

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

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.

Labour: Businesses that provide repair services for their customers 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.

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

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.

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.

Contact us to learn how Arrow can help you generate the most value from your customer’s IoT project.

 

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