Deciphering the real cost versus benefit of investing in IoT
IoT has the potential to transform companies from simply being product manufacturers, to becoming service providers but a sizeable investment in a new way of working needs to be cost effective and proven to deliver results.
Relying on loose concepts won’t ensure success. Plus, every company will have different pain points and business needs for implementing IoT and different expectations for where and how they expect a return on their investment.
Far too often, technology already in deployment is thrown away for new systems. Yet, in many cases, junking good infrastructure is completely unnecessary. So, how can businesses prove that an investment of this kind will really have an impact where they need it? Especially when complete IoT deployment use cases by every sector are still in short supply.
An excellent new report from IoT tech giant PTC has just been released that presents clearly explained examples of IoT value propositions. It also defines an ROI model for building a business case and tracking results related to IoT initiatives.
This paper uses real-world customer results and a set of key metrics to help executives and managers understand how to map their business case and the return they should expect when investing in IoT; a payback, this report states – that can be measured in just months if the business planning is done correctly.