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 [...]
Digital devices, in combination with mobile applications, have been revolutionary for putting information in the palm of a worker’s hand. Mobile email on smartphones was the first example of technology that changed the way workers collaborated and exchanged information.
IoT rests on three pillars: connectivity, data and security. If one is missing, the IoT ecosystem is interrupted and value is impossible to extract. In fact, individually each is a showstopper for IoT, writes George Malim, the managing editor of IoT Now.
“In order for an organisation to invest in any technology, a solid business case needs to be constructed that details the costs and benefits associated with deployment. This is as true for a mobile phone operator specifying a 5G network as it is for a small to medium sized business upgrading its photocopier.
The transformation from products to services has the potential to move enterprises from being providers of products to becoming service providers. At the same time, organizations can switch from one-time sale revenue to recurring monthly revenues for the services they provide.
In the latest of an ongoing series of specially-commissioned, independent, analyst-written Insight Reports, Matt Wilkins, the senior analyst for IoT Research in the Global Wireless Practice at Strategy Analytics, assesses how IoT is enabling more analytical approaches to manufacturer operations
Prepared by Strategy Analytics
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