Demand for IoT is rising, it’s becoming a competitive advantage and your business has to consider it as part of your strategic plan.
A big opportunity of IoT is to receive data back from your devices. This information on the functions most used, location of usage, length and time of day/night of usage, number of users, most used settings and malfunctions among other data can drive valuable insights across all your business functions.
Marketing can better understand which elements of your device to promote. Production will better understand consumers and finance will be able to forecast including data around servicing needs, replacements etc. And of course there is new product development.
Whether you decide to upgrade an existing device with IoT functionality such as remote access or develop a brand new idea, IoT will be able to contribute to the bottom line. We already discussed the growth in demand from consumers and what facilitates this. So you know, to satisfy this demand and stay ahead of the curve new products should consider an IoT element.
There are three aspects to the service element. You may already offer servicing with your device in which case, you can greatly improve it through IoT. Consider preempting when a product will break down and informing your customer before the event. Or being able to examine the fault remotely and sending your technician with the right tools to fix the problem.
You may also consider servicing as a brand new revenue stream. Your product may have gone to a third party previously, but many faults could be fixed through a software update remotely. Through over the air updates, IoT can facilitate this. And give you the opportunity to create a brand new revenue stream through additional services.
If you are a service provider to a physical device but are not the producer, you may consider an IoT device that gives you the updates to know when to service. This could be in collaboration with manufacturers or your first step into the hardware space.
Some More Resources
We took a deep-dive into the 3 Ways IoT Can Revolutionise Your Business. Our free ebook is available for you to download: