Hidden ROI for IoT Initiatives

As designers and developers of Internet of Things (IoT) solutions, we are frequently asked to help our client companies develop IoT projects based on a specific ROI model. As we begin to work with these clients, we invariably find that, while their initial return can certainly be realized, there are many more ways to enhance the capability of their project to deliver a greater degree of ROI, often with little additional expense for the client.

Once the data collection hardware, wireless comms, and cloud provider are in place, the majority of the project expense has been committed. New value can be derived by collecting additional data in the field and/or integrating that data with the other corporate IT systems (i.e. MRP. ERP, e-commerce, etc.) that are already in place.  This allows for the initial investment for the project to realize a ROI way beyond the initial concept.

 Some examples:

•  Preventative Maintenance -- by collecting data from the field regarding the use of your machinery, vehicles, or other mechanical assets, preventative maintenance can be scheduled based on actual usage patterns and real-time measurements. This eliminates costly downtime due to unanticipated system failures.
•  Remote Diagnostics -- using IoT technology, your devices/machines/vehicles can be monitored for problems as they are operated.  When there is a failure, maintenance personnel can be immediately alerted via text message or email of the exact nature of the situation and proactively correct the issue.
•  Asset Tracking -- at many of our client companies, one of the largest problems they encounter is simply understanding where all of their assets are. Vehicles are a primary concern, but It also can refer to expensive assets located within a facility (i.e. hospitals, factory floors, etc.). IoT technology can help identify where your assets are located and can make sure that these costly assets are fully utilized.
•  Automatic Consumable Fulfillment -- if your product or service contains a "consumable" element -- such as fuel, chemicals, water, lubricant, etc. -- IoT technology can detect the level of the consumable remaining in your system and the predicted rate of consumption and can automatically place reorders for the consumable with your suppliers to insure smooth, continuous operation of your product or service in the field.
•  The Human Element -- IoT technology can be deployed to eliminate the mundane, repetitive tasks that your employees are asked to do every day, freeing them up for more valuable work. Think of the number of clipboards that are located on the typical factory floor, operational facility, or field site where someone is required to write down some data which will later be transcribed into some IT system. In addition to reducing expenses associated with this labor, IoT technology can improve the accuracy of the data acquired and deliver it in a more timely manner.
•  Compliance Monitoring -- as the world moves to an environment dominated by "big data", various entities (Federal/State government, corporate mandates, safety initiatives) will require new and potentially expensive data collection/reporting be done to insure compliance. IoT technology can automate the collection of this information and its dissemination to the proper authorities to make sure your organization stays compliant at a fraction of the cost as compared to manual data gathering / reporting.
•  Monetize Data Streams -- lastly, we have helped many of our clients externally monetize the data that they collect. By aggregating data from hundreds or thousands of their devices over several years, we can make the data anonymous (cannot be attributed to a single customer) and show trends regarding your product and/or service that are valuable to your vendors, suppliers, or other partners (i.e. insurance companies, distribution partners, industry pundits, etc.).

 This list just scratches the surface of what can be done with IoT data that is properly collected, stored, and data mined. We've helped our client companies realize a far greater ROI by implementing one (or more) of the concepts above - let's see what we can do for your organization.