Two Options for Growing Your Business: 1) With IIoT and Remote Monitoring / Alerting, or 2) Without

Is your business growing at the pace you want it to? As a business owner or manager wanting to grow his or her business, there are various considerations, with financials being only one (yet important) consideration. For example, you may have a company mission, values, and culture that sets that growth pace. However, financial considerations are also critical, as "profit is to a company like oxygen is to a human". What is your growth trajectory? Is it following the market? Let's look at some growth rates for various industries:

You will observe a trend for 3 of the top 4 growth industries. They embrace IIOT or Remote Monitoring & Alerting. The compounding effect on growth is astounding. For example, look at a $1M business over 10 years. Companies which embrace IIOT have a ten year compounded growth of 90%-330%, compared to 30%-90% for legacy approaches.

What are some reasons for this? What are the drivers separating high growth companies from those in the status-quo?

• No more "I'm better, faster, cheaper". In other words IIOT sets your company apart with a tangible differentiator.
• Compliance Management. Regulations continue to increase, whether they be environmental, human factors, or other liabilities, with penalties per incidence in the tens of thousands of dollars or higher. IIOT provides real-time information enabling the user to make better informed decisions helping to reduce risk.
• Labor Savings. Continuous real time data in the palm of your hand reduced the amount of manual on-prem intervention. Freeing up these individuals' time to more important, complex customer requirements provides a potential 300% return on investment.

What does this mean for you? Can your business embrace Industry 4.0 to set itself apart from its peers? Contact SPI and read our case studies here.