There’s no question that when implemented correctly the return on investment (ROI) when using IoT applications can be great. After all, who doesn’t want quicker, more accurate, automated processes within their business?
But ask yourself, what are you planning to achieve by using IoT within your business? Are you looking to cut costs? Perhaps maximise output? Or ensure accuracy? Well in order to make sure you’re getting a good ROI on your IoT solutions you need to clearly define what your business objectives are.
There’s a common trend of companies originally struggling to find the correct point of entry for IoT within their business. One thing to remember is that no matter how you’re using IoT, a key feature is the data that it can capture. This data can then be used to digitally transform your business and provide you with better results.
If you’re new to the world of IoT and M2M connectivity then we’d generally advise starting on a moderate scale. Doing so allows you to get used to how the solutions can work and pinpoint how their implementation can maximise your productivity and output. Before delving into the world of IoT, pick one aspect of your business where connected devices will be beneficial. Then introduce IoT to this area of business and then expand on it moving forwards.
Taking that into account, here’s three top tips to make sure you’re getting the maximum ROI from IoT in your business:
DETERMINE YOUR BUSINESS OBJECTIVE:
Take a step back from your business for one moment and think, ‘what is it that I’m trying to achieve?’ The answer to this question will play a huge factor in any decision you make regarding IoT. Once you have decided on what is it you want, you’ll be able to see more clearly the best way in which IoT can’t help you get there.
LOOK AT COST VS RISK:
There’s no wonder so many people are hesitant about embracing IoT. After all, it’s often still perceived as new or unproven. However, right now (as you’re reading this) many businesses all over the world are reaping the benefits of connected devices. The general consensus is that the further along in their IoT journey a company is, the more benefits they see. ‘From wearables to household appliances, they are all connected and capable of delivering new insights on how we interact. One thing is for sure: the Internet of Things is the genesis of countless new business models that revolutionize our day-to-day life.’ – Ronald van Loon – Director, Advertisement
SPECIFY AND TARGET ONE BUSINESS AREA:
As previously mentioned where IoT deployment is concerned we’d always advise starting on a moderate level. Evaluate which area of your business could most benefit from IoT right now and take the plunge. This will help you to see the advantages and then identify other areas where introducing IoT could lead to improvements.
There’s no doubt that connected devices will become a staple part of our business lives, sooner rather than later. In order to get ahead in the business world you need to explore how implementing these solutions within your business can help. Don’t get left behind!
If you’d like to find out more about maximising the ROI from IoT or for a free consultation with one of our experts, then simply get in touch by calling us on 0333 313 5005. Alternatively you can visit this page to request an M2M trial or quote.