Across the globe, businesses are connecting their things and harnessing their data to create powerful new business value. Connecting devices to IT systems is only the first step. The real value lies in the data that is created by and transmitted from those devices as they interact with other devices and human beings, and the compelling business insights this data can enable. Together, this is what the Internet of Things (IoT) is all about.
According to IDC, the potential market size of IoT will be $7.3 trillion by 2017. During that same timeframe, manufacturing companies that take advantage of their data have the potential to raise an additional $371 billion in revenue over companies that don’t.
To achieve these gains, there are four key areas where IoT can unlock the most business value and new revenue growth opportunities for manufacturers.
1.Connected marketing, sales, and service. In a connected world, marketers, sales reps, and service reps need to collaborate over a single and comprehensive source of customer information to provide unprecedented service. By tapping into the IoT, you can not only achieve a 360-degree view of your customers, but dig deep into what your customers respond to and the experiences they are seeking.
With advanced analytics, manufacturers can give customers what they want, before they even know they want it. Gathering richer data from customers also helps identify the most potentially lucrative new markets for your products.
2. Connected devices. Devices have the potential to say a lot, but only if there’s someone, or something, on the other end to engage, react and listen. Smart connected products like a smart TV, wearable device, or smart appliances can fundamentally change how manufacturers design, deliver, and service products—all focused on an ability to deliver context-specific rich consumer experiences and services.
From sensors to handheld scanners to autonomous vehicles, the devices in your business can also create efficiency and insight, if you enable them to talk to each other, your employees and your customers.
3. Connected operations. From the factory floor to the supply and demand chain, IoT can do tremendous things to advance your business. By connecting the manufacturing systems, devices and people that drive your operations, manufacturers can find numerous new ways to automate and create efficiencies.
Automating production processes frees up workers to meet increased demand without sacrificing quality. A more nuanced and detailed view of your production data helps you shift your focus from repairing machines to fine-tuning their performance over the long term. Simplifying the way your machines work together makes it easier to bring new plants online in emerging markets.
You also stand to gain new opportunities for revenue growth through services, enabling trading partners to monitor devices from remote locations to proactively offer new services such as condition-based maintenance that enhances equipment performance.
4. Connected product innovation. IoT can also help deliver innovative products that customers want, faster. A connected product development solution will help you design, develop, and improve products using technology to collaborate and create content based on information, analytics, and insights from customer interactions, product performance, and social networks, with real-time availability to accelerate innovation.