Simple Plan to Monetize Enterprise IoT Data

By CIOReview | Friday, July 27, 2018

Connected devices generate a huge amount of data that comes with the potential to deliver unmatched insights that can be used in driving products and services. This helps in incurring new revenue streams for businesses and has the capability to, sell products, deliver services or maintain capital assets. But the most of the enterprises lack the analytic capability to use the data to their benefits. The data get piled up and businesses fail to break it down into silos. Analysis can help to extract useful knowledge from IoT data and to conduct their businesses in a more competitive and efficient manner.

There are several ways to capture and monitor Enterprise IoT:

1. Coalesce forces of IoT and ERP:

This process considers how does IoT data generate predictive maintenance insights and subsequently benefit the van asset-intensive service operation.

2. Set a goal:

Clearly defined goals provide a sense of where to actually mark the starting point. Having sorted and defined ideas on what they are going to achieve with IoT should be of utmost importance for all companies.

3. Towards digital transformation with IoT

The connected devices generate the information that provides an overview of asset status, equipment health, and other valuable system components.

4. Monetize data:

To have more opportunities to operationalize the important data organizations should make sure that the products and services are better connected. They should time to time assess the prevailing trends and workflows and by monetizing data, companies can easily cut down costs and time and increase productivity and profitability.