Why feel companies pressure to invest in IoT?



IoT companies can compete with other because through better insights in data captured through all IoT devices four area’s influence on the business.
1.Customer Experience can be improved and personalised through the insights gathered. Companies who focus on consumers had many problems collecting data from end-users because, i.e., a toothbrush did not communicate through the internet to its originator about its usage and which parts of the teeth were used new services can be provided to help end users brush their teeth better.
2. Cost is better managed through insights. The combination of monitoring data and remote control capabilities create new opportunities for optimisation. Algorithms can improve product performance, utilisation and uptime, and how products work with related products in broader systems, such as smart buildings. Elevator manufacturer Kone is using these capabilities and insights to optimise elevator usage and lower maintenance cost.
3. Revenue will increase because the product is no longer the key deliverable for the end customer, it becomes the service around the product that brings the added value and extends towards a continuous relation. Where companies first only provided only warranty services and wanted to handle all quick and cheap towards delivering services to increase the customer lifetime value. 

4. Time to Market Improves applied in an IoT enabled manufacturing environment. Through the capability to receive real-time data from the supply chain devices, about operations, production, quality, utilisation, consumption the business can uses it to streamline and refine the business processes that have an effect on time to market.


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