Creating Lean Operational Efficiencies Through IoT Strategies
by Exosite, on September 17, 2015
In any industry, the "time is money" saying rings true. The IoT generation of business is enabling companies to run more efficiently and effectively, saving time, resources, and money.
Developing a strong IoT strategy can mean the difference between successful growth by efficiently managing resources and time or being left in the dust due to wasted time and money. Particularly in industrial equipment and service-delivery applications, reduction of expenses is one of the biggest opportunities to create value and monetize a connected product fleet. Expense reduction through lean operational efficiencies can be accomplished in a variety of areas, including:
Monitoring inventory levels and assets can significantly improve supply chains by minimizing loss and waste and optimizing demand- and capacity-planning activities.
Connected products that dispatch just-in-time truck rolls can save on labor and fuels costs, while also providing more proactive and agile customer service.
Performance measurement against historical averages, similar installations, seasonal variants, and environmental pressures can help reduce energy usage (utilities, buildings, and facilities).
Predictive maintenance that monitors and anticipates when issues are likely to occur can significantly reduce costly downtime.
Identification of rogue or mal-performing devices can curb revenue loss, inefficiencies, legal risk, or blind spots in environmental monitoring applications.
Remote monitoring and sensors, devices, assets, asset groups, and fleet performance by dimensional categories like region, user, or application can maximize asset utilization that saves time and money.
When generating an IoT business model, especially for industrial applications that involve remote machine monitoring or service delivery process optimization, lean operational efficiencies are an important aspect of the value creation process and, hence, a valuable monetization strategy.