A well-made investment in IoT means both a change of your company’s offer to your customers and a greater understanding of your own business
Internet of Things, IoT, means a process development for your business. At Purple Scout, we always start from how you work today to what you want to achieve tomorrow. To only see IoT as a limited part of a machine, a function of machines or an improvement of a service is to see it too narrowly. It’s important to let IoT be a maturing phase in your organization’s development. Use the fact that IoT is a very rational way of identifying the most effective form of change for your company.
Earlier, when it came to connected machines, vehicles, etc, it was mostly about making a function that was usually done manually more efficient. Nowadays, we talk about collecting data in such large quantities that we can understand new effects of what we or our machines deliver, create analytics that in itself can or should create new services and earning models.
Five steps to a successful, purple Internet of Things investment:
Find your focus and start collecting data
It’s not always the coolest technology project that provides the most. Rank your proposals after how they, in this mode, may affect your business model, your working methods and what your customers will benefit from. One or several workshops usually helps. Find your focus!
Find out if you need real-time data or if a slower cycle is enough
Everything doesn’t need to be in real-time to be good. There can also be technical limits that real-time doesn’t benefit from. It all depends on what you want to deliver based on the solution. In this phase, many customers benefit greatly from us.
Dive down in the data lake to find new truths
Once you implement appropriate techniques, look at the data that is starting to flow, turn it, smell it; soon you will find some new truths about your business and your customers’ world. Implement fast and effective analytics to be able to move forward!
Put the new in perspective to the old
How do you measure your existing working methods to the new? How do you find comparable parameters? We can absolutely see a map unfold in front of you, where you get a perspective on the investment you are currently making. We can help you put perspective on how it will develop. Here, you as an entrepreneur, are standing in front of a number of choices. Are you on the right path, can you escalate or should you reduce the forecast? Either way, you have just taken the step into a new, mode-connected world!
Automate your methodology for ROI and new services
Make sure that this is measured so that you continually get a reconciling on your ROI, without knowing you will not be able to learn the right lessons from the project. This is of course the basis for how you proceed to move on with your next IoT project and what focus this should have. There’s no turning back! Here we go.