Goals to decide why IoT data analytics integration is essential for the company. A broad division of basic criteria to address after the technology integration.
FREMONT, CA: It is necessary to have a crystal clear business objective to leverage from the IoT data analytics project after integration. But when one has a specific goal in mind, the reason can be broadly divided into three fundamental ideas:
1. Increase Revenue:
Many companies integrate IoT data analytics with marketing automation platforms to enable better user experiences. With the tracking of the load signature when the customers utilize their products, a pattern is made visible to leverage insights about the users. The capacity to use the data mined from IoT analytics can help in the creation of new business models. The models can also assist in changing the way the company interacts with customers.
2. Reduce Operating Costs:
In the case of large companies, reducing the costs of operations is a tough nut to crack. The main driver of IoT integration in most enterprises is the ability to optimize the processes. With eyes everywhere, after IoT application, major expenses which can be cut down is identified. Factors like the decrease of energy consumption by HVAC, ability to control the outside air supply based on real-time occupancy of the building. Reduction in demand charges, fees, and additional utilities for electricity supply can be reduced by simple IoT analytics. It can determine the total power consumption and the rate of reduction to match the energy use in the building.
3. Mitigate Business Risk:
Several businesses have lost money on annual maintenances and repairs, and equipment failures are never inexpensive. It affects about 42 percent of downtime approximately and is the primordial reason for excessive money spent on renewing the high-cost machinery. The run-to-fail or repair of machinery costs three to 10 times as much as a good program for maintenance. With predictive maintenance, pointing out a specific part of the equipment that is likely to fail and addressing it in advance has saved almost 8-12 percent over many preventive maintenance programs.