The Importance of Monetising IoT Data

Synopsis: Experts believe IoT data monetization is set to play a pivotal role in driving broader economic growth. Companies wanting to thrive and scale in today’s digital landscape must leverage new IoT data to boost business intelligence, operational efficiency, and revenues.

It is said that by 2020, 69% of global households will have Internet access. According to data from the UN’s ITU agency, global smartphone penetration is expected to reach 75% globally.

Smart devices are now taking over homes across the world. This leads to unprecedented opportunities of finding incremental revenue for IoT (Internet of Things) suppliers.  There is no denying the fact that IoT isn’t just another internet trends. It is the future of business and here to stay.

Explore how IoT is redefining revenue streams!

IoT Promises to Deliver Data Driven Experience

IoT data offers amazing opportunities, better operational efficiency, leading to reduction in waste. Cognitive computing when paired with instrumented data has the power to drive new business models and find new chances for market expansion.

In fact, many experts now agree that IoT data monetization is on the cutting edge of broad economic development.

Therefore, companies that want to develop and expand in today’s digital world must use new IoT data to understand economic optimums and augment market performance.

Furthermore, organizations ought to be willing to compensate for data to help them better understand definite segments, as well as create new and exciting marketing initiatives. Two points in case here: promotions and customer insights.

Take for example the John Deere range of IoT based products.

These run analytics on connected equipment in possession of their farmers. The data is collected via in-field sensors, which is then used to:

• Enable a range of services such as fleet monitoring, remote diagnostics
• As well as provide some timely predictive maintenance.

But that’s not all. The new tech is also enabling farmers to reduce water wastage while enhancing the yields.

Undoubtedly, this is the right time for organizations from across sectors to start exploring what IoT data can do for them.

Seizing Opportunities Brought by IoT Data

Traditional ways of conducting business are rapidly evolving. New ways are emerging for data monetization, whether it’s big data, mobile data, or IoT.

Connected IoT devices capture valuable data on user behavior, environmental changes, and how machines, equipment, and devices perform. Businesses can turn this data into revenue through innovative applications.

Proactive maintenance, smart industrial and domestic solutions, and optimized supply chains are some common use cases.

It is, however, important to remember that success brought on by the utilization of IoT data should also be complemented with solid relationships with your customers.

Importantly, you also need to build a quality business model. It is a non-negotiable imperative for organizations and enterprizes that want to succeed in the digitized world.

Unlock Your Data Value with Experts

It takes deep expertise, the right solutions, and well-defined processes to collect and process data, navigate its complexity, and draw meaningful insights.

At Centelli we provide a range of business intelligence and intelligent automation solutions with capabilties to handle Internet of Things. Our custom-built tools can help you make the best of your IoT data, monetize it and drive real value.

Ready to Monetize your IoT data? Email us for more info or book a call to help us understand your requirements.