The Importance of Monetising IoT Data

Smart devices are now taking over homes across the world. 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. (Source) This leads to unprecedented opportunities of finding incremental revenue for IoT 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.

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. 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.

Organizations are willing to compensate for data that can help them better understand definite segments as well as create new and exciting marketing initiatives, for examples 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 data collected via in-field sensors. This data is then used to enable a range of services such as fleet monitoring, remote diagnostics as well as some timely predictive maintenance. But that’s not all, the new tech is enabling farmers reduce water wastage while enhancing the yields.

This is the right time for organizations to start exploring what IoT data can do for them.

Opportunities For Success – Brought To You By IoT

Traditional ways of conducting business are rapidly evolving. It is important to remember that success brought on by the utilization of IoT data should also be complemented with solid relationships with your customers. A quality business model is also imperative for businesses that want to succeed in the digitized world.

Ready to monetize IoT – Give Us A Call!

Here at Centelli we offer a range of business consultancy solutions that can help you make the best of artificial intelligence, machine learning and Internet of Things for businesses. As a European management consultancy, we offer business intelligence tools and resources for business across the UK. Check out some of the services we provide and let us help you improve business efficiency!  Get in touch with us today to learn more!