Monday, December 17, 2018

Three Ways to Measure Your IoT ROI

Posted by Claire Cavanaugh

If you’ve recently started using KEPServerEX, you already know the importance of accessing real-time integrated data for your Internet of Things (IoT) initiatives. But in the quantitative, KPI-focused world of industrial production, just knowing the importance isn’t always enough. How can you establish metrics to best interpret achievement and progress, for maximum ROI of your IIoT investments? 

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1. Determine How Your IoT Supports Today’s and Tomorrow’s Initiatives 

Whether IoT solutions are scalable to your future initiatives is a crucial component to determining their ROI. Beyond analyzing current value, it’s important to look forward as well. Will your IoT investment carry forth into your company’s continued growth and success? As your organization prepares for future projects and endeavors, will IoT solutions support your company’s impending campaigns, your employees’ upcoming ambitions, and your customers’ forthcoming needs? .  

2. Learn How Your IoT Can Address Multiple Challenges 

Next, check the interconnectivity of IoT across your organization. In other words, ensure your IoT establishes what’s called “the network effect” by addressing a number of challenges—whether current or anticipated. Multipurpose data connectivity solutions are a critical determining factor of IoT ROI maximization. KEPServerEX is a good place to start, with its integration of your data connectivity to improve data visibility across the enterprise.  

When implementing new IoT solutions, identify this connection between data challenges throughout your industrial ecosystem. With the means to apply one data connectivity solution to help solve mulitple problems—such as downtime, operator error, and production quality—your IoT ROI is sure to improve. Considering how IoT solutions address multiple challenges across your business is of utmost importance when determining their value and revenue generation.  

3. Ensure IoT Helps You to Think Ahead 

Through the process of measuring the ROI of IoT solutions, you will also need to consider advanced methods of determining the upcoming needs of your customers as your company progresses with new initiatives. When realizing the measurability of your IoT investments, metrics should help address growth in your organization, promote improved value, facilitate open communication with your customers, boost your agility to the market, and anticipate production changes. 

These customer-based metrics will help you consider the broad measurability of IoT solutions for your company, your employees, and your customers. Does your investment help you to think ahead to more significant metrics, simplify data use, and scale your assets? If so, you’ll be poised to prioritize their use more effectively going forward. 

Make the Most of Your Investment Today 

Download PTC’s new ebook, IoT Monetization and the Network Effect: 3 Ways to Maximize the Value of Your Smart Connected Product Investments, to explore scenarios and examples of the above three considerations put into action, tips for navigating each consideration, and an analysis of IoT solutions in businesses across industries today.  

Download eBook