Did you know that 99% of the data collected from a typical oil rig is not used to inform business processes? Most enterprise adopters use IoT implementations to reduce costs and risks, but there is much more disruptiveness to the business value if you look at the potential of IoT more broadly.

Cost reduction and efficiency

Automatic tracking and processing can be used to monitor processes and equipment as well as remove human errors and repetitive work. For example, through continuous monitoring, a manufacturer can determine when the plant will require maintenance, while saving on routine maintenance costs and preventing failures.

Risk management

Connected objects can help to secure employees, assets and data, including the physical safety of remote workers as well as the quality and safety of products and services. Think of telematics (telecommunications and informatics), which enables car manufacturers to track the performance of their products over the lifecycle and create new designs based on these rich insights.

Revenue growth and innovation

IoT can provide greater insight on product and customer lifecycles or even help to understand partners and employees better. Take, for instance, human health. With the help of devices for remote, real-time monitoring of chronic patients, healthcare organizations can ensure that users stick to prescribed therapies, thus reducing hospitalizations and readmissions.

And most importantly, if you take a closer look at your organization, you will find that it is possible to create value in these three areas altogether, not just in the short term but over time as well.