There are two general ways the Internet of Things adds value to businesses. The first is by improving existing business operations. Predictive maintenance, supply chain monitoring, and automation are a few of the IoT solutions that fall into the first category. This approach is great for businesses that want to invest in IoT incrementally in order to save money on expenses that they previously had little control over.
The second way that businesses can leverage IoT is by creating new offerings to transform their business model. The potential that IoT has to truly innovate a business lies in this approach. Over the past 25 years, the companies that have made the biggest splash in their respective marketplace―or have created a market space all their own―have used the Internet of Things to connect their products and services in a way that gives end users more options. Thanks to the Internet of Things, we have online shopping, ride-sharing, and a plethora of subscription-based services that range from food delivery to music to entertainment and television.