Every day, companies in a myriad of industries are using IoT / M2M technology to collect data from networked devices. Every new IoT application produces expansive sets of analytics, but how does that translate into effective action plans? One of the biggest challenges that business owners, operators, and managers face when employing IoT/M2M technology is understanding how to leverage unprecedented amounts of data and insights into everyday business operations.
1) Asset-Level Performance Insights & Reporting
M2M devices that are integrated at the asset level provide a steady stream of data that CFOs, asset managers, and operators can use to track and gain insight into their assets’ performance. For example, IoT-enabled retail companies can implement RFID technology to count inventory with increased accuracy. According to the IHL Group whitepaper What Will It Take For IoT To Scale In Retail, retail companies lose more than $1.1 trillion in annual sales due to inaccurate physical inventory tracking. When employing RFID tags, M2M sensors, and video analysis, stores can use item-level insights to keep a 99% accurate inventory report at all times, a 25% improvement from physical inventory counting. For IoT-enabled retail, this level of accuracy regarding what’s in the stock, where it is located, what’s in the warehouse, and what’s in transit has greatly decreased the amount of overstock and out-of-stock items, as well as allowing sales associates to replenish shelves and fetch stray items more efficiently.
2) Respond to Problems in Real Time Before Budget is Impacted
In many industries, business profitability is affected significantly by how quickly management teams can respond to issues in the field. According to a survey from Information Technology Intelligence Consulting (ITIC), 98% of organizations say that a single hour of downtime costs more than $100,000. In the realm of construction, for example, equipment breakdown leads to costly downtime that extends working schedules and causes companies to exceed project budgets. Equipment companies, such as John Deere, have implemented M2M devices to monitor the health of its machines. Using the data gathered from connected machines, operators at John Deere have identified patterns and trends to predict machine breakdown and downtime. With the ability to detect an issue before a breakdown, technicians are able to perform predictive maintenance before a light malfunction causes extensive downtime. If a machine does break down before a technician can respond, remote diagnostics can help the technician quickly understand what went wrong and how to fix it.
3) Personalized Customer Service and Care
While IoT data provides crucial insights to operators and managers, it also can be used to enhance the customer, client, and patient experience. In retail, purchase data can be collected, along with online search history, to build detailed profiles of individual consumers. Pairing customer profile data with in-store sensors, IoT enabled beacons can lead customers to the items that they are most likely to purchase. If an item currently is not in stock, sales associates armed with a customer’s profile information can recommend substitute items that will satisfy their purchase requirements. From there, sales associates can cross-sell companion items, upsell to other brands, and deepen the customer relationship to foster loyalty and increase the likelihood of repeat business.
In the medical field, IoT-enabled devices give healthcare providers tools they can use to provide better care to patients. Clinical wearables, for instance, use connectivity to monitor patients’ vital signs, track medication adherence, and automatically signal first responders should a patient experience a critical event while at home. Empowered with this constant stream of data, doctors routinely can adjust treatment to fit the needs of their patients, managing long-term care with greater ease and effectiveness.
Manage Data and Take Action with Aeris IoT
Through the AerPort portal, which is part of the Aeris Connectivity Platform (ACP), data gathered from your company’s M2M devices can be organized and put to work with ease. With real-time reporting of usage and costs, ACP gives decision makers the tools they need to have a thorough understanding of critical operational details. Operators can use the AerPort portal to implement custom alerts and alarms that correspond with data sets, thus eliminating cost overruns or minimizing the impact of potential issues. With comprehensive IoT data collected and assessed, client-facing associates can leverage customer information to provide personalized service and care, increase client loyalty, and foster growth of their client base.
Contact Aeris today to see how your company can take effective action with IoT data.