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In 2018, the Internet of Things (IoT) marked a turning point, becoming the first year of widespread adoption. From its initial implementation to full maturity, the IoT journey is expected to unfold in three distinct stages. The first phase involves leveraging IoT data to streamline internal processes and improve operational efficiency. The second stage focuses on generating new revenue streams by creating innovative services and solutions based on the insights derived from connected devices. Finally, the third stage represents a transformation of the entire business model, where companies shift from selling products to delivering value through data-driven strategies.
The evolution of the IoT has the potential to revolutionize not just individual processes but entire industries. Companies are investing heavily in IoT technologies, with Gartner estimating that global spending on IoT projects reached nearly $964 billion in 2017. A recent survey of IT and business leaders revealed that 81% of organizations have either started or plan to start their IoT initiatives in the near future. However, despite this momentum, many companies still feel they are lagging behind. Over half of the respondents admitted they lack the necessary skills and tools to fully manage and control their IoT ecosystems, while 43% expressed concerns about the potential negative impact on customer experience.
Even though many businesses have taken the first steps toward IoT integration, there is still a long road ahead before they can realize meaningful improvements in efficiency, competitive advantage, and profitability. According to industry experts, the initial investment in IoT is just the beginning. To truly unlock value, companies must go through a structured process that includes three key phases: optimizing operations, building new revenue models, and transforming the core business strategy.
Phase one centers around using IoT data to enhance internal workflows and reduce costs. For instance, fleet management companies use sensors in vehicles to detect mechanical issues before they lead to breakdowns. This proactive approach minimizes downtime, improves customer satisfaction, and reduces repair expenses. These immediate benefits make the first stage a natural starting point for many organizations.
Moving into phase two, the focus shifts toward monetization. By analyzing IoT data, companies can develop new products and services that address specific customer needs. For example, industrial firms may connect different departments to provide more comprehensive maintenance solutions for equipment like escalators. This not only enhances service quality but also opens up new revenue opportunities through subscription-based models or performance-based contracts.
The final stage represents a strategic transformation. Companies begin to rethink their business models, shifting from selling physical products to offering integrated, data-driven solutions. This allows them to build long-term relationships with customers and adapt more effectively to market changes. One notable example is the automotive industry, where insurers use telematics data to offer personalized insurance plans based on driving behavior. This level of customization not only increases customer loyalty but also creates a sustainable revenue stream.
To succeed in this journey, companies need a robust IoT platform that can collect, analyze, and act on data from connected assets. Such platforms help unlock the value hidden in "dark data" and "dark assets," enabling organizations to make informed decisions across R&D, supply chain, and remote operations. By fully utilizing these insights, businesses can drive productivity, enhance customer experiences, and ultimately boost overall revenue. This creates a cycle of continuous improvement, where data fuels innovation and growth.