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6 Best practices for growing a profitable IoT business

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September 14, 2016

by

Jessica Morales

The Internet of Things (IoT) promises endless opportunities for businesses to introduce new, high-value customer experiences on a global scale through connected services. But to come out a leader, you’ll need to be prepared to tackle complex challenges around managing connectivity and costs.

How have early innovators in IoT achieved success? By integrating six crucial best practices to increase efficiency and productivity, ensure the highest service reliability, and minimize operating expenses. You can learn from their real-world stories in our white paper: Best Practices for Implementing Global IoT Initiatives.

Here’s a sneak peek at what you need to know…

Critical success factors for your IoT services

To grow a profitable IoT business, you’ll need to rapidly and cost-effectively launch, manage, and monetize your connected services. Getting it right includes integrating the following six best practices into your overall business and operational strategy:

Best-Practices-Whitepaper-Blurb
  1. Automation — Automate daily tasks to monitor and maintain connected devices, and capture actionable data to optimize service performance. As an example, wireless technology pioneer, CSL, uses automation to manage nearly 300,000 security devices across multiple countries to ensure reliable rapid response alarm signaling.
  2. Real-time visibility — Continuously monitor connected devices in real time so you can quickly respond to any issues. Many businesses are reducing operating expenses (OpEx) by remotely identifying and diagnosing issues at the device level before problems escalate, often eliminating the need for onsite repairs.
  3. Actionable insight — Sharpen data collection with richer, detailed reporting that enables you to make informed decisions and improve performance. Cantaloupe Systems provides an IoT solution to help smart vending machine operators remotely track inventory, and capture purchase data to optimize merchandising to keep up with evolving consumer demands.
  4. Cost management — Improve your bottom line by leveraging business intelligence to control support and IT costs, and build predictability into expenditures and revenue. For instance, SMART Watering Systems uses the power of an IoT platform to help Canadian businesses and municipalities save millions of gallons of water, while reducing their own operating costs up to 75 percent.
  5. Customer service — Meet customer expectations by delivering always-on, anywhere, every-time IoT services. Sounds like a tall order, but companies worldwide are making it happen with the right tools to consistently deliver reliable service and exceptional customer experiences.
  6. Global scale — Rapidly enter markets to expand your business and capitalize on new revenue opportunities. Agribusiness is a key player in growing the IoT revolution worldwide with companies like Tierra. Their telematics solutions for precision farming are leveraging intelligence from connected devices in nearly 200 countries to continuously open up new ways to grow the business.

Get started on your IoT success story

Whether you’re just diving into IoT or looking to optimize your bottom line for your IoT service business, you can find valuable insights in our white paper, Best Practices for Implementing Global IoT Initiatives. Go ahead, jumpstart your success today.

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