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Jasper is now part of Cisco

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About Cisco

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Industrial Internet of Things: It is all in the ROI

April 21, 2016

by

Theresa Bui

In my spare time (ie: IoT nerd time), I recently read the Industrial Internet of Things, published by the World Economic Forum in 2015. The report cites a survey finding that 53% of respondents indicate one of the barriers to IoT adoption is a clearly defined ROI.

ROI is so loaded in the context of IoT that it’s difficult to know where to start. Industrial monitoring and heavy equipment companies considering industrial IoT (IIoT) initiatives are typically looking to transform from a supplier of components and industrial parts to a broader technology company.

The products – whether they provide factory automation, industry or smart grid monitoring or fixed assets monitoring – sense the entire environment and collect data. The promise of IoT is the ability to transmit that data and make sense of it, enabling organizations to make effective, real-time operational decisions.

By layering connected services into their devices, organizations are making their devices available anywhere, any time. They are embedding technology into their products (either by building in-house or through acquisition) to enable process control and data capture capability, connectivity, and contextualization. In other words, they are using captured data to create work processes and determine how processes are managed over a number of machines, systems and people.

When it comes to IIoT, most organizations understand the benefits of innovative new revenue streams and efficient operations. So the question isn’t about whether or not to offer a connected service. Rather, the question is: How do you achieve the greatest ROI on IIoT?

You can’t truly calculate ROI until you understand the comprehensive cost of ownership of delivering an IIoT service. Working with hundreds of industrial monitoring and heavy equipment companies to implement IIoT initiatives for more than a decade, Jasper, now part of Cisco, has created a report specifically on the ROI of IIoT. The report details:

  • Key operating expenses (OpEx) and how to run at the lowest cost, with the highest service reliability for the best customer experiences.
  • Real-world numbers and IIoT industry examples, along with best practices and tips to reduce costs, and automate and accelerate your IIoT efforts.
  • How to create a business plan that addresses operational scalability and long-term business growth that underscore the ROI of IIoT.

Download the report and let use know what you think: The hidden costs of delivering IIoT services for industrial monitoring & heavy equipment organizations.

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