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IoT for business growth: How innovative companies use IoT to save money

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June 27, 2016

by

Theresa Bui

Businesses are rapidly transforming as they discover the unprecedented value of connectivity via the Internet of Things (IoT). Delivering innovative services and experiences through connected devices gives companies across all industries new ways to stand out as market leaders. IoT is also emerging as a mission critical way for businesses to save money.

With connected devices, streamlining operations has never been easier. Leading companies are using IoT to capitalize on real-time business intelligence, to control support costs, minimize expenses and eliminate unpredictable spend.

Smart vending machines are smart business

Vending machine industry innovator Cantaloupe Systems, wirelessly connects more than 100,000 machines to its Seed Platform, which helps vending businesses remotely monitor performance, track sales and optimize inventory to deliver exceptional service for customers, and increase efficiency and profitability.

As Cantaloupe CEO, Mandeep Arora notes, “The Internet of Things is allowing vending operators to eliminate guesswork and respond to consumer demand.”

Data insights replace guesswork

Cantaloupe’s IoT-enabled platform gives customers real-time visibility and access to performance information on every one of their smart machines. Cantaloupe’s customers use this data in a variety of ways to streamline operations and save money:

  • With remote diagnostics, vending operators can pinpoint machines that need maintenance and respond to critical problems first. Additionally, they are better equipped to quickly fix the problem by arriving with the right tools and parts.
  • Real-time visibility into inventory eliminates the needs to service every machine. Vending operators have been able to shrink their fleet sizes by 30-50 percent, while ensuring that machines stay stocked.

Responding to consumer demand

With IoT, historical sales data analysis enables owners to understand seasonal trends and plan for future demand by investing in more popular merchandise and replacing less profitable items.

Controlling support costs

Cantaloupe is also dramatically reducing operating costs thanks to IoT. Using the Control Center IoT platform, the company can automate device provisioning with wireless connectivity and rapidly identify and fix problems.

“It was incredibly painful before we had Control Center. A network problem could take days to diagnose and resolve,” said Arora.

With the Cisco Jasper IoT platform, Cantaloupe has also significantly streamlined their billing process: two days of auditing bills for 15,000 machines has been simplified to 20 minutes for 100,000 machines.

To learn more about how Cantaloupe is using IoT to save money today, read the success story or view the video.

This is the first in a series of three blogs on real-world IoT success and how companies are using IoT to transform their business.

Next week I’ll be taking a look at how companies are leveraging IoT to grow revenue.

Be sure to subscribe to the Cisco Jasper blog (top right of the page) so you don’t miss out.

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