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10 ways to derive value from the Internet of Things

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The Internet of Things is complex, and figuring out how to derive value from it can be even more difficult. Use these tips for determining where to start or how to best continue your IoT journey.

1. Reimagine product development

Products engineered for the IoT need to be different. What’s more exciting, the IoT enables them to be unlike anything we could have imagined a decade ago. Reimagine what a product might be. Don’t limit the product definition to what is physically delivered, but think about extended services. Consider how engineering and IT roles need to merge to enable truly groundbreaking products.

2. Consider delivery models

Think about the innovations, features and applications that are made possible through the cloud—and promote the ability to dynamically update products during their service life. Control distribution channels

3. Improve customer experiences

Analyze social platforms to identify customer needs. Tap into this unstructured data with IBM Big Data and Analytics tools that can decipher the nuances of human language to discover actionable insight. Engage with customers using mobile technologies to provide them with a richer experience. Use these technologies to offer innovative ways for customers to interact with your products.

4. Focus on security

The IoT comes with a myriad of security challenges. Mitigate risk and protect products and customers from hackers by designing for security and continuously looking for weaknesses from the earliest stages of the design lifecycle.

5. Schedule work better

Asset and facilities management solutions help plants and facilities operate at peak performance. Reduce energy use, enhance environmental sustainability and reduce operating costs by more effectively managing real estate assets and space. Provide greater visibility into and control over critical assets that affect compliance, risk and business performance. Increase the useful life of capital assets with improved business processes for an increased return on assets and enhanced operational efficiency.

6. Predict when things are going to break

Access multiple data sources in real time to predict asset failure or quality issues so your organization can avoid downtime and reduce maintenance costs. Predictive analytics can detect even minor anomalies and failure patterns to determine the assets and operational processes that are at the greatest risk of problems or failure. Early identification of potential concerns with your connected devices helps you deploy limited resources more cost effectively, maximize equipment uptime and enhance quality and supply chain processes.

7. Identify and manage requirements

Consider not only known market and product requirements, but also potential services the IoT makes possible. Requirements management is key to support these new services through collaboration with operations, field technicians, fleets and service providers.

8. Derive insight with analytics

Collect data from product operation. Use analytics to unlock the potential of this information to predict maintenance needs and enable engineers to improve product performance and capabilities.

9. Plan for future revenue

Create products with adaptable designs that can incorporate future changes, even if those changes are unforeseen. Engineer for an ever-changing ecosystem and develop the flexibility to accommodate it. Do not think of products as static, but as entities that must evolve as market trends and new technologies shape customer expectations.

10. Pull it all together

An IoT Platform brings all of these things and more into a single view that lets you easily understand what the data from your devices is saying and how to best act on it. An easy-to-view reporting dashboard accelerates the speed at which you can react to data insights and puts you ahead of the competition. Check out how easy it is to get started with an IoT Platform.

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