Monetizing the Industrial Internet of Things
The Industrial Internet of Things (IIoT) is already transforming how manufacturers develop and produce products -- and enabling them to be digitally connected to those products long after they leave the factory floor. As IIoT adoption crosses the threshold of a “hype-cycle” phase into one of mainstream application, some manufacturers are wondering why and how they ought to build an IIoT strategy. For such companies, top-of-mind questions could include: What are the most practical applications I ought to consider first? Which IIoT business models are best for my organization? How do I monetize the IIoT to create a strategic advantage? What’s the ROI on IIoT technology?
Companies looking to adopt IIoT technologies can leverage the swiftly falling barriers to entry. The hard work behind a successful IIoT strategy lies, however, in ensuring it complements existing and desired future business models and responds to what customers want—and are willing to pay for.