In our hyper-connected world, the Internet of Things (IoT) isn’t merely a buzzword—it’s a transformative force reshaping industries and business landscapes. At its core lies a treasure trove of data generated by sensors, devices, engines, and machines. But here’s the untold story: Historic IoT data, when combined with insights from other systems, becomes a game-changer.
The Underutilized Library of Data
Challenge: Companies invest substantial resources in IoT and Telematics hardware, software, and data connectivity. Yet, all too often, the historical data collected remains underutilized. It’s like having a vast library of books but only reading the latest bestsellers.
Solution: Enter IoT data analytics. By delving into historical data, companies can uncover patterns, correlations, and anomalies. Predictive maintenance becomes a reality—machines signal when they need attention before they break down. But here’s where the magic happens: Imagine joining this historic data with insights from other critical systems.
The Power of Integration
CRM (Customer Relationship Management):
- Scenario: Your sales team logs interactions, customer preferences, and feedback.
- Integration: Combine CRM data with historic IoT data. Suddenly, you understand how equipment performance impacts customer satisfaction. You tailor service offerings based on usage patterns. You increase dealer sales opportunities by understanding customer use history and uncovering their needs proactively.
Parts Management and Warranty Systems:
- Scenario: Spare parts inventory management is a puzzle. Overstocking ties up capital; understocking leads to downtime. You see an uptick in parts use but can’t correlate it.
- Integration: Historic IoT data reveals which components fail most frequently. Now, your parts management system stocks intelligently. Predictive maintenance reduces emergency orders. Warranty costs are controlled. Proactive product improvement becomes a reality!
Pricing Systems:
- Scenario: Pricing decisions are often gut-driven or market-based.
- Integration: Overlay historic IoT data. Understand how equipment usage affects costs. Optimize pricing based on real-world performance.
3.Beyond Silos: Holistic Insights
Challenge: Businesses often operate in silos—departments, regions, and customer segments isolated from one another.
Solution: IoT data bridges the gaps. Imagine an agricultural equipment manufacturer learning that a specific tractor model excels in vineyards but struggles in wheat fields. Armed with this insight, they fine-tune their offerings. Dealers personalize service recommendations based on usage patterns. Customers benefit from products designed for their unique needs.
How Do You Start?
The challenge of unlocking historic data’s benefits can be daunting, but you know your high impact use case already, don’t you? Take a moment, write it down, and consider all the platforms and systems in your organization that hold valuable information. Now envision the power of bringing all that data together to solve your problem! Find a trusted partner who can guide you through this journey and help you fast-find the ever-returning ROI that will benefit your business for years to come.
Conclusion: The Data-Driven Future
IoT data isn’t just about sensors and connectivity; it’s about unlocking actionable intelligence. As businesses embrace data analytics, they move from reactive to proactive, from isolated to interconnected. So, next time you see a sensor blinking quietly in the corner, remember—it’s not just collecting data; it’s shaping the future of business.
About the Author:
Jon Kent lives in the Metro Atlanta area with his family. He is an IoT, Telematics, and Field Service Technology thought leader and enthusiast. His 20+ year career experiences have brought him to Tavant, a global technology organization with U.S headquarters in Santa Clara, CA. Jon works within the Tavant TMAP Product Group, that focuses on finding value in a company’s data across any number of systems, including IoT / Telematics, CRM, ERP, Warranty, Parts, Service Case, Contract Management, and Field Service. For more information or to schedule a conversation, please visit: TMAP | Tavant
