This could be a critical issue for any executive or decision-maker running a business.  If you are concerned about your costs, competition, new products/services, new revenue streams, support, or profitability issues, then continue reading because the key to all these issues is better information!

  • MONEY – could your business do better by spending less? Then understand where the money goes.
  • COSTS – are your costs trending in the right direction? Finding out requires detailed information.
  • COMPETITION – are your competitors leaving you behind? They may have an information advantage…
  • PRODUCTS/SERVICES – could they be better?  When enriched with information, they can be.
  • SUPPORT – Are you spending too much time on surprise issues? The right information can eliminate surprises.
  • PROFITABILITY – are you struggling to improve profitability? Information from across the organization is key to attaining better profitability.

Let’s look at these at some level of detail and see how IoT may help.

MONEY and cash flow are important in any business. The pressure to spend more is always present. A look at your major cost centers may show where the opportunities are. Are your production facilities as productive as they could be? IoT can help by providing you with real information about utilization and output so that you can address issues. Cash flow is dependent on when transactions are complete; IoT integrated with your financial systems can help you increase cash flow.

By providing information about actual COSTS of all cost centers in real-time, IoT can help you address inefficiencies and lack of productivity. It also allows you to institute changes that track cost reductions in real-time. IoT is there to provide operational data through tracking and monitoring that you currently do not have and integrate these results with your current financial systems.

Are you staying COMPETITIVE in your industry? Are your competitors using IoT within their businesses to gain advantage? When your competitors are doing things that seem impossible, chances are that technology and IoT may have something to do with it. Anything from simple tracking to monitor asset utilization to using automated customer service applications can be greatly enhanced with IoT.

PRODUCTS/SERVICES are the low hanging fruit for IoT. Nearly every product and service can be enhanced by adding IoT. Whether it is used to create a profitable premium product ($1 technology cost – $10 price increase) or make your Service Representatives more efficient, the right IoT solution can change your business for the better.

SUPPORT is the unknown cost center where any improvement goes directly to the bottom line or to the customer satisfaction improvement account. Connected products for remote service is the obvious, but current installations can be enhanced with remote sensors that provide automatic diagnostics and schedules service calls before They are or become critical.

PROFITABILITY is the make & break for any business but can be challenging to address as it depends on so many different things. IoT is the ideal technology to help you address profitability as it can be deployed as an overlay to your existing business operations and be integrated with your existing business systems.

Chances are that after reading this blog, you have concluded that IoT may indeed help your business and that your business needs it. At Triotos we specialize in cloud-based IoT solutions and integrations and we will work with you to address your business needs.  By leveraging our core offerings, we can customize a solution to address your needs and be fully deployed In a few months, not years at a fraction of the price of doing it yourself. 

About the Author

Leo Lorenzetti

Leo Lorenzetti is the Chief Executive officer for Triotos. He is responsible for shaping product offering, bring it to market and provide our customers with the best experience possible.