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Enhancing the Business Impact of the Industrial IoT With Digital Thread

What business impact does this innovation have on the product development and manufacturing lifecycle?
By Manu Tayal

Enabling New Business Models, Including Product-as-a-Service
The IIoT is helping in the creation of new revenue-generating business models, workflows and applications that support transaction-, subscription- and commission-based revenue streams. There is also the possibility of selling data generated by these models; for instance, aircraft manufacturer GE Aviation offers efficiency and analytics services to help optimize flight procedures. To benefit from such possibilities, businesses need to effectively manage the data of all these products and customers.

For a typical industrial entity, optimized decision making and correlation of the data across the operate, service and return stages can help explore new business models with customers. This could improve fleet management and managed service metrics, as well as optimize device usage. It could also mean improving contract-management metrics using IoT data from devices and integration with contract-management applications.

The business impact of this could be the following: optimized device and service offerings enabling customer satisfaction and brand loyalty; transparency to customers on actual usage and billing; effective compliance against SLAs agreed upon in maintenance contracts; and scope for additional revenue streams with new business models like product-as-a-service, the enablement of cross-selling, up-selling and down-selling, and customization of maintenance contract renewal quotations based on usage.

Conclusion
When looking at a large industrial organization, it isn't uncommon to come across a lack of uniformity across different product lines and business units within the same company. Such complexity is typical of any industrial setting, and it is imperative to connect these dots and ensure integration with enterprise systems to ensure the success of the Industrial IoT. Digital thread is the key to achieving this integration and ensuring transformational business results.

It is here that a technology services provider with a deep understanding of the IoT and a strong industry background can add significant value. These are exciting times, and the industrial world is all set to reap the benefits brought about by the Internet of Things, while consistently widening the use cases and raising the bar for innovation.

Manu Tayal is the VP and Head of the Industrial and IIoT business at Happiest Minds. He brings with him over two decades of rich industry experience and is currently focused on helping our clients make their industrial products and platforms digital ready. He is deeply passionate about creating business impacting IoT solutions for customers while also leveraging other disruptive technologies such as AI and ML.

USER COMMENTS

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