The Internet of Things (IoT) will drive the development of existing and new financial solutions by bringing the industry closer to its customers, a new report claims.
IoT is the interconnection via the internet of devices embedded in everyday objects, so they can send and receive data.
This seamless interconnectivity is enabling the collection of thousands of data points on when and how equipment is being used.
According to financial solutions firm DLL, this ensures customers can manage their equipment more effectively and suppliers can be more proactive in the support they provide.
For example, manufacturers and suppliers can better understand when equipment should be serviced and the right time to offer technology upgrades or new products.
In its report, called Tapping into the potential of the Internet of Things, DLL says sensors are the driving force of IoT.
In an age when almost everything can be measured, companies no longer need to make assumptions on what the real world looks like, as they can rely on accurate and immediate measurements to adapt their strategies.
These measurements are taken by sensors, including GPS sensors which allow manufacturers to remotely track the location of their assets, while other sensors can measure anything from temperatures in different locations to hour meters.
The report looks at the opportunities this brings for customers and the leasing industry, as DLL sees IoT as an enabler in further developing existing and new financial solutions.
The report says: “Every asset which is or has the potential to be equipped with sensors can be connected to the internet and unlock new business opportunities for manufacturers.”
Egbert de Jong, vice president of strategy, product development, asset management and remarketing at DLL, said: “The Internet of Things is not just a future trend, it is happening right now. We believe that to continue to be successful, you need to get on board today.
“IoT basically makes manufacturers better at the things they do by enabling them to provide better customer service, new and innovative products, digital tools and in the end, enhancing their competitive position in the market.”
Additionally, IoT (and particularly real-time data on the usage of equipment) will facilitate the development of pay per use models.
As part of its focus on the benefits of IoT, DLL has become a partner of the Startupbootcamp IoT Connected Devices, a global network of industry-focused start-up accelerators that encourages and helps people involved in the industry.
To download a copy of the report, click here.
Development checklist for IoT services
Determine the relevance for your organization
- Check out the competition - Assess whether you are the first in the industry to develop an IoT solution or if you can learn from your competitors.
- Think disruptive - Organize a creative session to discover new insights about how to combine asset data into meaningful knowledge.
- Fully commit - Realise that investments are required and IoT is a long-term commitment?
Create a value proposition
- Determine value - Map whether the data enables you to better serve customers and if you can ‘sell’ the data as a service.
- Develop a product offering - Determine how you will offer an IoT solution to your customer. Will your product offering consist of different service packages or a one-size-fits-all solution?
- Go to market - Decide how you will sell, service, and further develop your IoT solution. Does it require organizational changes?
- Reassess opportunities - Regularly reassess the opportunities in the rapidly changing IoT world.
- Decide on connectivity - Choose the connection option (cellular or Wi-Fi) that makes sense based on assets you have, how they are used and where they are located.
- Build partnerships - Embrace the role of third-party hardware, service and software suppliers in developing your IoT solution. Who do you need to supply the hardware, service, software and connectivity?
- Develop user interface - Build and customize a portal that allows the user to monitor and manage.
IoT information loop for connected assets