Venice Liu reveals in its “Business Benefits of the Internet of Things” report that companies that are implementing proof-of-concept (PoCs) and pilots and get some complete deployment, begin to see different business benefits.
Several companies remain coy about publicizing their returns, perhaps to maintain a competitive advantage or due to the early-stage nature of their projects.
The report draws on the benefits generated by internal initiatives for companies implementing IoT projects, such as improving productivity or monitoring and remote control of operations.
The benefits of external IoT initiatives include: improving customer service integration with product performance and customer use, gaining competitive advantage, or improving customer experience and loyalty.
Finally, the focus is on the new business models and income streams that IoT is generating. IoT offers companies the ability to transform into a new type of company. Product companies are evolving to become service companies. The data generated by IoT can provide a better perspective and have a significant economic value for third parties.
By this way, it appears that increases revenue from additional value-added services after the sale of the product. Other ways to monetize customer data could be to create a customer or partner loyalty program that encourages revenue growth and long-term retention.