While the business value of IoT looks simple at first, at a higher level it can achieve much more than just cost savings. A lot of decision-makers start to build a narrow business case focused on cost savings but do not look downstream all the way to their customers and ask themselves how they can add some IoT capabilities that will let them create a higher level of differentiation and reimagine their value proposition beyond just saving money. So, what level of business value can businesses achieve using IoT technology?
Here’s a Ness video featuring Frank Gillett, VP, Principal Analyst at Forrester Research, who discusses how businesses can attain 3 levels of business value from IoT. In this video, Gillett clearly states that companies must move beyond the focus on cost savings and find a new way to differentiate products and services and reimagine their value proposition. “For a product company, think from the beginning to the potential downstream,” says Gillett.