What is Energy4All Ventures Limited Doing with IoT?
IoT is hard and there’s a lot of confusion around it. What is it exactly? Is it something that my business or organization needs to use? What are the use cases? The risks? How do I get started?
Confusion arises not because the concept is so narrow and tightly defined, but rather because it’s so broad and loosely defined. It can be hard to nail down the concept in your head when there are so many examples and possibilities in IoT.
The Why of IoT
We get it. You want the why and the benefits, the promises of what IoT can achieve. Well, our list is endless, but the most important ones are improved user experience, increased sales, better customer support, recurring revenue, and last but not least, improved quality (Sound amazing? We think so). The goal of every IoT product is to accomplish all of this—and more.
Discover IoT Value
A common question we receive is, “how do I apply IoT to my product or service?” But that’s not what you should ask. The better question is, “how do I apply IoT to my customers, jobs, pains, and gains?” This sheds light on what you need to know and allows you to attack IoT from the right angle.
To help you understand the benefits, pains, and gains, we’ve developed two tools: the IoT Evolution Canvas and the IoT Value Map.
IoT Evolution Canvas
IoT isn’t revolutionary, but rather evolutionary. Because it’s all about making small, incremental improvements. With an IoT Evolution Canvas, you’re making decisions and taking steps to identify product enhancements.
Let’s look at the three steps to any job:
- Collect the Information
- Make Decisions
- Take Action
You’re gathering necessary information, asking all the important questions, and taking action based on the outcome of that decision. To illustrate, we can refer to any piece of equipment. You’ll ask, “does it need to be fixed?” Or, “is it going to break?” Then, your focus is on performing the maintenance.
This happens one of three ways:
Just as IoT facilitates compliance, it can also help to protect valuable in-field assets. Highly expensive equipment is maintained with the help of an on-site inspection. With on-site inspections, imperfections can result in financial losses and decreased efficiencies.
Thanks to IoT-based devices, it’s possible to keep a check on equipment maintenance. Devices can also be deployed to remotely monitor equipment, prevent malfunction and track maintenance schedules, to name a few.
IoT-based business models are continuing to iterate and improve. If businesses are interested in IoT, they should look into its many business models to improve efficiency and assist in digital transformation.
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