If your company recently adopted IoT solutions to improve the capability and functionality of its products, you’re likely already thinking ahead to the next steps: determining the value of these solutions and gauging their success alongside your current initiatives. In our new IoT Monetization and The Network Effect eBook, we examine some metrics that will help you best interpret achievement and progress with smart, connected products, in order to maximize monetization of your IoT investments.
First and foremost, examine the impact IoT solutions will have across your business. Making this investment and introducing such a substantial solution will inevitably affect not only the direction of your products, but also your day-to-day operations. As these effects trickle down to your employees, and eventually your customers, it’s crucial to consider their true value in each area. How do IoT solutions support your current initiatives?
Beyond analyzing current value, it’s important to look forward as well. Will your investment carry forth into your company’s continued growth and success? As your organization prepares for future projects and endeavors, will IoT solutions support your company’s impending campaigns, your employees’ upcoming ambitions, and your customers’ forthcoming needs? With all this in mind, considering whether IoT solutions are scalable to your future initiatives is necessary as you determine their ROI.
Next, check the interconnectivity of IoT solutions in your organization. In other words, ensure your investment pushes results across multiple facets of the company, establishing what we call “the network effect.” Do your smart connected products address a number of challenges—whether current or anticipated? Multipurpose IoT solutions are a critical determining factor of ROI maximization.
When implementing new solutions to improve your products, identify this connection between challenges that might be addressed. With the means to apply one solution to several problems, like preventing extra expenses for your organization, eliminating additional time and effort for your employees, and promoting higher quality results for your customers, your ROI is sure to improve. Considering how IoT solutions address multiple challenges across your business is of utmost importance when determining their value and revenue generation.
Through the process of measuring the ROI of IoT solutions in your organization, you will also need to consider advanced methods of determining the upcoming needs of your customers as your company progresses with new initiatives. When realizing the measurability of your IoT investments, metrics should address growth in your organization, promote improved value, and facilitate open communication with your customers.
These customer-based metrics will help you consider the broad measurability of IoT solutions for your company, your employees, and your customers. Does your investment help you to think ahead to more significant metrics? If so, you’ll be poised to prioritize their use more effectively going forward.
In our new ebook, IoT Monetization and the Network Effect: 3 Ways to Maximize the Value of Your Smart Connected Product Investments, we provide scenarios and examples of the above three considerations put into action, our tips for navigating each consideration, and an analysis of IoT solutions in businesses across industries today. In this resource created specifically with companies like yours in mind, PTC aims to ensure your success with our IoT solutions—and help you build growth for your employees and customers today and in the future.
Ready to maximize your investment in IoT solutions? Secure a copy of IoT Monetization and the Network Effect: 3 Ways to Maximize the Value of Your Smart Connected Product Investments today!