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The ROI of IoT

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The ROI of IoT

The term “Internet of Things (IoT)” has come to be more commonly understood by the masses in recent years, but few have been able to apply this understanding in ways that makes their business more profitable. Incorporating these new capabilities into business processes is not only critical to gain a competitive advantage, but soon will become a requirement to simply remain relevant.

IoT is driven by a combination of sensors, connectivity, and integration with people and processes. The current IoT boom is the result of a perfect storm of factors that consist of:

  • Technology has advanced to the point where the cost to create sensors that can measure just about anything (temperature, humidity, location, weight, volume, usage, etc.) is negligible.
  • Wireless connectivity is ubiquitous, and can be commonly accessed via WiFi, Bluetooth, and cellular just to name a few.
  • Advances in application architecture now allow for easier integration between sensor generated data and applications such as ERP’s and Analytic Platforms.

There are endless scenarios as to how IoT can improve efficiencies and solve problems, ultimately resulting in increased profits. At EmeraldCube, we believe the true ROI to IoT solutions is incorporating analytics. Our IoT solution, EmeraldSensor, generates data that was previously unobtainable. Making sense of this data in the form of intuitive, interactive dashboards is critical in creating a true end-to-end solution.

One example of how this is accomplished is our EmeraldSensor Capital Asset Optimization solution. Our sensors track usage of capital assets such as forklifts, and then push this information back to an ERP application (JD Edwards), which then automatically generates work orders within the application once usage thresholds are passed. Additionally, the data generated also gets pushed directly into EmeraldVision, our white labeled Powered By GoodData solution. This information gets linked up with other Capital Asset Maintenance information coming out of JD Edwards, providing visibility to KPI’s that allow us to show our customers the direct impact that the EmeraldSensor solution is providing. With EmeraldVision powered by GoodData, we can demonstrate the continuous improvement that our solution is providing in real time, with actual dollars to the bottom line.

Written by GoodData Author  | 

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