Have we had enough of the IoT hype yet?

November 5, 2019 By 0 Comments

IoT is the future, or at least it has been since I can remember!

Next year there will be 50 billion connected devices in our buildings compared to 7 billion people living on the planet. Connected devices also called IoT and Remote Monitoring can enable processes to be monitored, measured, controlled, and optimised as never before. Adopting remote monitoring technology in businesses large and small can increase efficiency and profitability. But where is the proof? Have we had enough of the IoT hype yet?

The question for most CEOs is

“How do we do it and how do we ensure it is profitable?”

Remote monitoring is usually 1/10th the cost of legacy systems or even human intervention but just because it has IoT in the title does not mean it will deliver a business case.

Companies know they should be using connected devices; after all, who would not want to prevent a server farm, communal heating system, or production line from failing? Yet very few organisations understand how to successfully adopt and benefit from remote monitoring.

Should I monitor one thing or 1000 things?

How do I know I am monitoring the right things?

Is it cost effective to use remote monitoring? And can I prove it?

Top 3 questions CEOs frequently ask us

  1. Can I really recognise operational efficiencies?
  2. Can I improve my supply chain responsiveness?
  3. Can I improve my asset lifetimes?

The answer to all 3 is simple…”YES, YOU CAN” knowing what to measure is the basis of a sound basis case for remote monitoring.

Common mistakes to avoid

  1. Don’t just measure anything, if you can’t see it in compliance or financial report it probably is not worth monitoring
  2. Complexity over proof of concept “I will get three quotes and then go out to tender”. By the time you have done this the technology has changed. It’s simple, get something, use it, did it work?
  3. Don’t only consider what needs to be measured. And don’t only consider when to receive alerts. If you want to measure lifts but they are not in use after 6 pm or at weekends, then don’t ask for alerts.
  4. If you don’t know, just ask.  There is a lot of Industry 4.0/ IoT hype out there, try and cut through that to get what you need.

30% now, not 100% never

At some point. Whether you like it or not, technology in some shape or form will change your business. It may be in ten years, but if someone is so inclined, it will more likely be in 10 weeks. Even if you can’t see how it might happen it is worth some thought in your next executive team meeting.

So let me ask again, “have we had enough of the IoT hype yet?