Quantifying the ROI of IoT initiatives

If you’re a CEO of a company that has a service organization, it is key that you have a long term remote connectivity strategy and understand the information that should be monitored, collected and remotely transferred.

The savings of remote service are black and white and hard dollars.  Many of Axeda’s customers have saved millions of dollars per year by increasing their service efficiency, minimizing field service visits, and reducing call times. In addition, simple remote software upgrades and patches alone can pay for the connectivity project, and by enabling remote patching of software, you can drive down the cost of product recalls.

Therefore, when you meet with your service organizations, here are key questions you should be asking them:

  • What service operations can be done remotely?
  • What machine information can we provide call center and support personnel to solve problems more quickly, shorten call times and solve cases and issues more effectively?
  • What information can we provide field service people to make their customer visits more effective? How can we use machine data to shorten First Time Fix Rates (FTFRs)?
  • What machine data can enable us to proactively service machines to drive greater uptime and shorten Mean Time Between Failure (MTBFs)?

Answers to these questions will provide Engineering, Product Management and IT the requirements for capturing the right raw data on the machine, and R&D to design the right technical solution in a collaborative way. Most of all, it should start driving those hard dollars back into your business.