Internet of things: The trend that helps companies create new business opportunities

26 Sep, 2019

What is IoT? And what business opportunities can we create with the help of IoT? We have met our business consultant, Anders Iderot, who has long experience in various IoT projects. He helps us to sort out and identify the concept of IoT, the Internet of Things.

Can you tell me a little about IoT – What is it?

– You could say that IoT is the Internet of Things. Because it stands for Internet Of Things and it means that things in our everyday lives is connected and are sending out data that we can use, for example, to keep track of how much electricity we consume or to decide when our lamps should be on or off. Companies can also use IoT to create new insights, business opportunities ​​and brand-new business models that were previously not possible by using data from things like vehicles and masks.

What business opportunities are there with IoT?

– With the help of IoT, you can automate and create new business opportunities based on areas of use and specific needs. For example, it could be a machine that sends out signals on how it’s doing and what needs to be fixed before it breaks, so that a seller can proactively act on it, by calling and booking a time for service. In other words, you can base an entire sales process on actual data, I think this is the biggest opportunity with IoT – that we can develop our customers’ business through actual data.

Why do you think IoT is so popular? Why do companies want to work with IoT?

– I think there are different parts in that. One reason why IoT is so popular to work with is because it is a big trend right now, and many companies often want to be a part of big trends to show everyone that they are in forefront. Another reason to why companies wants to work with IoT is because they find new business opportunities with their customers, that were previously not possible.

Are there any challenges with IoT projects?

– A common challenge in an IoT project can be the data, which must be perfect. In an IoT project, you need to know your data and have an understanding for how it works, in order to create new business opportunities. If you do not have the right data or if you base your business processes on the wrong data, there is a risk that you will contact your customers at the wrong time and with the wrong offer.

– Another challenge for many companies, is to challenge and constantly try to improve their sales points. So, that the sales force can act proactively and contact the customer at the right time and with the right offer. It can take time to get right with an IoT project – so it is very important to remember that you have to work actively with your sales points in order for everything to fall in place.

How have we been working with IoT at Releye? Can you give some examples?

– We implement an IoT solution for our customer, Ferronordics Machines, where we collect data from their machines and vehicles which tells us how the machines are used, when they have spare parts that need to be replaced and how many miles they have gone. And based on that type of data, we then helped their salesmen to create contact points with their customer. For example, we can receive an error report from a machine saying that an oil filter needs to be replaced. Then one of their salesmen can act on the signal by calling and booking a time for service. These are examples of how we work with IoT solutions for several of dealers, such as Ferronordics Machines and Volvo.

–  Another example is our customer Heidelbergs Cement, where we implemented a system that shows where and when a delivery with concrete will take place, so that the persons in the working place can prepare to receive the truck with the delivery. These are examples of how we have worked with IoT in the past, today we mainly work with aftermarket on exciting IoT projects.

What effects have our customers achieved with the help of IoT?

– Our customers, such as Ferronordics Machines, have succeeded in creating sales pressure by using data from their machines and vehicles. Today, they can deliver a unique service by offering their customers what they want before they even know it.

Video: Our business consultant Anders Iderot talks about IoT (in Swedish)

Here you can read more about the IoT project we did for Ferronordics Machines and if you have more questions about IoT you can contact our talented team: Digital Solutions.

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