Data analytics are at the center of business decision making. But why? What makes analytics so important to your business?
Imagine being able to look at a report and immediately be able to determine where your company can cut costs, become more efficient, or reduce maintenance times.
For example, together with our partner, YourSL, we work with a large beverage manufacturer that provides branded refrigeration units to over 50,000 retailers across Germany. They are looking to retrofit their installed units with sensors, and using the aggregated data to drive down operations costs, maintenance costs, reduce fuel waste, and make their company more sustainable.
With sensors that can track existing stock levels in each unit, distributors purchase only the stock needed and only service the units when they are in need of servicing, without having physically stop at each unit. Not only will this reduce costs and resources for the company, but it will increase customer satisfaction because the units are always appropriately stocked.
Future Proof Your Business.
Analytics are imperative in future proofing your business. We all agree that future products need to be, and are going to be, instrumented to collect rich analytics. Gartner research indicates that there are 4.9 Billion connected “Things”, as of 2015.
The questions you should be asking yourself today are:
- What can we do now for things you’ve already built?
- How can analytics bring more value to you as, an organization, and to your products today?
- How can you quickly add analytics to existing products to make you more competitive in the marketplace, without having to go through a product life cycle?
The benefits of adding analytics capabilities to your current products are huge:
- Increase your product value and sell at a higher price point
- Drastically reduce your product’s time to market
- Shorten product development life cycle
- Set you products apart in a competitive marketplace
- Protect your investments against becoming obsolete in the future
Instrument Legacy Products.
One of the largest untapped analytics opportunities is figuring out how to collect data from legacy products. The expected lifespan of today’s business and industrial devices are anywhere from 10 to 40 years, sometimes more.
Because of these extended lifespans, many of your customers won’t need a new device for decades. Those same customers are also facing the challenges of future proofing their own investments. By offering an upgrade to instrument legacy equipment, you can create a source of additional revenue and you reap the benefit of the analytics gathered from those devices.
relayr is ready to help your business take that next step and put the Internet of Things to work for you. Get Started Today!