Top 5 IoT Business Models That Gained Success

December 12, 2017

There is a lot of buzz around Internet of Things these days. Some of them is justifying while sometimes it has got over what we understand. As a result of this, IoT industry has faced a lot of misapplications and miscalculations which led to the hesitation in its early adoption. With the passing of days IoT is getting out of the fancy and some effective economic realities and trends are coming up. This has led to the increased market of Internet of Things app development market. Today the traditional business models have changed and something new and economically viable has come up.

Here we will discuss some of such business models which have emerged with effective IoT application.

Compliance monitoring

It is estimated that around $192 billion is spend by American manufacturers on compliance. It costs a lot of money to keep up with environmental, economic and safety regulations. Businesses are looking for ways to bring down the costs. IoT technologies have already proved to be effective in this manner. With the help of IoT device it is possible to monitor the important compliance metrics remotely. This way the cost to put up people on the field can be reduced greatly.

Preventative maintenance

The functionality which lets IoT technologies to offer compliance is also working to protect the valuable assets of businesses. Traditionally, equipment at the site is safeguarded by a number of inspections. So in case of any technological malfunctions the efficiency of the result can get altered. Instead of that you can deploy an IoT device remotely to prevent malfunction, track maintenance schedules and monitor equipment. In case a device underperforms IoT will issue an alert automatically.

Remote diagnostics

To collect timely and detailed diagnostic data in a good variety, IoT devices can be used. You can make use of connected devices to continuously monitor the factors and conditions and automatically respond to the data. Depending on the conditions an automatic trigger can be set. This will help to increase productivity, efficiency and costs.

Asset tracking

Out of the different IoT embracing industries, supply-chain management is one of the best. The reason behind it is that shipping and logistics companies have understood that IoT devices can help to increase visibility for a lower cost in supply chain. The asset can be identified, tracked and monitored in real time using simple, 3G-connected microcontroller from anywhere. This high degree of visibility helps the companies to save itself from theft and loss, improve demand forecasting and increase efficiency of fleet.

Automatic fulfilment

Up-to-the-minute consumption data and inventory are making service level agreements viable for a new customer class. Amazon Dash button can be called as the most popular example of it. In case you are not aware of it, then let me explain to you that it is a small IoT device which can be used to reorder specific items.