Back to Business Basics to Reach the Next Level
Business, on a high level, is taking resources and adding value to them such that others are willing to pay more than your cost for them. This added value may come from transforming them to new things by combining resources with other resources. These resources may be physical, like steel, silicon, oil, copper, or wood. Or they may be virtual, such as information, ideas, financial data, or medical knowledge. Businesses bring these resources together into a more complete products so that each person in the next part of the process has less work to do and can specialize their labor in order to most efficiently produce their product or service.
Challenges as a Competitive Advantage
Every now and then something comes along that changes the way you see your business. These perspective changing things are often resources that are drastically different from anything the industry has seen before. Because these resources are so different they can be challenging to utilize. This is a good thing, as the challenge is a barrier to entry. This allows savvy businesses to capitalize and be earlier entrants gaining greater market share.
The IoT as a Business Resource
The Internet of Things (IoT), and its components, is one of those perspective changing resources. Tapping the IoT as a business resource is something your business can do. In what ways is the IoT a resource? The Internet of Things is a new way to collect data about your operations and your customers. But because it uses physical sensors or devices it also allows you to interact with your operations and customers. Because these devices are out in the real world actively collecting information or interacting, they are like an extension of you, or your company’s representatives. They extend your ability to perceive and understand, to monitor and control. And because they are machines, they extend your ability to automate and optimize.
Where you add value and how your business can take advantage of the IoT is deciding what data you need and what interactions enhance your business’ value propositions.
Attend our webinar, How to Gain Business Value from the IoT, to learn how your organization can utilize the IoT as a powerful new resource to strengthen and augment your value propositions.