A digital transformation takes time, sometimes a considerable amount, which means it can be difficult to quantify ROI — at least in the short term. Return on investment for IIoT relies entirely on the data collected with the technology, and how it’s applied. The information itself may be incredibly valuable, but that won't matter if it's used ineffectively, further reducing the leverage.
Real-time insights provide more of a direct influence on operations, offering minimal boons to a variety of business facets. That said, measuring real ROI is about the big picture and how all those smaller wins come together to provide a wholly effective strategy.
It’s difficult to ascertain the ROI of IIoT and gauge whether or not you’re on the right track in the first place.
Spending on IoT remains high for many industries, but the ROI is still up in the air. About 72% of construction business operators include new tech adoption as part of their strategic plan or vision for the future. Despite that, only 5% see themselves on the cutting edge of adoption. Here are some tips that can help you better plan industrial IoT adoption, while also getting the most out of the new technologies:
1. Choose an Objective
Industrial ...
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