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Solution
- Establish the return on investment. ROI is multidimensional; businesses need to consider cost, customer satisfaction, brand differentiation, data collection, and of course, revenue. When establishing a business case for IoT, executives and managers need to see real-world customer results and a set of key metrics to understand the return they should expect on their IoT investment.
- Adapt their processes and models across the product lifecycle, from product design to sourcing, production, sales, and service. This requires the adoption of systems that support remote product monitoring, operation, and optimisation.
- Securely collect and respond to data from customers, suppliers, and now the products themselves. Ultimately, this increased data will require the development of advanced analytic capabilities.