We recently completed a comprehensive review of our company’s value proposition and how we communicate that value proposition to out current customers and potential new customers. That review was truly valuable and really helped us to really define the emotional and rational benefit that customers derive from utilizing our solution. During this process we examined:
- The value of an IoT solution to a customer
- How we can deliver that value to our customer
Just what is an IoT Solution – IoT 101?
An Internet of Things (IoT) solution essentially combines the following components:
- Devices and Sensors – They are continuously collecting data from the asset being monitored/controlled and sending the information on.
- Gateway – Manages the two-way data traffic between the different networks and protocols, ensuring the interoperability of the connected sensors and devices.
- Cloud – High performance network of servers optimized to perform high speed processing of he data from the sensors/devices and deliver accurate analytics.
- Analytics – Converts data from sensors/devices into useful information, which can be analyzed to make timely decisions.
- User Interface – The visible component of the IoT ecosystem that is accessible by all defined users.
Creating Value with IoT
Every business is interested in creating value; it is core to their business. In order for an IoT solution to be seen to be creating value it must ensure that that it delivers greater value than the costs associated with delivering that value.
At AMS, we like to start with a clear Value Proposition that aligns with the needs of our customer. A value proposition is a clear statement that explains how our IoT solution solves the customers’ problems or improves their situation (relevancy), while delivering specific benefits (quantified value).
The next step is to quantify the value with a model and then define the requirements of our solution in order to demonstrate that value to the customer. It is critical that the customer is engaged and invested in the process in order to ensure that the model best reflects the value that they are looking to achieve through utilizing our IoT solution.
Some examples of value derived from an IoT solution include:
- Increased/new revenues
- Decreased expenses
- Enhanced risk management
- Improved insight into business operations (the right data available when it is required by the customer)
The focus of an IoT solution is to capture data and then convert that data into useful information that the user can access via the Internet. The true value of an IoT solution comes from converting the data captured into useful information for the end user.
The Value AMS’ IoT Solutions Deliver for Our Customers
An IoT solution can deliver value to products in the following ways:
- Improve an Existing Product
- Improve the Way the Existing Product Operates (Operational Efficiency)
- Support Products More Effectively
- New Product(s)
The majority of our customers are looking to have a positive impact on their operational efficiencies and the financial bottom-line. All of the values indicated above can have that impact; it is truly a matter of discovering what are the customer’s priorities and developing the value proposition that meets their needs. This series of posts will dig into the values and share examples from our 25 years of providing solutions that help our customers to achieve their goals.
Next Post: Improving an Existing Product
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