Cutting costs with the Internet of Things

May 10, 2017 Enterprise Staff

Cutting costs with the Internet of Things

Canadian businesses view IoT as a big help in reducing expenditures.

Canadian technology executives are open to major change and disruption as new technologies proliferate, according to a recent PwC Canada survey. And they see one key catalyst in this large-scale shift – the Internet of Things (IoT) – as particularly important to their long-term success.

Openness to change

As IoT’s global infrastructure continues to expand and becomes more secure, businesses are finding and creating new ways to use it to benefit their businesses.

Almost 70 percent of global executives, including those in Canada, say their organizations embrace the many changes IoT is bringing about. Of the Canadian executives PwC Canada surveyed, 54 percent reported that they already have in place a team focused on digital innovation.

Such willingness to change isn’t simply about keeping one’s head above water. Executives see real innovative potential for IoT technology, including solving the problem every business faces: reducing expenditure.

Cutting costs

In fact, more than half of Canadian executives (52 percent) see IoT’s greatest significance for their businesses in the cost savings it can create.

Frost & Sullivan agrees, predicting that over the next 10 years, organizations around the world will make over $10 trillion in savings and profits through IoT. That means more connections, more innovation — and significant cost savings for business leaders who embrace all IoT makes possible.

From improving processes and automating difficult or dangerous work, to increasing database accuracy and keeping team members focused on their most crucial duties, IoT presents myriad ways to cut costs and improve your bottom line.

“In today’s fast paced digital world, organizations are facing increased competitive threats from both traditional and new emerging competition more than ever," says Ricky Gill, Director of Product Management for IoT. "As such, it’s even more imperative to cut costs, data driven, and nimble in order to compete and win the market. Harnessing the power of IoT, companies can find new innovative ways to unlock new efficiencies by increasing automation, getting deeper insights into operations, and improving customer experience.”

Upping the IoT ante

So, how can your organization begin to make the most of IoT’s possibilities to make digital innovation a more strategic and effective endeavour? As PwC Canada suggests:

Make innovation mandatory. Nurture a culture of exploration and experimentation. Make innovating, rather than adopting others’ tools and techniques, a required and well-staffed focus area in your organization.

Have more conversations. Great ideas are out there — among customers, employees, partners and strangers. Don’t be afraid to crowdsource and explore what others are doing. Then, set up internal infrastructure to make sure great ideas are recognized and placed in the right hands.

To add to PwC Canada’s advice:

Persevere. Large enterprises are sometimes likened to large ships, difficult and time-consuming to get going on a new course. This means now is the time to begin thinking about how IoT can help you innovate — to increase profits and savings, both now and in the increasingly connected future.

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