Data collection and data analysis enabled by the industrial Internet of Things may increase knowledge and allow predictions, but unless someone acts on these, there will be no effect on the operational performance and direct value to customers across various industries. Only when the knowledge is turned into actions and issues are resolved will there be a benefit from analyzing more data.

When it comes to remote monitoring and maintenance, for example, IoT data integration enables lower costs, reduced time to repair, and even completely new business models and revenue streams—ideal for meeting the competitive challenges of the digital age

Connected products can even reduce or avoid having to dispatch service engineers to fix the product in the first place. The cost implications of this for businesses cannot be overstated, helping businesses add to the bottom line through greatly improved profit margins.