Game

Follow innovations to turn yourself into a game changer

18 May 2018

IoT
Internet of Things

Standing still is the same as going backwards, which is why you need to keep a critical eye on your business model. How, for example, can you ensure you will be able to keep up with the competition if a major change occurs in your sector? And what about making inroads into other areas?

The right amount of pressure can turn coal into diamonds

Companies that want to get ahead will keep reevaluating their business model. The focus of this reevaluation depends on the situation of the company at the time.

Margins under pressure

If your margins come under pressure, then the business as a whole will find itself on shaky foundations. You need to work out which costs are necessary to keep the margins consistent. A possible solution could be to streamline the administrative processes. However, it is just as likely to be based on technology. Replacing the technology that serves as the operational backbone of the company can lead to the much more efficient use of resources.

The risk is not always readily apparent

When performing an evaluation of this kind, it is also important to be self-critical and to make the scope broad enough. What is the potential competition for our company and the sector we work in? Banks, for example, unexpectedly received new competition in the form of Apple, whose Apple Pay service seriously disrupted the previously archaic money transaction market. It is important to keep in mind that markets are no longer as rigid as they used to be.

It ultimately comes down to looking at whether these threats are relevant to your sector, and deciding how you can adapt your business to neutralize them.

IoT saves the day

Technology drivers constitute one possible way of responding to this pressure. By this we mean concepts such as artificial intelligence, big data and the Internet of Things. These drivers enable you to make changes to your business model.

The potential applications are endless; it is like a box of building blocks where you can pick out the pieces you want to use and build your own creation. The use of technology drivers enables product sites to provide insight into the next steps, for example. Based on this information, all processes in a sequence can be optimized, so that each component communicates with one other. The data received from IoT sensors is converted by artificial intelligence into intelligent data that constitutes a starting point for improvements. This data is stored in the cloud, which ensures that large volumes of data are more available, scalable and accessible. Given that the data is collected in real time, it can effectively be viewed as being live. A connected sensor in a freight vehicle could, for example, report that a traffic jam is imminent due to the fact that the driver keeps having to brake. This information could then be used by the production site to respond to the situation so that no time is lost.

Every company has to keep up with technological innovations. What effect can the drivers have on my own business process? Can I make inroads into another field by integrating solutions of this kind? Data can also constitute the starting point for new products and services. Sensors on the windscreen wipers of trucks belonging to a transport company could, for example, provide accurate information about where it is raining. The company could then sell this information to organizations or apps for whom such input is valuable.

Still looking for ways to implement technological innovations within your company? Click here to find out more.

 

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