By 2025, the Internet of Things (IoT) will comprise of 75 billion connected devices. From voice-activated appliances such as Amazon Alexa to smart refrigerators, IoT devices are changing the way that consumers interact with brands. Nevertheless the development of the IoT has effects far beyond the consumer space.
 
As connected machines become more widespread, industrial IoT devices are remodelling B2B commerce by streamlining the ordering process for manufacturers, contractors and other business buyers. Many engineers and industrial professionals seem to be using the industrial Internet of Things (IIoT) to obtain an even better picture of their operations, but industry decision-makers and their B2B sales distributors are losing the full potential of these sensors for commerce. Manufacturers could use IIoT technology not merely automation, safety and predictive sales, but to generally transform their business models as well.
 
Here is how you can leverage IIoT as you broaden your vision to prepare for the future:
 
•             Streamline the buying process
The first task to leveraging the IIoT is one that most forward-thinking manufacturers have already taken: decrease friction from the reordering process. For purchasers, time is money. Traditional B2B sales processes continue to require far too much time and effort of buyers, who often focus on ease of purchase above all else. A farmer who needs to swap an oil filter in a tractor does not want to spend 30 minutes looking into options, or much worse, calling a phone number to speak to a sales rep. She really wants to conveniently order the correct product or reorder a new similar product or part she's purchased before with very little time and effort.
 
It's your job to reduce the time between making decision and acting the to buy. She shouldn’t need to leave the field, turn on the computer, research her options and complete her transaction — she wants to merely accept an order when she is alerted and have a replacement on the way. If you can provide that convenience, you are likely to guarantee that customer is not leaving anytime soon. By providing easy reordering using the IIoT, you can score a quick and immense profit and develop more valuable relationships with your customers.
 
•             Enable preventative maintenance
It’s one thing to allow purchasers to conveniently reorder replacement parts. It’s another to empower them to anticipate maintenance issues and address them before they cause costly downtime. IIoT technology solves for significant issues that were once accepted as givens for many buyers.
 
The next phase of maturity means implementing the IIoT to aggregate data throughout each piece of machinery and so customers know precisely when equipment needs maintenance and how to plan for it. Even better, the manufacturer can plan for it on behalf of the customer. If you can effectively use sensors to supervise equipment, you'll increase effectiveness and cut costs for your buyers.
 
Take into consideration the traditional way of maintenance for a piece of manufacturing equipment. In general, manufacturers monitor a vehicle after a certain amount of mileage or usage time, inspite of the condition it’s in. On the other hand, imagine having the ability to evaluate every aspect of that piece of equipment, relieving the buyer up to only focus on maintenance when something is about to get wrong. Suppliers might even offer a subscription model that automatically sends supplies when parts or equipment have to be substituted. You’d eliminate wasted time and check-ins and could prevent problems before they happen, without playing guessing games on when and what to address. This technology is already cutting close to 20 percent from manufacturer budgets and increasing reliability and efficiency across the board.
 
•             Offer visibility into valuable data
Successful preventative maintenance requires a comprehensive understanding of complex data points related to upwards of hundreds of sensors. Leaders in the space are not just able to understand this information themselves, but also they can provide an accurate and digestible view of big data to their buyers.
 
Your buyers don’t have time to aggregate and make sense of data. That’s costing them. Data-as-a-Service presents another chance to act as a strategic partner for your clients. If you’re able to analyze and deliver real insights, you’ll unlock new insights and encourage them to make the best decisions for their business — and earn your spot as a strategic partner for the long run.
 
•             Dive into servitization of products
Say you’re a manufacturer of large medical equipment. Your goods require a gigantic investment upfront from your buyers, as well as ongoing maintenance and thousands of consumable parts. A laboratory buying equipment from you, like for example, must not simply pay for the machine but for maintenance of that machine and single-use consumables to operate those machines. Purchasers need to schedule regular maintenance themselves with other third parties (that may or may not be your business). If an unpredicted spike in machine usage — caused by, for instance, a natural disaster that increases blood donations — occurs, the lab may or may not be ready to accommodate it. Understandably, this causes quite a stress for buyers at the lab.
 
A servitization model powered by IIoT technology removes the burden from the customer by placing it in your hands — making sure a stickier and more direct relationship. You’d work with your customer to anticipate and deal with maintenance issues, reorder supplies and scale up or down depending on usage statistics. You’d deliver workable insights based on data that could increase the efficiency of the lab itself. You’d function as a real partner with your purchaser, guaranteeing better results for both parties. This is what the future of the IoT looks like for manufacturers.
 
Whether you’ve seldom explored the potential of the IIoT for your business or if you’re a seasoned veteran, you have to be looking ahead. The future of the buyer and manufacturer relationship, supported by powerful IIoT technology, is the complete servitization of products, concentrated squarely on customer outcomes. With the aid of IoT data and automated processes, preventative maintenance, reordering and ultimately business strategy, will become a shared effort between buyer and manufacturer.
 
Industry leaders are already leveraging this technology to make seamless and efficient experiences that drive buyer loyalty. Armed with this technology, your sales staff can transfer into a consultative role. They are able to use their time for the more complex purchases and enhance relationships with buyers, resulting in higher-value and longer-lasting deals. Don’t leave money on the table — get on board with IIoT.
 
This article is originally posted on tronserve.com