Analytics for the Internet of Things (IoT)

Financial

The difference between revenue and cost is profit. The anticipation of profit is the driver for most investments in IoT systems. Linking customer payments (revenue) and company expenses (costs) to IoT datasets can shed light on potential value opportunities.

You may find that customers spend money on your products after certain events identifiable in IoT data. This could be extended warranty purchases or service parts. You may also find that they do not spend money when you would expect they should. An example is IoT data indicating part failures but with no corresponding part purchased by the customer. This implies the service parts were bought from someone else. You will want to identify both the situations.