IoT data can impower existing warranty data to obtain new insights into companies’ customers, products and operations

Data from the Internet of Things (IoT) is increasingly at the core of numerous strategic exploitations. Key processes are streamlined and new revenues streams generated.

The new IBM Institute for Business Value (IBV) study found that, when integrated successfully, IoT can be a powerful competitive differentiator, increasing the potential for new revenue streams through innovative commerce and data sharing/insight opportunities.

IoT data can be combined with existing warranty data to obtain new insights into companies’ customers, products and operations. In turn, this can lead to enhanced support processes, optimized product service, and the provision of new and differentiating experiences for customers, all of which can help drive revenue. Enabling a 360-degree digitized view also allows companies to forecast warranty costs more and predict detection of problems earlier.