Statistics show that 98% of enterprises intend to pursue a digital-first approach to optimize their business processes. This, alone, makes a case for the widespread acceptance of digital transformation. But digital transformation comes in different forms. For some, the integration of cloud computing or data analytics tech represents that transformation while for others the implementation of IIoT solutions could be the priority. The task of choosing from these competing technologies and convincing management of the advantages requires extensive research, and in this post, tips for building an IIoT business case will be discussed in detail.
This article will discuss:
Hard facts simplify the task of convincing decision-makers about anything including the importance of IIoT. The McKinsey report ‘Unlocking the power of data in sales’ puts the importance of data as a key part of making business cases in perspective. According to the report, the best sales organizations and individuals make use of analytics more effectively than the competition and, make no mistake; building an IIoT business case involves selling.
Thus, a successful business case must consist of data highlighting the importance of IIoT and how others continue to take advantage of it. You can find the numbers that answer important questions for your IIoT business case here:
With these data, you should be able to create an outline of your business case for IIoT implementation.
IIoT and the digital transformation it brings are all subsets of Industrie 4.0 and the drive to building a more interconnected factory or smart facility. Thus, knowledge of Industrie 4.0 business models, how they are applied, and the role IIoT plays in their application is needed to develop a solid IIoT business case.
An understanding of the different Industrie 4.0 business models also refines your adoption and implementation strategy as it helps you pick specific subject matters you intend to enhance with IIoT. These subject matters could involve the data capturing niche, computing niche, integrating preventive measures or optimizing productivity. To aid your search for a definitive reason to embrace IIoT, here is some information that may help:
The details contained within these materials can serve as the pilot that guides you in determining what challenges you intend to solve with IIoT. A generic approach to IIoT business case building is unlikely to convince management to consider it. Thus specialize by picking an Industrie 4.0 business model and expand on how IIoT can be used to design an implementable solution around that model.
The numbers matter to management and stakeholders in every business. Here, the numbers refer to the expected revenue generation and business growth IIoT promises. Once again, you will be expected to provide hard facts or data to back up any claims you make. When talking about numbers, generic benefits such as “edge devices will increase data collection rate” will not cut it. Decision-makers want to hear that setting up the IIoT network will cost $50,000 and this will translate to a 40% increase in productivity or revenue growth.
This means you must have the numbers for the IIoT implementation process in place and predictions of the expected returns using case studies to back these predictions. You can find case studies on IIoT implementation and the cost of setting up an IIoT framework here:
Making a business case for the implementation of IIoT involves painstaking research to produce information covering every question that may come up during your pitch. Here, we have provided the data which should serve as a basis for excellent IIoT business case building and successfully convincing any naysayers on their benefits.