That’s a pattern Miller says is typical. “When they saved a lot of money, the CEO said ‘is there more free money here?’ They saved enough money that they could start thinking about investing and they started following their nose on the data and going across the maturity model.”
Even the more basic implementations made a significant difference to the business, and Miller points that that if you’re not thinking about IoT for your own business, you may find it hard to compete.
“When someone like ThyssenKrupp gets really good at predicting failure, that puts pressure on Otis. When somebody who is tracking materials is able to do so more efficiently, that puts pressure on their competitors. We're starting to see this. Customers who adopt IoT are able to run businesses more efficiently. It's an ‘Ah-hah’ moment: I can lower my prices and keep my margins where they are and that's going to drive my competitors nuts.”
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