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"Our managers are expecting a guaranteed >10X ROI return within 6-12 months before we could consider implementing an IIOT solution."
This is often a caveat, or variation of a similar message, we hear when we discuss Digital Transformation strategies with some prospective Clients involving IIoT solutions.
Clearly this is a ‘positive’ stretch target and business case justification, but what is ever guaranteed in business and what does this caveat actually mean?
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Different IIoT solutions will deliver various returns depending on the type of Organisation or Industry Sector, hence having a narrow reasoning for implementation can limit adoption and potential success.
Understanding how the IIoT solution will be measured against current business work processes, directly and indirectly, is thus vitally important to quantifying true ROI outcomes.
Below we have shared the outcomes from some of our more recent Digital Transformation IIoT involvements. You will note all engagements have presented positive ROI returns. By the caveat above however, some of these deployments may not be considered successful even though they still have provided positive ROI outcomes. But why should they be termed unsuccessful?
Adopting IIoT solutions within your Digital Transformation strategies will bring recurring benefits to your organisation starting today. The actual ROI benefit will depend on adoption and how effectively an organisation can measure the true comparisons between the IIoT solution and the organisation’s operation needs only after investment.
Stay safe.
Miniotec Team.
About Miniotec:
Miniotec is a digital consulting and technology solutions provider, dedicated to supporting companies in their digital transformation journeys. Established by a group of experienced engineers, we emphasise the harmonious integration of people, processes and technology. Our team has a rich history of working across various sectors, from energy and resources to infrastructure and industry. We are trusted by the world's largest miners, oil and gas giants, utility companies and even budding start-ups and believe in the transformative power of the Industrial Internet of Things (IIoT) and its role in unlocking valuable data insights. Through IIoT, we aim to facilitate better decision-making, enhance operational activities and promote safer work environments. At Miniotec, our goal is to guide and support, ensuring every digital step is a step forward.