Many initiatives come under the umbrella of IoT projects. Often, companies start with incremental efficiency projects such as process control, asset monitoring and maintenance optimisation or quality monitoring and control. Data, analysis and insights from this initial phase can be leveraged for business model innovation.
As always, there is no one-size-fits-all solution. A labour-heavy organisation will see the most gains from performance management initiatives, whereas an asset-heavy organisation may benefit more by optimising maintenance activities.