An investment is only done when the numbers add up. Starting an IoT project, however great an idea only happens when the business case is positive. IoTFriday takes a look at an example and adds up the numbers. In this case, we find out that the investment is equal to the income doing a quick calculation. In 90% of the cases, this IoT project will not start.
An IoT project is not only about (financial) numbers. For example, a diesel generator company renting out power supplies to remote locations. Filling up diesel tanks here can be done a lot smarter with an overview of the fuel level (and consumption) of each generator. The numbers might not add up but what about a diesel generator company becoming a green company or ensuring 100% availability with IoT! A lot of other value can be gained from the solution.
Numbers is also about the total amount of things in the IoT solution. In our calculation, we look at 100 generators (and thus 100 sensors that generate data). Increasing this to 1.000 or 10.000 makes the financial figures orders of magnitude better!
Finally, numbers need to be taken seriously. We calculate this business case in the span of minutes. In real life, a good and thorough business case needs to be calculated, taken into account all the details. Quick calculations give good first order insight, but we might miss crucial information that tips a decision in starting an IoT project to the positive side.