I think something we overlook and don't realise with IOT technology is that it completely changes the dynamic of how a buisness works regardless of industry.
take for instance a simple vibration sensors with cloud capabilities which has alarm limits set and a data trend history - by itself it can tell you in real time what's happening to the specific location giving a 24/7 window of opportunity to not only view the previous history also to view when a projected issue might occur as the mm/s increase. now lets say we incorporated that vibration sensor with other parameter sensors say its on a pump so we could have also , flow, pressure, current ,power, rpm, noise and winding temperatures now when we view all these parameters in the same system its like reading a good book it starts to reveal the story of what is happening in real time in the pump in various points this can then all be fed back with the vibration to see at what point the system was starting to fail.
This is something until now we didn't have with really only visual indicators form operators or technicians in that timeframe window so how does this change a business you go from having all the information as guess work, work can be planned better, failures can be foreseen before they happen history can be used to parametrise the system so when the next time it occurs the system is set to warn in advance and alarm limits are met well before.
The companies do no longer have to have operators complete hourly checks all systems can be located from a single HMI and its all there for future reference also the overall cost saving for systems which install lubrication monitoring means cost saving on oil sampling reduction, logistics and all other parts of the business.
The overall saving not only in cost it also includes wrench time and resources along with unscheduled time which can now be reduced or eliminated as we are no longer repeating old ways this frees up more to be completed and achieved on other parts of the business which need support.