When you implement Internet of Things (IoT) technologies into your operations, you’re under the powerful influence of IoT law. So what is the law of the IoT, and why is it so influential?
This law is industry-defining. It applies to virtually any industry application and use case where the IoT is employed.
We’re not referring to IoT law from a legal standpoint. But from a combined mathematical, technological, consequential, financial, productive, and even scientific position. We’re talking about the IoT law—Walters’ Law of the Internet of Things—named after Monnit Founder and CEO Brad Walters.
Walters’ Law of the IoT states that you achieve natural compounding value for the ways you put IoT technologies to work in your organization. According to the law, there are three methods to engage IoT sensors to benefit your business—reactive, predictive, and transformative.
Each method in Walters’ Law of the IoT has a related value. Orders of magnitude are key to formulating the compounding value of the three methods. Meaning, each of the law’s three methods creates an exponential effect of value or return on investment (ROI). To better understand the IoT law, let’s examine the three methods, their benefits, and their value.
Discover the three methods in the law of the IoT
Critical and essential assets contribute to the overall value of your business. The value of inventory, equipment, and machinery assets can depend on how you manage them—how they’re used and maintained. To make informed, data-driven decisions, you can monitor assets using the IoT law’s three methods or approaches to employ the IoT and the resulting actionable data in your organization.
Here’s how these three IoT law engagement methods—reactive, predictive, and transformative—apply to asset management and maintenance.