IoT Business Models and Monetizing IoT Ideas
As per many predictions, IoT is a multi trillion dollar value creation opportunity. And everyone is trying to position themselves as a comprehensive end to end player in that space. This includes
- Appliance manufacturers- Samsung, LG, Hitachi
- Industrial automation players – Siemens, Honeywell, GE
- Semiconductor manufacturers – Intel, ARM, STM, Mediatek
- Large technology companies – Amazon, Google, IBM, Microsoft
- IT service providers – Infosys, Accenture, HCL, TCS
- Consultants -E&Y, KPMG
- And many more
As we interact with and train many players, experts and stakeholders in this space, we have realized that while everyone is excited about the opportunity, many of them are still not clear about their game plan and are also not in a position to provide comprehensive reliable solutions and services.
The reasons are many including inherent complexity and uncertainty of solutions, having the right partner ecosystem, right talent as well as identifying the correct sweet spot based on your core competence, market you are operating in and the opportunities that exist
After having spent almost 3 years in this space and after implementing multiple successful and some not so successful solutions, we have realized that IoT is too big an animal to tame in a one go and a very focused and strategic approach is needed to get the right mix of value chain positioning, vertical selection and picking up the right technologies and architecture. Breaking down the problem into smaller pieces, managing the customer expectations so that they don’t consider IoT as a silver bullet that solves all their problems is also very critical.
The other tough challenge is to come up with the right value proposition and justifying the RoI of the investments. Especially because the initial investment will be towards getting the required network, infrastructure and business processes in place to bring IoT into current operational processes and technologies. Especially evident in shift from Industrial M2M systems to IIoT/Industry 4.0
A big mistake could be to try and eat the entire cake alone. There are too many components and too many technology, architecture and business process trade offs to be taken to rationally be able to get your hands around. The key is to rapidly go-to-market with minimal upfront investment. Leveraging existing commercially available systems effectively should be part of the core strategy.
Axelta is one of the few companies world wide that has built expertise across the value chain. Right from sensors, to wireless networks, to hardware platforms to cloud based platform and mobile apps. Our IoT enablement ecosystem – Osmosis, is time tested and can provide 80% of the pieces out of the box for solving your business use cases. We also have excellent experience of practical problems faced in the field after having deployed multiple solutions in the market to be your partners to develop and deploy solutions in a reliable, cost effective manner. Check out more about our ecosystem, case studies and more on our solutions site. We have also done some path breaking work in computer vision and video analytics
We also have the entire set of services from getting you started through our IoT bootcamps. Get deeper into technologies through IoT analytics program and other technology training, consulting services, engineering services and more. The chart below explains how we can partner together.
Contact us at firstname.lastname@example.org in case you have any requirements that you want to partner with us for any training needs.