5 Strategies for IoT Monetization

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New Products and Services

Use collected data to inform the development of new products and services and enhance the customer experience. 

Business use cases for the IoT should provide value to customers by streamlining processes, making services more efficient and reliable, and reducing pain points in the customer experience. Companies can do this by taking a look at the data collected from the connected devices and developing new products or services that fill gaps in the market.

One example of this is through International Asset Systems (IAS), a provider of the world’s largest intermodal information network. IAS built a tracking and day-lease billing solution that could handle the daily service volume needed so customers could put their assets to work. This application provides customer provisioning and handles event and rental transaction management, making it possible for IAS to process transactions in real time at high volumes. By utilizing the information IAS had on hand from connected devices and recognizing a need in the market, companies were able to monetize the IoT and provide value to both their customers and employees. 

It’s estimated that there will be 26 billion connected devices in homes and businesses by 2020 and that the Internet of Things (IoT) has a potential economic impact of up to $11.1 trillion a year by 2025. Although still in its infancy stage, connected devices are becoming the new normal, and the IoT is already proving to have a significant impact on the creation of new products and services across verticals such as telecom, transportation and health care.

As IoT adoption continues to increase over the next few years, new opportunities will arise for companies to track and measure how customers are consuming products and services. Companies looking to generate revenue from the IoT will need to transform the information from smart, connected products into services by offering the entire product as a service, or using the product’s data stream to engage customers with additional services.

To help companies understand how best to monetize the IoT effectively, goTransverse has compiled five strategies to keep in mind. 


Related Topics : Blade Servers, Business Integration, Ethernet, LAN, Network Protocols

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