Vending machines connected to a network lower the cost of service and
increase margins. Cars connected to a network allow for customized insurance
plans based on driver behavior. Sensors in the home connected to a network
enable remote management of heating, lighting, and security.
Doing business today requires that you connect with your customers
everywhere, on any device, and all the time. That’s the promise of The Internet of
Things (IoT) deployment. IoT doesn’t change the business you’re in, but it does change
how you do business. It means evolving your business into a connected service
business. Becoming a service business enables you to create and deliver a host
of new experiences for your customers, automate previously manual processes,
drastically reduce response times for critical operations, understand the state of
your business in real-time, and make more accurate predictions about where it’s
going.
An IoT business model typically has three, distinct continual facets: Launch,
Manage, and Monetize. An IoT lifecycle is continuous, as you continue to launch
new services, or launch additional devices, constantly mange connectivity and
costs, and continue generating revenue.
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Source: Jasper
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