Adapting and Innovating with the Internet of Things
September 12, 2017 • Staff Writer • Blog Post
Our top five insights and learnings from IoT Innovation Day 2017
1. IoT has created new opportunities, but also new challenges when it comes to monetization
Many businesses haverealizedthat IoT creates new monetization opportunitieshowever, if they do not adapt and innovate, they will risk falling behind. If businesses keep 'big picture' objectives in mind and put the right people and processes in place, they will minimize risk, improve cost efficiency and ensure a positive customer experience when engaging with the product or service.
2. Risk rises with the adoption of IoT, so a focus on security is key
Through IoT, billions of new devices will become connectedfrom cars to watches to energy gridsand some of these new devices may not have been designed with security in mind, leading to more vulnerable weak points that are susceptible to attack. Following a standards-based model such as OneM2M can dramatically reduce security risks and ensure that the IoT value chain remains safe, private and secure.
3. Debunking the IoT solutions myth
IoT solutions aren’t like LEGOs – they don’t just snap together. However, due to open source tools, various cheap development boards and software packages, this myth has taken hold of many. Additionally, some vendors may underestimate the complexity and effort that it takes to execute an IoT project. The challenge is moving from a single IoT device and application to many and managing and monetizing it while maintaining reliability at scale. Maintaining a strict set of standards here is also key, as well as platform flexibility supported by a wide-range of industry expertise.
4. Reusing and recycling is not a best practice when it comes to IoT projects
In a perfect world, an IoT provider could utilize existing hardware, software, and processes already in place for traditional services and price the related IoT services similarly. While it's true that certain existing technologies may be leveraged to an extent, IoT has a unique set of requirementsfrom flexibility, deployment, and managementthat necessitate changing the 'typical' business model in order to truly succeed.
5. IoT projects necessitate collaboration between teams
Another pervasive myth when it comes to IoT projects is the belief that a single vendor can do everything in IoT, and that is the optimal way to engage in a task of that nature. In fact, the industry is quickly learning the opposite is true - no one vendor can do everything in IoT, as it is too big and broad. Businesses may have different visions of IoT, and new projects will require unique partnerships with vertical industry expertise.