Pipe Dream

IoT Pipe Dream? How Ready Is Your Company?

The Internet of Things (IoT) may eventually change how your business interacts with your customers and clients.

A Forrester Research predicts 42% of the global population will own a smartphone by the end of 2015. With mobile trends growing, IoT now gives businesses the ability to connect more of their data across digital channels. Learn how mobile technology should be implemented.

If you’re unfamiliar with how the IoT technology mind shift may fit into your business strategy in the coming years, think one thing: smart connectivity.

What is IoT?  

If you ask any IT tech what exactly is IoT, you’ll likely receive many different answers from smart thermostats to wearable technology. Simply put, IoT is connecting all electronic devices you come into contact with throughout your life. If it has a power source, it’s part of IoT.

For example, you’ve probably heard of Nest Labs (a Google subsidiary), inventors of the Nest WiFi Learning Thermostat. Their smart thermostat not only learns your favorite heating and cooling preferences but also can be adjusted remotely with a mobile APP.

IoT and Big Data

A recent Forbes article outlined how businesses will benefit from IoT. Specifically in the area of big data management. Instead of focusing on merely selling products and services, some companies see IoT technology as the gateway to develop new revenue sources using their data as solutions.

So how does your company capitalize in IoT? We recommend starting with a deep analysis of how you interact with your customers. Are there better ways you can service them using data trends? Chances are good you’re not maximizing the value of your data analytics.

For example, consider the agricultural equipment manufacturer John Deere. As early adopters of the exponential power of data, they integrated IoT technology into their business years ago becoming agricultural consultants who also happen to sell tractors.

Does your business monitor large data sets? If so, you can harness these data resources to provide better incite how your customers use your products or services. Think more about solutions than technical jargon.

Essentially, IoT is about helping people interact with all things powered to make their lives easier.

How Soon Will Your Company Be All In On IoT?

There’s been debate whether or not consumers are ready to invest in connectivity products. Although Nest has become the industry leader in smart thermostats, they did so because they filled a gap in the residential home heating industry. Therefore, finding untapped markets is the best approach.

Pinpoint Your Market

How do your clients interact with your products? One key component to pinpoint is if you can monetize your data into new product features to enhance how they use your services. Research is vital to growing your plan.

We advise evaluating your current business model. Then develop a data analysis formula to cull out trends your company can rebrand as new services for your end users.