'Monetizing IoT in 2018 will a bigger concern for professionals than securing it'

By CIOReview | Friday, January 5, 2018
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Internet of Things (IoT) monetization is the process of securing the IoT data either at rest or while moving along with monitoring of IoT software and hardware and generating the data from IoT connected devices. We live in an amazing era. The convergence of predictive technologies and data collection has endless marketing possibilities.

Connected Customer Journeys is a proven process for developing, implementing and executing a powerful connected data-driven strategy that can increase market share, customer satisfaction, and profitability.

While operating behind the scenes, IoT is enabling two major trends that are shifting business from a product- and service-based economy to an Outcome Economy. Over time, products will be orchestrated to work together to jointly deliver the outcomes that customers desire. The IoT ecosystem monetizes all the technology involved in selling outcomes.

Also, it shows a shift of focus to B2B services and a belief that industry-specific and IoT services will be crucial to monetize the investment. It is not aligned with the recent operators' messages that focus on mass consumer BB services.

Current scenario of IoT monetization for connected products

While 67 percent of organizations plan  IoT initiatives, only 1.5 percent of executives have a clear vision of what IoT will do for them and how to monetize it. This is the reason why 70 percent of IoT initiatives fail or never move past Proof-of-Concept projects. Successful IoT strategy and initiatives focus on customer and business value and NOT on technology. What do the best companies do? They have these three potential monetization routes for companies—IoT Enabler, Connectivity Provider, IoT Provider.

What are the data monetization opportunities with connected and automated drive in the near future? How do we monetize real-time data and non-real-time data generated from the vehicle?

        Recommended for you: Monetization Strategies for Connected Products

Virtual currency for IoT has the potential to be more than another alternative currency and really drive data monetization through its micropayments marketplace, enabling transactions at every level - Everything-to-Everything; commerce can become truly multi-point-to-multipoint.

Unless businesses are willing to share data - like what we call distributed data, how will blockchain evolve? If that’s a key ingredient for AI on IoT, then it looks like a show stopper.

IoT Monetization Predictions for 2018:

While 2017 saw significant advances in IoT monetization, big data and AI, the pace of growth will accelerate in 2018. Harnessing the data, analytics, visualization, and the power of connected devices will continue to be an important strategy for prescient business leaders.

In 2018, organizations will look for a return on their IoT investments. There are a lot of smart things - even a light bulb has an IP address behind it these days.

Large organizations like above believe that they will have an upper hand due to data monetization. Cisco estimates that data from connected devices will grow to 600 zettabytes by 2020.

2018 would be a year of automation initiatives that yield $XXX benefits to all customers, be it in terms of Machine Learning, IoT or AI. It all begins with defining a problem statement and monetizing a process component.