In fact, we’ve moved well beyond the “theory” phase of IoT, and are well into the deployment stage. How can I tell? From all the emails I get that are variations of the same basic question: “I’ve got all the sensors and connectivity in place, I’m excited about creating new revenue streams, now how do I get started?”
The first and most important step is getting out of the single transaction mindset. When you start using connected devices, you’re not simply an equipment manufacturer or a parts vendor anymore. You’re a service provider.
That’s why I always suggest a simple brainstorm exercise to start: What is the real service sitting behind the equipment that your company makes?
So for companies that sell refrigerators, your real service is ensuring that a household always has a fresh supply of healthy food. For companies that make excavators, your real service is helping construction firms complete projects on time and under budget. And for deadbolt manufacturers, you’re helping to keep families safe.
The good news is there are a lot of successful use cases out there!
Here are five popular service opportunities to consider, along with five questions to ask to get your team heading in the right direction.