In Part 1 and Part 2 of this series, I looked at some of the key drivers of the IoT, its 10 main areas, the importance of ecosystems, and the 4 Values Framework. This framework is an effective way for large, established companies and emerging startups to evaluate how they can best monetize their IoT opportunities. I have already covered two of the framework’s four components: vertical integration and value creation, and in this article, I will talk about the remaining two: value migration and value delivery systems.
My previous article on monetizing IoT spoke about some of the key drivers of that space, the 10 main IoT areas, the importance of ecosystems, and other major considerations. In this follow-up article, I’ll focus on the 4 Values Framework that we’ve used to help several of our clients – both large, established companies and emerging startups – define their IoT strategies.
I recently published a three-part article on SandHill.com, the first of which talks about building and monetizing an IoT-ready business in a new, disrupted world. I point out that while product innovation can drive significant growth in the IoT, more needs to be done to overcome fundamental business challenges such as monetizing distinctive value and maintaining a competitive advantage. In many cases, it is advisable to devote more resources to business model innovation than to pure product innovation, as it may have a greater impact on your profitability.