Internet of Things

Although embedded systems and embedded software are not new kids on the block, rapid growth in the Internet of Things has recently brought them into the spotlight. If your business has set its products on the path to IoT monetization, these are two terms well worth knowing.

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LicensingLive! 2016 is less than a week away and the agenda item that has me most intrigued is a keynote presentation by NFL six-time Pro Bowler Terrell Owens.

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On November 1-3, the Juniper Hotel in Cupertino, CA will play host to LicensingLive! 2016 – the most comprehensive software monetization event dedicated to ISVs and hardware manufacturers. The two-and-a-half-day convention is the highlight of the software industry calendar, jam-packed with insightful sessions from industry experts and senior software leaders. Attendees at this year’s event will discover the next-generation monetization strategies that are enabling business transformation in the NOW economy.

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Innovation in farming technology can tell you a lot about how the IoT affects business models in the 21^st century. Whether you’re a device manufacturer or software developer, it is important to evaluate the type of offering you bring to market in light of emerging markets and trends. In this article, we present five lessons every IoT player can learn from technological advancements in agriculture.

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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.

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I recently published a whitepaper about software as a key enabler of improved business processes and increased customer satisfaction.

Software is not a new concept in embedded and hardware products. For years, devices have become increasingly intelligent, more programmable and more connected. What has changed today is that the trickle of product evolution has become a deluge of business revolution. Market-leading hardware manufacturers who have transformed into software businesses are finding the most success for themselves, while also driving success for their customers. As examples, General Electric has pivoted its business to the Industrial Internet, while Rockwell Automation has firmly positioned itself as the Connected Enterprise company. Cisco Systems’ Cisco ONE software program marks a decisive shift in how its portfolio is packaged and monetized.

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It’s hard to fathom why so many devices are being developed for the Internet of Things without a thought to security. When you consider the inherent security risks in connected environments, you’d expect IoT vendors to be scrambling to ensure that their devices are compliant and prevent data leaks and other such privacy breaches. As I explained in my recent presentation at LicensingLive! 2015, misplaced trust in the IoT’s complexity seems to be the main reason behind people’s laissez-faire attitude towards security.

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With the rise of the IoT (Internet of Things), the era of truly BIG data is upon us. And buried in those endless data streams from billions of connected “things” is customer usage – a type of data that’s essential to recurring revenue success.Unfortunately, most companies only incorporate usage in their billing systems when it directly relates to services they can bill (ex: data charges on a smartphone). As a result, they stand to miss out big time because usage is a key driver of recurring monetization in IoT.

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The age of the Internet of Things (IoT) has dawned and we are heading toward a future filled with software-driven intelligent devices. To give you an idea of the magnitude of this transformation, IDC is predicting that there will be 30 billion units installed worldwide by the year 2020. Because every device in the IoT is connected, a whole new breed of tech company is emerging, forcing many traditional companies to innovate and go to market differently.

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Twenty years ago, the idea of intelligent machines that could communicate with one another wirelessly might’ve seemed like something out of a dystopian sci-fi novel. I suppose all disruptive technologies do before their time. But there’s nothing far-fetched about the Internet of Things (IoT) and its web of interconnected, software-driven devices. Chances are it’s already a part of your everyday life.

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