According to THINKStrategies, “The Internet of Things (IoT) has become one of the most talked about technology opportunities today.” No one will debate that IoT can create exciting new business opportunities for those companies that can properly monetize them.
“THINKstrategies has found plenty of real-world issues that have become serious obstacles for many companies seeking to make money in the IoT marketplace,” says Jeff Kaplan, Managing Director. “There is a battle cry to capitalize on the IoT idea, but no one is talking about the potential pitfalls along the way.”
There are any number of reasons businesses may have difficulty adopting new technologies—lack of experience, security concerns, disruption to existing processes—but by focusing on what they “can’t” do, organizations are making mistakes when monetizing IoT. Common mistakes include focusing only on connected products rather than value-added services, taking a monolithic approach to IoT monetization, and failing to capture and utilize IoT activity data.
Are you tasked with launching new products or services involving the Internet of Things? Do these issues sound familiar?
If you want to learn more about what strategies and tactics organizations today are using to address the most common IoT monetization mistakes, download Jeff Kaplan’s new white paper, How to Avoid the Most Common IoT Monetization Mistakes to Maximize Today’s Real Market Opportunities.