- Make the shift to service
- Use the cloud
- Be ready to scale from
- Automate, automate, automate
- Borrow best practices from other industries
Jahangir Mohammed, Founder and CEO of Jasper, pioneered the world's first and only loT Service Platform. Over the past decade, he has grown jasper into a global leader, driven by one key insight: the internet of Things is not about things, it's about service. Today 2,000+ campanies worldwide utilize the jasper Platform to launch, manage and monetize their loT service businesses, on a global scal. Under Jahangir's leadership, Jasper was named a 2015 World Economic Forum Technology Pioneer.
Jahangir shares his top tips for how to take advantage of the internet of Things.
Althrough the revenue projections are always in the tens of billions, forecasts vary when it comes to estimating the impact that the internet of Things (loT) will have on business. What all of the experts do agree on is that loT has the potential to change everything from how businesses operate and make money, to the types of goods and services they'll deliver; even how real-time, all-the-time interaction will reshape their relationship with their customers. With loT, we're not merely looking at a fu ture where businesses are being enhanced by connectivity; loT is causing us to completely rethink how business is done and how we interact with the world around us. The companies the recognize the opportunity created by the convergence of the digital and physical world, and are taking steps to introduce innovative business models, transfrom industries and deliver new value to customers, will be the winners in the loT revolution. Here are a few fundamentals to consider:
Shift to service – Every day i work with companies looking to launch, manage and monetize loT businesses. When they ask me what the secret to success is, I tell them all the same thing: the first step is realizing that the internet of Things is not about “things”, it's about service. LoT is a direct and always-on connection between your business and the rest of the world. As connectivity is embedded into devices business value shifts from products themselves to the services that are delivered through them. In this new connected world, customers will come to expect companies to deliver new benefits and services throughout the lifecycle of their products, and those services will become new sources of revenue for the companies roviding them. Soon, every business will be an loT business; it's inevitable. Those that prioritize the development and delivery of value-added connected services will have the advantage.
Use the cloud – Real-time. All-the-time. Those are fundamental concepts within the internet of Things. Businesses need visibility and real-time control to manage connected services and ensure the best possible experience for their customers.Software-as-a-Service models, delivered via the cloud, are ideal for loT businesses. Companies are finding that cloud-based solutions not only deliver critical advantages such as speed, efficiency and global access, but address practical considerations as well, from minimizing start-up costs, to enabling scalability and supporting business agility. As new functionality is made possible through the cloud, industries that improve operational efficiency, lower costs, and make them more responsive to customer needs. Among these are capabilities like remote diagnostics and repairs. Rather than issuing product recalls or sending engineers out into the field to implement system upates, cloud-based platforms make it possible for companies to identify and respond to issues automatically, than resolve them over-the-air.
Plan to scale – Whether you are a multinational corporation or a small regional player in your industry, if you want to thrive, you will need to scale your business. Whether expanding across the country, ot to the other side of the world, when you are ready to move into new markets, you dont's want anything to slow you down. So, as you are building your loT business, take the time to think long term and anticipate success. Ensure that you are choosing solutions and alliances capable of seamlessly and cost-effectively supporting your future needs. Companies and global value chains are continuously growingand evolving, new products are released and organizationsthat have global presence want to leverage loT functionality across multiple borders.
Automate, Automate, Automate – loT is proliferating at breakneck speed. The number of connected devices – from cars to homes to heart monitors – is quickly soaring into the tens of billions. Even if your company deploys a modest number of devices, say 100,000, for each one you'll be responsible for mobile service management, real-time engagement, support diagnostics, billing, provisioning and more. In my experience, I have seen that to fully optimize performance and cost, an average device requires 73 real-time actions to be taken per year. On that 100,000 unit deployment, that means 7.3 million actions every year. At that scale, manual processes are inefficient, costely and simply impractical. Automation not only helps reduce response times and streamline operations, it makes your business more agile and responsive, and lets you focus on more valueable parts of your operations.
Learn from industry best practices – Hve a look at what other businesses are doing with loT, including those outside your own industry. The possibilities are limited only by the imagination of the practitioners comes from the most unexpected places. Industries like farming, which might not be top of mind when you think bleeding edge technology, are emerging as leaders in loT adoption. These companies are capitalizing on loT to increase crop yields, preserve precious resources, and make sustainability and profitability synonymous – all while addressing issues that affect us all – like how to feed an ever-growing population.
As the physical and digital worlds converge to produce the internet of Things, businesses are looking to connect with customers in innovative ways that generate new and sustainable sources of revenue. Today, right now, businesses around the world are demonstrating that loT is more than just hype. Enterprises across industries – Passenger vehicles, home automation, agriculture, healthcare, robotics, manufacturing, the list goes on – are having a real impact and deploying loT service businesses on a massive scale. Your comapny can be the next to deploy an loT service businesses that unlocks new profitable business models, fosters extraordinary innovation and creates amazing new experiences for your customers.