Event date: November 15 – 16, 2016
Chicago, USA
Insurance IoT USA (November 15-16, Chicago), is a two-day event bringing together over 200 insurers and IoT service providers together to talk about how to adapt to a connected world. This is the only event focusing 100% on IoT for insurance. (more…)
June 28, 2016
Posted by: IoT global network
The Internet of Things (IoT) is booming. Research released by Gartner suggests that the number of connected things will grow by 30% to 6.4 billion in the next 12 months – at a rate of 5.5 million per day. If there was any doubt that IoT is merely a product of overblown hype and speculation, this is certainly changing. 2016 is the year that IoT means business, writes Mike Laven, the chief executive of Currency Cloud. (more…)
June 23, 2016
Posted by: George Malim
The Internet of Things (IoT) revolution is gearing up to dramatically alter various industrial sectors of the economy including manufacturing, healthcare, energy and transportation amongst others, which together account for nearly two-thirds of the global GDP, writes Sukamal Banerjee, the executive vice president of engineering and R&D services at HCL Technologies. (more…)
June 22, 2016
Posted by: George Malim
At the heart of the Internet of Things are connectivity and the ability for the device to interact with other devices. Yet, so many companies out there are developing so-called IoT devices with closed or proprietary components or make them dependent on captive cloud services to provide any real value to the consumer, writes Cesare Garlati, the chief secuirty strategist at the prpl Foundation. (more…)
June 21, 2016
Posted by: George Malim
Today, businesses around the world in industries as diverse as agriculture, healthcare, robotics, transportation, utilities and more are demonstrating that the Internet of Things (IoT) is more than just hype by putting connectivity at the heart of their business strategies, writes Sanjay Khatri, the head of global product marketing for IoT cloud at Cisco Jasper. (more…)
June 16, 2016
Posted by: George Malim
The pace of change in the automotive industry is accelerating across a number of areas, from fuel economy and C02 emissions to the age of autonomous driving and the advent of the sharing economy where ride or car sharing is changing how vehicles are made, writes Ian Simmons, the vice president of research and development at Magna International. (more…)
June 10, 2016
Posted by: George Malim
The Internet of Things is one of the most interesting technological advancements we have today. And within this spectrum, the connected car is perhaps the most exciting and advanced ‘thing’ in that ecosystem, writes Mark Hughes, the chief executive of BT Security. Connected cars have a range of wildly clever features; from intelligent driver assistance and predictive systems that help bypass traffic jams, to sensors that help track driver behaviour and reduce emissions. (more…)
May 31, 2016
Posted by: George Malim
When it comes to technological trends, the Internet of Things (IoT) is a very big thing indeed. Approximately 3.9 billion connected things were in use in 2014. Gartner expects this figure to rise to at least 25 billion by 2020. Connected devices are certainly changing the way our global economy and societies function, and they are dramatically changing the rules for IT security, writes Myles Bray, the vice president of EMEA sales at ForeScout Technologies. (more…)
May 26, 2016
Posted by: George Malim
Event date: December 13-14, 2016
Berlin, Germany
Cesis 2016, the international Congress for Exchange of Strategies, Innovations and Solutions, is the new top-of-the-line VDI congress addressing business strategies and visions related to Internet of Things and Industrial Internet of Things. (more…)
May 25, 2016
Posted by: IoT global network
As IoT becomes increasingly pervasive, a new and alternative services sector is evolving, called servitization – also known as outcome-based services, writes Joe Kenny, the senior director for Global Customer Transformation at field service management specialist, ServiceMax.
By integrating services with products, you can create bundles that are of greater value than products alone. As manufacturers move from being purely product providers to becoming service providers as well, it adds value to their products and generates additional revenue. In other words, service-based outcomes take you out of competing on price alone.
According to Ashton Business School, servitization delivers a 5-10% jump in annual services revenue, profits two to three times greater than those on product sales alone, cost reductions for customers as high as 30%, as well as the opportunity to increase service revenues even further by supporting existing third party or competitive products. This creates an ongoing relationship with the customer that effectively locks out competitors.
Machines are already able to self-diagnose themselves, and report back when they need servicing or require action to be taken to avoid breaking down. This is a game changer for any company with a service department, as well as the wider field service management industry. But shifting business models requires thought and planning. So let’s look at some of the key considerations on the business transformation journey to servitization.
First, validate your business model. Chances are you’ll be making potentially more money but in different ways which will require a rethink. Machines, products and consumers are now all able to communicate with each other in real time, which opens up a myriad of possibilities for monetising revenue in different ways.
Think through the customer experience, and look to add value or provide value in the ecosystem either upstream, downstream or both. By building a better customer experience that’s of value or creating more viability of an asset’s use, you’ll not only be able to unlock new value for your customer, but also potentially profit from it. Be careful not to create vulnerabilities or unnecessary technical baggage to a customer transaction or service. Opt for simple logical value. In my view, simple, reliable and consistent wins over cool every time so don’t over complicate things.
Second, look at security around how the data is collected, protected using encryption, stored and communicated. A good reference is The IoT Security Foundation, which is vendor neutral, non-profit and full of expert resources for knowledge sharing, best practice and advice.
Third, take a look at who owns the data captured and the consolidated trends. We now have laws that cover control data captured, data protection, ownership and the protection of personal information. Talk to your legal department and review these aspects, and include them in your end user agreements – clearly state what data is collected and how relates to protection and usage rules.
Fourth, ensure you understand the technology you are using. Have you designed for quality of reporting, and for failure, scalability, reliability? How will you know the sensors are reporting back with valid measurements? It’s really important to test, test and test again – everything from sensor locations, fixings, power supply, communication methods and circuit redundancy.
Fifth, check Industry 4.0 for ideas. In other words, check for standards and emerging templates or blueprints. You can be creative but it’s worth doing your research to get plenty of advice. Always build trial or proof of concept on small scale then methodically learn what business outcomes you can drive or improve – but keep a holistic focus on improving value. And consider how are you going to install, maintain, upgrade, retrofit, or decommission your solution, and once deployed, make sure you recalibrate your expectations on a continual basis.
There are a few obstacles to overcome, but the reality is we have been monitoring sensors in machines for years. As an industry, we already know what good, reliable data looks like and most companies are familiar with the thresholds of proper testing and validation.
The convergence of IoT and servitization is transforming business models in the service arena, opening new possibilities for proactive maintenance, prescriptive management and recall management. Your only decision is how to transform your business to take advantage of them.
May 19, 2016
Posted by: George Malim