If it seems impossible to monetize your IoT business operations without advanced artificial intelligence (AI) and 5G connectivity, think again. With a sound and carefully worked out strategy, you can find ways to open up valuable new IoT revenue streams with the technology that you already have in place.
There are many learned articles highlighting IoT use cases for business, and an awful lot of them extol the virtues of AI and 5G in this field. Nobody would deny that these represent incredible advances and opportunities for businesses operating in just about every sector on today’s increasingly digitized market, but it would be a mistake to suggest that they are essential for IoT business applications. Rather, you should consider data as the basis of your IoT strategy.
IoT use cases in telecom industry
Think of all the ways your business generates data. IoT use cases in telecoms, for example, can lead to especially lucrative results, as this sector generates vast lakes of information that can be monetized.
It’s the same for telematics, with private cars becoming increasingly connected and generating data that, properly analysed, can be used to make automatic revenue-building recommendations based, for example, on proximity to a given location, or behavior and habits. It’s also worth noting that any organization selling on an “as a service” basis – especially in the field of cloud and software offers – already has in place everything they need to begin data-based IoT monetization.
Base your IoT business operations on strategy, and the right technology will follow
A robust IoT strategy takes into account the IoT use cases for business, paying close attention first to the goals and monetization opportunities, then to existing and required resources. The business case for IoT closely resembles that for any other project; you’ll look too at potential customers, competition, your unique selling points, the risks involved (and what success or failure might mean to the organization as a whole), as well as the ways in which you can proceed.
Only then will you be ready to turn your attention to technology. You’re going to be considering not just connectivity, but device & application management for your IoT project – which means a solid IoT platform that allows automated product catalog operations, quoting, device and customer onboarding, service monitoring, and signing agreements.
And yes, it might turn out that you can only achieve your goals by deploying best in class AI and investing heavily in 5G connectivity. But remember that technology is a means to an end in business, not the end itself; you should be seeking the most accessible and cost-effective tools to achieve those ends.