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The Challenges And Opportunities Of Monetizing The Internet Of Things

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It is not surprising that exciting new technologies generate surprising insights from important data, but a surprising few actually come from the B2B sector.It may be difficult for industrial executives whose performance is measured in dollars and cents to be passionate about the bits and bytes of minute information, especially when they have been dismissive enough of big data to date, labeling it a B2C phenomenon.

This mindset is changing however with the proliferation of the Internet of Things (IoT), where companies that can’t provide optimal performance through analysis will not be able to compete.The reality is that ubiquitous sensory data means that businesses need to disrupt or be disrupted, and without adapting to the challenges and opportunities offered by the new IoT landscape, businesses will simply fade away.

IoT represents the ever-increasing universe of sensors and devices that create a flow of granular data on our world. “Things” include anything from environmental sensors that monitor the use of time or energy to “smart” appliances, vehicle telemetry, and production lines. Devices of all types move in line and connect. This ubiquitousness offers businesses an unprecedented opportunity to connect customers with products and services that allow them to interact with the minutia of their world like never before. Of course, without agile, end-to-end mobile app development experts

, 99% of companies without a dedicated in-house coding department will find it impossible to adapt.

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The major challenge for business leaders is to answer two fundamental questions. First, what new business models do I have to deploy to compete? And second, how can I build organizational structures that can run these models?With the help of the right mobile developer (like Toronto’s Clearbridge Mobile — recently listed as one of Canada’s Top New Growth Companies on the Startup 50 list, published by Canadian Business and PROFIT magazine

), manufacturers can collect data on how their products behave and interact, and use it to understand and predict future behaviors.With this data, organizations can optimize performance and generate cost-effective results through large user experiences.

The ability of manufacturers to use sensor data now allows them to change the way they design, upgrade and maintain devices in the field. The result will not only be greater efficiency, but entirely new functionality and service levels that is fully monetizable. To monetize IoT data, companies must clearly identify IoT opportunities and a strategy – with participation and sponsorship through corporate leadership.Keep in mind that the complexity of the data and information ecosystem may require the collaboration of an experienced team of analytical services to support new marketing models.

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The challenge is to find the right development partner to help you turn data into information. IoT sensors produce data — a lot of data that needs to be analyzed to create useful information. Analysis is the essential link between monitoring operations and performance optimization.

Smart, connected devices can only be as smart as the instructions they are given. The intelligent operation of things depends on the effectiveness of “Analytics of Things

“, which is where a developer like Clearbridge Mobile can help. Because of the need to link Analytics of Things with operations, any organization seeking to exploit the potential of IoT must find a way to bridge that gap, and partnering with the right developer will be key.

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