How to monetize your IoT project: 6 steps – TechRepublic
The vast majority of senior business leaders say that their companies will be using the Internet of Things (IoT) in some way in the coming year—but less than 30% of organizations generate service revenue from their connected products, according to a Capgemini report.
Companies undergoing digital transformation projects must figure out how to turn IoT efforts from a cost center into a revenue generator, Terry Hughes, the IoT and manufacturing business lead at AppDirect, said in a Tuesday session at the 2018 LiveWorx conference in Boston, MA.
The path to monetization depends largely on whether or not your organization is digitally transforming versus a digital native, Hughes said. Older companies that are undergoing digital transformation can follow these six steps to get IoT projects on a path to monetization.
Many companies have moved to creating devices that can be reprogrammed, with software that can be updated over the air. This means the devices have the potential to do more than what they were initially intended for, Hughes said.