How to Embark on IoT Business
July 4th, 2017 Posted by favoriotadmin BLOG, HOW-TO, TIPS 0 thoughts on “How to Embark on IoT Business”
#askiotworld #3:
I am very interested in IoT and would like to embark in this business. How do I start?
Response:
Everyone is excited about IoT, its potential and the promise of billions of connected devices including trillions of dollars in the business. But many are confused how to start their IoT venture.
Everyone is excited about IoT, its potential and the promise of billions of connected devices including trillions of dollars in the business. But many are confused how to start their IoT venture.
Here are my suggestions:
- Start by finding the right vertical, market segmentation and customers that have the right mindset to change and money to invest in their digital transformation journey i.e. customers that are WILLING and ABLE to spend money on IoT.
- Find their business case and pain points to solve
- Check your strength to deliver the solution based on the following IoT value chain. Note that there is no single company can deliver an end-to-end solution. Even big companies require smaller companies to support their delivery ecosystem.
Select one (or more) of the value chain and be very good in delivering that “chain”:
- End-device components
- End devices and sensors
- Embedded operating systems
- IT, network and OSS infrastructure
- Security
- IoT Middleware
- Cloud infrastructure
- Analytics applications
- Visualization applications
- Management and applications enablement software
- Service providers
- Vertical products and solutions
- System integrators
