How to make IoT in business work for you
Business transformation is about a mindset and affects how we perceive and understand the ecosystem surrounding the business. Within the Internet of Things (IoT), the mass deployment of sensors and high-resolution data enables new business models for industries that have been primarily driven by physical products. It creates tremendous pressure to transform! IoT cellular connectivity offers many market opportunities when high-resolution data insights and measured customer value are combined. It enables new monetization concepts, which are the heart of business models.
IoT platforms have a key role as an enabler to design and implement new, potentially disruptive business models. The advancement and orchestration of the business ecosystem should leverage those platforms to co-create customer value.
During Ericsson’s IoT Day Stockholm this past September, we heard interesting examples of business model innovation in motion and the hard work required to move ahead.
Steelcase, a market-leading manufacturer of furniture for offices, classrooms, and hospitals, presented how they are creating a new business model to offer a subscription to customers for smart workplace solutions. Smart space management tools, digital wayfinding, and new collaborative solutions are redefining the traditional workspace.
To ensure new business models become a reality, Steelcase strives to simplify the communication layer in smart offices that currently relies on a mesh of technologies. Providing effective gateways to connect sensors and access data is key to fuel engagement and improve organizational performance. Collaborating directly with communications service providers (CSPs), Steelcase sought a simpler solution and recognized how cellular IoT and Narrowband IoT (NB-IoT) could support their needs. Based on this early cooperation, both Steelcase and service providers worked on the proof of concept and built a roadmap based on a mutual understanding of business needs and technology readiness.
Sony NCE provides mSafety platform which combines a wearable and a cloud base platform connected to the IoT Accelerator. The platform is provided for B2B and targets remote health and personal safety segments. One of Sony’s partners, 8West Consulting, provides a Search and Rescue for near-shore sports activity called SafeTrx. In particular, SafeTrx offers a tracking system to help the Coast Guard and Search and Rescue agencies around the world to find and assist people in distress at sea.
From the start, the business model is a simple one based on hardware and an annual service and subscription fee.
