How to monetize your IoT project: 6 steps
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. 1. Devices with potential 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. Hughes offered the example of Landis+Gyr, a multinational corporation that makes meters and related software for electricity and gas utilities. When it launched in 1905, it made meters. Today, it has created a flexible IoT platform for expanding utility applications, with a mission of growth and expanding the scope of their customers' business. Biggest takeaway: Architect devices so that value-added software and services can be enabled in the field. Enabl...