04 A New IoT Business Paradigm
Posted by Superadmin on December 11 2015 05:19:08

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However to successfully adopt IoT, business requires to adapt. A change in mindset is required, as businesses will need to create and capture value differently. IoT can be both a driver for new products as an incremental revenue stream and it can be another branch of cost efficiency, providing better productivity and cost savings. This has led to a new business paradigm for IoT where emphasis is on an understanding that:

1. IoT is already here and evolving rapidly, there is no time to lose
2. IoT is inevitable, and it will affect every industry, company and job
3. IoT will be huge, 50 billion ‘things’ by 2020
4. Business requires a mind shift to embrace IoT
5. IoT is both a driver of new products and a leg of cost efficiency
6. Products can be developed in a predictive manner leveraging sensors, data and process
7. IoT enables incremental revenue streams and opportunities for creativity and innovation
8. IoT relies on enablers that already exist and are currently available
9. IoT requires a different approach to development built on a new architecture