How to Monetize IoT Data with Analytics: A Win-Win Situation for CSPs and Industry Verticals
- 3 min reading
My youngest son used to say that our fridge should be able to send a message to the supermarket to deliver milk when a carton is almost empty. This certainly shows that the Internet of Things (IoT) meets the expectations and demands of the young generation, and it also raises a question: if the fridge can order milk from the supermarket, it has to hold data about the groceries we want to buy… so what happens to that information?
The smart answer is: IoT data monetization
Collecting and analyzing IoT data from outside
Different verticals have different requirements for data analytics, depending on how they answer the questions above. But it can be said that all of them fall into one of three broad categories – those that focus on improving operational efficiency, those that are focused on customer-centric issues, and those concerned with new business models. What’s more, the best way of selling data analytics for every vertical in all three of these categories is in the analytics as a service model. As long as a service provider truly understands and is able to define how analytics provides business value to a particular vertical, both parties will benefit. To this end, the service provider should meet the vertical company’s need for a true partner, selling analytics as a service to help the organization develop and compete in the multi-faceted and technologically advanced IoT world.