In this video, Bruce Sinclair explains how value is created in IoT. Learn the four main ways IoT can be used to create value and the definition of an IoT product.
- [Instructor] At the core of every business, is value creation, and it's no different when using IoT as a tool. All incremental value from an IoT product comes from transforming its data into useful information. So, IoT truly is an information technology, and if you look at it in one way, an IoT product is all about gathering data, and then transforming it. There are four main ways to create value with IoT, make products better, operate products better, service products better, and make new products better.
In this course, I'll be referring to IoT as a product, but it's not just a discrete product. It can also be a system or an environment. Consider a manufacturing plant. A product that we make is a discrete product, and this could be an IoT product. The assembly line is a system. It, too, can be helped and improved with IoT. And, finally, the entire environment, or the factory, can also be an IoT product, so it's overloaded as a term.
So, the term IoT product, can mean a discrete product, a system, or an environment.
- Creating value with IoT
- Value modeling
- Operating products better
- Monetizing value with IoT
- Using IoT to become closer to the customer
- Product business model
- Increasing customer lifetime value