C h a p t e r 1 | E m e r g i n g I o T B u s i n e s s M o d e l s
minimized overhead and optimizing business
efficiency.
For businesses, the service-oriented model creates
recurring business and revenue while driving long-
lasting customer relationships. Rather than relying
on one-time transactions, businesses can collect,
analyze, and monetize data to uncover new revenue
streams—leading to a more stable business less
impacted by market volatility.
Despite their clear value, these new business models
face challenges. One major challenge is inertia.
Naturally, businesses tend to be reluctant to move
away from the traditional business models that
have sustained them up to this point. Convincing
a business to undertake such a radical change is
not an overnight process, and more awareness
of the benefits of IoT-enabled business models is
necessary. Additionally, concerns over data security
act as an inhibitor, as customers may be wary of
sharing sensitive data about their operations and
device usage. Hence, engaging with partners,
regulatory bodies, and other stakeholders is crucial
IIoT generates vast amounts of data,
which can be leveraged for analytics. For
smart meters, this data can be used to
provide insights into energy and water
consumption patterns. On dairy farms, it
can be used for predictive health checking
to deliver products of the highest quality."
Sergio Saveking
Senior Software Engineer, Dairymaster
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8 Industry Experts Discuss Trends in the Internet of Things
