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Monetizing IoT data with analytics

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Friday, November 10, 2017

The Internet of Things (IoT) is expanding, and everything connected is a source of data to be monetized.

CSPs, with access to technology, data and software, are ideally positioned to work with industry verticals such as the automotive, logistics and healthcare sectors. Telcos can help these companies and others to develop products, organize their businesses and deliver personalized offers to individual customers.

Monetizing data from the IoT can work only if a sound business case is first developed. Here, questions such as the kind of data needed, the uses to which they will be put, and how analytics will add value to the information are all crucial. Different verticals will return different answers, but all fall into three broad groups of business use cases. These groups use data either to improve operational efficiency, improve customer experience, or explore new business models.

Monetization starts when an actionable analytics tool operating in real time is open both within a company, and externally - to partners, resellers and customers. Such a tool should be able to gather data from all layers and IT ecosystem interfaces, and be able to compare, collate and store this information in huge volumes. On top of this, the service provider needs to understand the specifics of any vertical they intend cooperating with.

It is worth remembering that real monetization comes from providing solutions in the analytics as a service model - being a true partner to help verticals improve all technological aspects of their business.