What does “Internet of Things “mean for a software company?
The elevator pitch answer is “to combine services and data sources from all of the ‘things’ to create a true IoT value store”. We could call it “IOD” (Internet of Data), where there are three goals:
- Build a data “Value Store” from all of the connected things
- Combine and recombine data for endless insights to fuel innovation
- Build a common data-centric platform. In our case, this would be “AXON™”
IOT, as it is described, is a very device-centric notion that requires an application to manage each device. Each device also comes with its own cloud module and analytics. This concept, again, is very device-centric and does not satisfy the need to “combine and recombine data for endless services and feedback.”
There needs to be a model that utilizes the more progressive idea of combining data from all connected devices, smartphones, sensors or users, entered with “open” and personal data to create a value store, to provide meaningful service around security, eldercare, healthcare, etc.
A value store can only be created by making sense of individual data, or combinations of data, and offering this data as a service. Endless combinations of smart data manipulations can offer intelligent views into end user needs and behaviors, with is of endless value for product innovation. Building a “store” of valuable data combinations can be packaged as a revenue building service for the consumer.
What is the value of the proposition here?
It is one thing to provide statistical information to consumers for devices in their homes and services to manage their home ecosystems, but it is yet another area of opportunity to sell services of:
- Product usage
- Number of devices in the home
- Types of devices in the home
- Health care products related stats
- Security related stats
These combinations of data can be packaged into a service that can be provided to major retail partners, health care product partners and other relevant partners. Greenwave can show them the value of adding more of their devices into our AXON framework.
IoT is really not about products; it’s about people and the data they consume. It’s about using intelligent data to build intelligent and relevant products, and improving consumer lifestyle while giving valuable data to partners that will help them grow.
Working with Verizon has provided us with an opportunity to transform Greenwave from a hardware/firmware/software development company to a software platform-driven IoT company. Our goal is to influence third-party companies and device manufacturers to interoperate in the Verizon Network infrastructure in exchange for valuable consumer data via AXON. This data can help them drive product innovation and future roadmaps without having to spend a lot of money on research.
We can use this as an example to transform other business as we grow. This is a true 360-degree scenario where everyone wins!!!