Having been all over Europe the month of February, this week, I am attending the Bosch Software Innovations ConnectedWorld conference in Berlin, Germany. Bosch SI, a ServicePower partner, is a leading IoT provider, including their Machine to Machine, Business Rule Management and Business Process Management engines. Business leaders from around the world are here sharing best practices and case studies around products, services and solutions using IoT. It is incredibly exciting looking at this latest phase of the industrial revolution in manufacturing and the connected world. IOT is a disruptive technology, but is still one that the broader industry is working to drive commercial use cases for.
It is clear that IoT has gained much momentum in many industries and is working its way into daily lives as consumers of products and services. This is all facilitated by technology investment, smart devices, factories, homes and equipment.
For companies, IoT and M2M open up new business models and revenue channels, including:
IoT can also improve the way a business is run, streamlining and automating processes, while improving the customer experience through proactive service deployment. It is interesting how innovation and engineering is being driven here in Germany and Europe and contrast that to how it is scaled and commercialized via Silicon Valley. (The late afternoon keynote by Christoph Keese, Executive Vice President, Axel Springe was very interesting and about this very thing).
Leaders here at Bosch Connected World are driving their teams to lock down real customers, with real use cases that demonstrate a real commercial return on IoT technology. This is what we at ServicePower have direct insight into as we know the advantages IOT can deliver across all aspects of field service.
The biggest focus of IoT at this conference is on the factory side, including global manufacturing and technology frameworks. However, factory based use cases seem to be struggling to show ROIs or transition fast enough to service or run time models. In field service, ROI can be proven in examples like those above as mentioned, but importantly, the ability to use IoT and M2M data to drive proactive service and run time revenue model transformation demonstrates a strong return on IOT technology investment.
However, as there are many IoT platforms currently available, standardization must continue to evolve in IoT. Standardization, I think, will be key to adoption of the technology by more verticals, even as we are making M2M platform choices that can handle the variety of protocols that still exist at this moment. A strong, growing partner network is key to showing value for IoT and our focus as well as that of Bosch.
Security and low cost connectivity are increasingly important to the evolution of the technology, but aren’t being strongly regulated as of yet. Rest assured, there will be future regulation as this technology grows. I discuss this in an upcoming article on TechWeekEurope.
Bosch ConnectedWorld has demonstrated to me that ServicePower’s continued innovation in our platform, including our M2M Connected Services technology, is strategically beneficial for continued support of our customers. As their own clients become more connected, through products and services which are part of the Internet of Things, we can provide the technology to use the data and information to transform their lives!