IoT is Not Dead, the Game is just changing!

IoT is NOT dead, but the game is changing. When the term "IoT" took off, some experts and analyst firms categorized it as an industry. Some of us, especially the crew at IoT Coffee Talk, would get so aggravated at the blanket term of IoT when used to describe a narrowed market or a myopic description of the technology. IoT remains a blanket term used to describe things (i.e. assets, structures, tangible objects, mobile vehicles, items, etc.) being connected to the Internet. In 2010, Ericsson first shared there would be a projected 50 billion connected devices by 2020. That later was cut to 25 billion, and in the end was not the important factor. All of that, in my opinion missed the mark. Connections are connections are connections...Are the tech firms making money and are the businesses (clients) adopting and rolling out "IoT" seeing value?
While being connected is important...assets, for example, being connected really gain value when there are actionable insights, viable analytics, and the data can be used for business value. In addition, the tech companies providing IoT services and solutions (hardware, software, services, etc.) need to make money. So many businesses have come for the hype and left in debt, as they were never able to scale or offered no business value that made them margin.
Now, let's get back to business value. Business value may include reducing costs, preventing failure or disruption, improving operations, bringing new revenue, offering asset visibility, meeting compliance requirements, and much more. The other important business aspect, is when we connect these "things," the business value becomes important only if it contributes financially to the business, presents a trackable ROI, and/or provides relevant business incentives.
Many in the industry believe the hype of IoT is over, and it really is. Why though do I say that IoT is NOT dead. The industry is now transitioning away from using the terms IoT and IoT as a marketing term is fading, especially among other hype tech areas. IoT has always been about a particular industry and automating that industry. Technologists are realizing they must dive deeper and apply the technology to the specific industry, and apply context to how the tech will:

• Reduce Cost
• Optimize Operations
• Amplify Customer Experiences
• Streamline Communications
• Create New Revenue Streams
• Meet Compliance and Industry Mandates
• Simulate Processes or Operations
• And MORE

Automation can be defined as many things depending on who you talk to and what industry you are discussing, and "IoT" is just a tool in the tech tool belt at this point to support digital transformation, automation, and elevate the future of work. Yes, we can connect things but businesses and government organizations have reached a point of "so what."

• A hospital wants to know how they can improve the quality of care or improving patient outcomes or supporting chronic illness care.
• A sports venue wants to know how they can improve the fan experience or improve safety or provide new interactive services.
• A city wants to know how they can provide visibility of their public safety or waste management fleet for example or improve surveillance and safety or provide real-time city service information.
• A retailer wants to know how they can streamline the checkout and transaction process or enhance online shopping experiences or automate goods delivery and logistics services.
• A manufacturer wants to know how they can eliminate or reduce downtime, predict and prevent equipment or assembly line failure, or how to improve robotic processes.
• A car rental facility wants to know how they can track their rental fleet or improve driver experiences from car rental pickup to drop-off, or automate maintenance operations.

IoT is NOT dead, the game is just changing. It is changing because we are moving to a point where we no longer call it "IoT." Those delivering solutions will just do what they should have been doing in the first place, and that is talking about the client's needs and applying the conversation to the value proposition to the industry, sub-industry, etc. In addition, AI has taken over as the new shiny thing. Artificial Intelligence and machine learning (models) essentially enable an IoT solution or further provide actionable insights, automation, and real-time intelligence.

For those "IoT" companies that are still around, you have survived but you also will need to adapt. My advice is to not jump on the next shiny thing (many have been utilizing AI long before the hype entered), but to continue to provide context of your products and services and how it applies to your customer. If your customer is in the hospitality industry, then dive deep into that industry (travel, hotel experiences, occupancy optimization) and understand the traveler needs, apply your business development delivery in an intentional manner. Immerse yourself, do your research, train your teams, hire the experts, and be intentional. Find ISVs, VARs, and other partners to help your go-to-market, especially those that specialize in specific industries as they may "own" the customer. Collaboration will be essential. Just as in the rap industry, you have to collaborate to stay relevant!

STAY TUNED, the IoT Innovator Awards by CompassIntel will open for nominations this fall!