Fig 1: The journey to a software-defined business model
The opportunity to capitalise on the internet of things is significant for many companies, but that doesn’t mean that it is a straightforward journey to success. Companies need to analyse their current business practices and evaluate where benefits can be gained – and for some this could be changing their business model in its entirety.
Device manufacturers are a prime example of this. With hardware commoditisation forcing their margins downwards and low-cost competitors applying increasing pressure, manufacturers need to build a sustainable business that brings in continuous revenue beyond the initial device sale. By devising a software-led strategy, device manufacturers can transition to new business models underpinned by IoT app stores and ecosystems of 3rd party ISVs (independent software vendors).
Download this whitepaper to explore this journey in more detail including –
- The drivers for device manufacturers to re-evaluate their existing business models from security to customer retention
- The opportunities opened to them by adopting an IoT led, software-defined business model to achieve ongoing revenue and different ways this can be achieved to suit their business
- The steps required to move them through this transition and examples of businesses who have successfully achieved this already