Brad Parsons, CEO and co-founder of MOVUS, has recently published a great article discussing the Internet of Things, where he discusses a fundamental shift away from the business status quo by disrupting existing business models to create massive value. He goes on to discuss how business models used in one industry are being applied to disrupt others and, more specifically, discusses how the Internet of Things (IoT) will be a major player in changing the way business and consumers interact with physical products.
“Those businesses that can adapt their thinking, business models,
product offerings, sales models and service offerings will drive competitive advantage.”
Brad Parsons – MOVUS
Brad highlights the major differences with the traditional way of thinking versus the new paradigm and IoT across value creation and value capture. His final statement provides deep insight. He states that businesses who acknowledge that technology is only one small piece of the puzzle and the application of this along with new business models and new industries may gain a significant competitive advantage.
To lend weight to Brad’s insight, we’d reference the book BOLD, written and co-authored by Steven Kotler and Peter Diamandis. In BOLD, Steven discusses, in detail, the IoT. He gives an example of the state of the IoT with reference to smart phones, stating there are currently 7 billion, with one being connected to the internet, about every second. BOLD highlights several sectors, outside smartphones, where the IoT is making headway. These industries include transport, aviation, security, horticulture, agriculture all the way to drinking beer. According to a report released by the 2013 Stanford University TSensors Summit, the number of sensors in the world is expected to grow into the “trillions” by 2023.
To give you some perspective on how quickly IoT phenomenon is growing and what possibilities exist, ten years ago, there were 500 million devices connected to the Internet. In 2014, the number of devices connecting to the internet reached almost 100 per second. By 2020, it’ll grow to more than 250 per second, or 7.8 billion per year. Add all of these numbers up and that’s more than 50 billion things connected to the Internet by 2020.” And it’s this explosion of connectivity that is building the Internet-of-Things.
If you’d like to hear more about how MOVUS and the IoT can benefit your business, feel free to get in touch with Brad. You can read the full article here: If you want to monetize IoT, change your thinking..