As more business models are built on an IoT platform, the move is fast reducing the gaps in the digital world to bridge all the users involved. IoT platforms make it possible to build viable business models related to an industry or sector. As devices get interconnected, they organically generate data relevant for the business, which in turn can be create a revenue funnel.
Businesses have to stay updated and IoT is constantly evolving to empower the right business model for the stakeholders participating. Here we look at some of the popular typed of business models that increases revenue and support growth.
Platform Based Model. This model is not new and is popular among large companies as many systems are being developed inside or separately in the organisation. It aims to connect producers with consumers and generate revenue out of transactions. Companies like Amazon use it and also collect 3rd party data using its interoperability and interconnection. A preferred voice recognition application like Alexa gets revenue for Amazon for developing of apps for companies.
Outcome focused Model. The outcome based business model focuses only on the end result and pays for only that. This kind of model is focuses on the transport sector. For instance, instead of buying a vehicle, a suitable mode of transportation can be hired or rented, if the use is for a specific time. The advantages of this model are:
- Less communication cost
- Flexible business model
- Lesser fuel cost
- Secure payment system
- Following GREEN policy
- Minimal regulations
- Sharing of resources
Tracking of Assets. Stakeholders in logistics and supply chain management have been the early adopters of IoT Technology for asset tracking. Shipping and logistics companies boost the visibility of their supply chain operations in real-time but with a nominal cost. Using connected devices and GPS tech, asset tracking not only increases visibility, it reduces theft, waste and inefficiencies,
Preventive Maintenance. The monitoring system in IoT helps to protect valuable on-field assets. OEMs have found expensive equipment can be maintained at minimal cost without on-site inspection. Remote monitoring with connected devices that provide real-time data on critical parameters, do the job effectively. Based on this data preventive maintenance schedules can be developed and the moving or immobile assets kept in optimal working condition.
Model for Monitoring Compliance. Compliance is an issue faced by many companies and manufacturers. It is costly to keep spending on quality assurance checks across varying regulations on safety or environmental and economic fronts for non-compliance. So, to reduce the level of expenditure to an extent, compliance monitoring is done via IoT technology by remotely checking on parameters essential for compliance and for the needed metrics. This is cost effective and makes the process more responsive, as IoT devices provide constantly updated information in real-time, thereby reducing any penalty or risks in safety.
Iot based business models are evolving along with Data Analytics and has touched a point where robust integration and synergy is needed to strategically develop a solution that is needed in the businesses of a connected digital world. For eg., a Digital Integration Hub (DIH) architecture is required to enable multiple applications the access to accumulated cache of data obtained over a computing platform.
So, consider Trinetra T-Sense’s IoT platform with a host customisable applications, when developing a business model. We offer solutions to empower your businesses and effectively plan your Business Model to face the highly challenging digital transformation, To learn more about us and our offerings go over our Trinetra Tsense website. Or send us an enquiry, or contact us to discuss on your requirements with our professionals.