The Internet of Things (IoT): Exploring revenue generating use cases
Findings from the IoT Grand Challenge Workshop
Discover the key takeaways from a recent convening of IoT thought leaders designed to explore how organizations can make the leap to revenue generation through IoT technologies.
Beyond cost savings: Forging the path to revenue generation
This winter, Deloitte hosted more than 20 business executives and thought leaders at the Internet of Things (IoT) Grand Challenge Workshop at the Tech Museum of Innovation in San Jose, CA. The objective of the gathering was to work collectively to solve one of the more largely unexplored areas of IoT: looking beyond cost savings to forge a path to revenue generation. The downloadable report captures what was discussed during this extraordinary event where an open, collaborative dialogue focused on advancing the field of IoT.
The report’s goal is to recreate the experience and capture the highlights of the content discussed at the meeting which include the following themes:
- The IoT ecosystem is complex and disorganized
- Cities have served as early adopters of “smart” IoT solutions, but face hurdles
- In the private sector, real innovation will be driven by the consumers, while the economic value will be realized by the enterprise sector
- From product to service outcomes
- Autonomous vehicles: The way of the future… or vision unfulﬁlled?
- Standards: Cart before the horse?
- Who buys… and who funds?
- Who are the winners and losers? Does IoT really create wealth…or simply move it around?
- The keys to the kingdom: The IoT value chain consists of many players with specific roles. But do those who control the data collection and analysis own the keys to the kingdom?
- Revenue generation and innovation are where the future is, but they are difficult both from value creating and value capture perspectives
Finally, the report also includes additional detail on the “Information Value Loop.” The underlying asset that the IoT creates and exploits is information, yet we lack a well-developed, practical guide to understand how information creates value and how companies can effectively capture value. The “Information Value Loop” describes how information creates value, how to increase that value, and how understanding the relevant technology is central to positioning an organization to capture value.
IoT Grand Challenge Workshop Participants
Top row (left-to-right): Elina Ianchulev, Technology Sector Specialist, Deloitte LLP; Jonathan Holdowsky, Market Insights, Deloitte Services LLP; Ken Durand, Vice President, Innovation & Business Development, Connected Car / M2M, Ericsson; Dr. Richard Soley, Executive Director, Industrial Internet Consortium; Shawn DuBravac, Chief Economist and Senior Director of Research, Consumer Electronics Association; Francesco Tinto, Vice President and Chief Information Officer, Kraft Foods; Garry Wiseman, VP Product Management, Salesforce; Tobin Richardson, President and Chief Executive Officer, ZigBee Alliance; Bruce Oberlies, Senior Director Advanced Technology Realization, Motorola Solutions; John Seely Brown, Independent Co-Chairman, Deloitte LLP Center for the Edge; Peter Marx, Chief Innovation and Technology Officer, City of Los Angeles; Peter Hoddie, VP, IoT/Kinoma Marvell; Lesley Evers, Graphic Recorder; Mike Curran, Telecom Sector Specialist, Deloitte LLP. Bottom row (left-to-right): Tom Galizia, Principal, U.S. Technology Strategy and Architecture Leader, Deloitte Consulting LLP; Param Singh, Independent Advisor, City of San Francisco IoT/Smart City; Chetan Chaudhary, Senior Director of World Wide Sales Strategy and Alliances, Jasper Wireless; Craig Wigginton, Vice Chairman, U.S. Telecommunications Sector Leader, Deloitte & Touche LLP; Dan Feldman, Director, Smart Cities, Verizon; Rene Sotola, Vice-President, Global Communications Sector, Mobility IoT, CGI; Eric Openshaw, Vice Chairman, U.S. Technology, Media and Telecommunications Industry Leader, Deloitte LLP; Phil Wilson, Director, Telecommunications Strategy and Operations, Deloitte Consulting LLP; John Hagel, Co-Chairman, Deloitte LLP Center for the Edge; (not pictured: Mark Sherman, Managing Director, Telstra Ventures)