The Harvard Business School Review often publishes blogs about the Internet of Things (IoT) and machine-to-machine (M2M) communications issues and last week, Joey Fitts, used the forum to address the challenges some companies have in entering the world of IoT/M2M.
One of the biggest obstacles is that traditional functional departments often cant meet the needs of IoT business models and have to evolve, said Fitts, CEO of outelligence, a SaaSprovider.
One area where companies are challenged is in product design, he said, where new thinking is required. Specifically, it requires reimagining the business you are in, empathizing with your target customers and their challenges, and creatively determining how to most effectively solve their problems, he wrote.
Design innovation is readily apparent in the healthcare market wherenew products are being developed to address the needs of the elderly at an affordable cost. Aeris has been working with partners to create innovative ways to deliver medical services such as medication managment with applications like smart pill boxes and smart monitoring to support the aging population.
In one example, GTX Corp, a personal location-based services and GPS tracking company selling miniaturized, GPS cellular devices, developed a GPS Smart Shoe, along with a a smartphone GPS tracking application to provides real-time tracking of the whereabouts of people, pets, vehicles and high valued assets.
GTX now has an international clientele as people around the world are using the shoes for a variety of needs, including ensuring that Alzheimers and dementia suffers do not become lost.
In another example, SimplyHome, another Aeris partner that offers in-home health care solutions, wanted to expand its geographic reach by moving its offerings from an Internet cable connection to a cellular network. To implement its plan, the company formed partnerships with Aeris for the cellular connection and with CloudGate to provide an intelligent M2M gateway that is sold through Richardson RFPD sales channels.
These are the types of creative approaches that IoT/M2M deployment that will unlock the true value of IoT in the months to come.