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IoT for business growth: How innovative companies use IoT to grow revenue

IoT-for-Business-Growth-Growing-Revenue-Desktop-Listing
IoT money tree
IoT money tree
July 6, 2016

by

Theresa Bui

Companies across many industries are waking up to the digital reality of the Internet of Things (IoT): market leaders are shifting their business from focusing solely on products to innovating services via connected devices. From capturing real-time, actionable insights to transforming customer engagement, IoT services are enabling a whole new world of opportunities for businesses to grow revenue.

IoT-for-Business-Growth-Growing-Revenue-Blurb

Nobody is doing this better than home security and automation companies. After all, this industry has been using sensors and devices for years to trigger events based on environmental factors.

But connecting devices is just the first step. The real business value comes from harnessing the data and intelligence from those devices to deliver valuable connected services. It’s those services that enable you to offer new experiences to your customers and generate new sources of revenue.

New services for next-gen home security
Home security and automation companies are leveraging IoT to innovate new services that expand the customer experience well beyond traditional expectations. As they redefine what’s possible, these companies are opening the door far wider to grow their share of the smart home market.

A leading home security vendor, Vivint, sells directly to homeowners. Today Vivint is using sensors and other technologies to deliver robust services that amplify customer convenience, such as:

  • Receive text messages when an alarm is activated
  • Manage their home energy consumption from anywhere they are
  • “Virtually” answer the doorbell using a mobile app

Vivint is also capitalizing on greater customer engagement by trialing new services such as online photo management and cloud storage through the acquisition of Space Monkey.

To learn more about how Vivint is using IoT to grow revenue and rapidly scale their business, read the success story or view the video.

Optimizing business intelligence
Connectivity is nothing new to Telular Corporation, which has been connecting people and machines through cellular networks for nearly three decades. However, IoT is making it possible to amplify the business intelligence Telular delivers to their customers, dramatically increasing the value of their services.

“The biggest challenge is making sure we’re collecting the right data, so our customers can find value in it every day,” explains Shawn Welsh, VP of Marketing and Business Development at Telular. “Customers need to make their big decisions without distraction, so we try to give them just what they need.”

Moving beyond hardware and support
Using IoT, Telular also added more profitable, predictable revenue streams via new subscription services. They embraced this monetization approach by expanding their Telguard wireless security and alarm systems to include a fully managed mobile (cellular) service. Telguard now provides built-in mobile connectivity into their security panels, a critical value-add for Telguard customers.

This embedded connectivity saves dealers and distributors the cost and operational overhead of buying their own SIMs; installing, testing and deploying them into security panels; as well as negotiating and managing vendor relationships with different mobile network operators.

To learn more about how Telular is using IoT to transform their business, read the success story or view the video.

To learn how leaders in the home security and automation market are successfully generating revenue streams through new and innovative IoT connected services, read our white paper.

Be sure to check out part 1 in our three-part blog series on real-world IoT success and how companies are using IoT to accelerate profitable business outcomes. Next we’ll explore how businesses are leveraging IoT to improve customer experiences.

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