It is a well-established fact that the flexibility and creativity of startups place them at the forefront of innovation. And such innovation is center stage when it comes to delivering the full promise of the internet of things (IoT). Here are five reasons why big enterprises should look to partner with IoT startups:
- Identifying and eliminating inefficiencies – a big enterprise has huge operations with little visibility of how efficiently these operations run. IoT can enable the collection of useful information that can then be used to identify and eliminate the inefficiencies in the system.
- Uberizing a product as a service – Uber has shown that the world is shifting from ownership to using products as a service. The key will be in converting real-time data in a way that turns products into services.
- Improving customer insights – very few companies today have good insights about their customers’ experiences. IoT can be used to provide never-before-imaged insights that can significantly improve customer experiences.
- Developing solutions around a product – developing solutions around a product provides real value to end customers while also increasing the use of the primary product itself.
- Collecting usage information to improve product offerings – data can be collected and used to determine how products are used and work in different contexts. This data can then inform the research and development of new, better-suited products for each particular context.