Bosch thinks that by 2020, not only will 75% of the world’s population have access to the internet; 6 billion devices will become part of the world’s bewildering assortment of technology as well. In response to which, Bosch has opened a new division called Bosch Software Innovation which is going to focus primarily on the new markets that are about to be created for what is coming to be called the Internet of Things. "Read - how ransomware impact businesses webroot?"
Bosch is on to it. And several other companies must already be researching offerings and that someone might already be bringing a product or service to market is not a farfetched idea by any means.
But if you are just starting out, what do you work on? You know there are selling opportunities out there. But what do you sell?
This question is especially difficult to answer if you are a product company making solid, tangible things. But if your product is something that can be connected to the internet, you have a stake in the cauldron. How Hackers Get Into your Business? Avg.com/retail
When Amazon first started out, everyone thought them stupid for selling their e-book reader, the now ubiquitous Kindle, at almost throwaway prices for a technology that advanced. But then realization dawned that the money was being made not on the Kindles but by selling e-books, a monopolistic hold on the market no one has been to challenge yet. The transition from selling a product to an intangible service was almost invisible, but when it happened, Amazon managed to make it the norm.
There’s your lesson.
What are the byproducts of the products that you sell, what are the secondary markets you have been spawning and letting go of – these are the questions you should be looking to answer. If they can be packaged into a service offered and delivered over the internet, you might just be sitting on top of a goldmine. Go dig it up! McAfee Keep Your Children Safe with Parental Control
Though the argument made above is a relatively simplistic take on it, the point is that the IOT has opportunities like these hidden in plain view because no one is seeing things that way yet.
In the book ‘Blue Ocean Strategy’, authors Chan Kim and Renee Mauborgne talk of getting into the ‘blue ocean’, a hypothetical field in which no one else is playing, a market which hasn’t been uncovered yet. If successful, this means that all the low hanging fruit, and its accompanying profits are yours for the taking.
The IOT is offering up such an opportunity, a cricket pitch no one has any idea about. It could bounce around like the WACA at Perth, or it could be a flat batting paradise like Chennai. As a batsman, you can only pray and get in. Who knows, you might end up making a lot of runs.
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