Internet of Things and Businesses - Timing Is Everything

The Internet of Things will be in every industry and it is moving very fast. Timing is everything, and IoT is no exception. IoT years are like dog years, and being even a little late to this party can have devastating, Kodak-like consequences. When is it coming to your industry? Is Africa embracing the technology? Are businesses leveraging on the technology? It is a challenge for some to predict when it will arrive in their industries.

Why is timing everything? IoT enables you to perfect your product faster. Today, with traditional physical products, understanding what your customer wants requires customer visits, taking time and resources. Then, realizing those needs in your product takes even longer. The turnaround time to release a new manufactured product can take up to a year. IoT dramatically shortens the release process. It provides a 24/7 window into your customers’ business, clearly telling you what they do with your product, how they use your product, and, most importantly, how they make money with your product.

This ability and the ability to update your product remotely or over the air enables IoT companies to release new versions of their product at least seven times faster than traditional companies (my unscientific calculation). So having a competitor hit the market with an IoT product one year before yours gives that competitor the advantages of a seven-year head start.