Key Data & Trend

As of 2014, There are more mobile devices on this planet than people (accounting for up to 1.5 mobile devices per user), and this year, for the first time, the number of sensors and other peripherals have outpaced the number of mobile devices (accounting for approximately 2 sensors or peripherals per user). Various forecasts also predict that by 2020, the world will have over 38 billion connected devices (which will put this ratio at nearly 6.5 devices/peripherals per user). With each of us adding voraciously adding mobile phones, tablets, or wireless PCs, as well as, other connected accessories such as smart watches or other digital wearables, along with many smart home sensors entering the market to monitor anything from room temperature to motion to doors & lights, this seems to be a very reasonable projection. So, it is a given that we will be in a far more connected world than even the one we experience today, and it is going to create a type of web (The Internet of Things or IOT as it is commonly referred to) around us that we possibly cannot fathom yet. This presents significant implications and opportunity to product owners in the enterprise software space.

Being Channel Agnostic is Key

Gartner predicts by 2020, more than half of major new business processes and systems will incorporate some element of Internet of Things. While majority of the focus today is on Mobile, it is important to note that Mobile is a channel, like any other. Going forward, it could be a smart watch or another wearable gadget, a household appliance or simply a sensor. Bottomline, your information can be gathered from anywhere, and disseminated to any corner, as long as there is a reliable mechanism to achieve the same. As product owners, it is impossible to predict the endless use cases or box yourself into a specific one. Instead, the focus must be on defining and redefining your purpose in the ecosystem, shedding any unnecessary baggage to create a compelling case to differentiate yourself in the marketplace.

APIs are the Holy Grail for Service Monetization