Cashing in on IoT can be a challenge as the landscape is complex and difficult to navigate.
Bain expects the combined markets for IoT, including hardware, software, systems integration, and data and telecom services, to reach $520 billion by 2021, more than double the $235 billion spent last year. Most of that will be captured by the enterprise and industrial segments.
IoT is confusing, hyper-siloed and, despite all the buzz, there’s no straight and easy path to cashing in. However, with the right guidance, partners can ensure they’re getting the most bang for their IoT buck.
During an education session, part of the marketing and technology conference track sponsored by Cyxtera at Channel Partners Evolution, Oct. 9-12, in Philadelphia, Natasha Royer Coons, managing director of TeraNova Consulting Group, and Steve Brumer, partner at 151 Advisors, will reveal the five stops on the road to IoT profit.
In a Q&A with Channel Partners, Royer Coons and Brumer give a sneak peek at the information they plan to share with attendees.
Channel Partners: Is the IoT landscape difficult for partners to navigate? What are some of the issues involved?
Natasha Royer Coons: The challenge is that currently the technology and supply chain [are] hypersiloed, not integrated and certainly not channel-enabled or -centric, except for a few unique suppliers.
Verticals have specific requirements and business needs that require expertise and industry knowledge and focus to solve. Except for some elements such as the connectivity for IoT that are more universal, other elements of the IoT solution require the design to address very specific vertical challenges. Partners can consider choosing a vertical, getting a win, and then leveraging that to scale and repeat.
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Steve Brumer: For a majority of the channel partners, IoT sounds great and the recurring revenue is wanted, but IoT is still hard. There are no “IoT in a box” solutions available for the average VAR, and the distributors do not have all of the pieces and parts needed. It is a lot better than it was a few years ago, which is great for the industry.
CP: What are some of the “waypoints” on the road to IoT profit?
SB: Partners need to reach out and ask for help from the experts in the industry in order to help with the bundled solutions needed to help solve our end users’ problems. Profit on a per-IoT deal can come from …