The Internet of Things (IoT) wave is surging high right now, and our industry is scrambling to craft a strategy to engage with IoT devices and customers.
At the end of the scramble is an underlying fear that we’ll be disintermediated by the IoT.
Not so fast. Once all the Millennials, hipsters and DIY folks get used to living with off the shelf home technology solutions from the likes of Nest, August, Philips and Canary, they’re going to want someone to fix their shiny objects when they break.
Better yet, they’re going to pay (happily) someone to monitor and service their technology from two perspectives: functionality and security. Functionality comes into play when technology doesn’t work.
We need to sell managed services solutions like Ihiji, OvrC and Domotz Pro to our clients, so we fix issues remotely and build recurring monthly revenue (RMR).
Security comes into play, because while the traditional alarm security industry waits for Alarmageddon (the assertion that professionally monitored security systems are going the way of the Dodo), a greater security threat is looming on the horizon: network security.
Focusing on network security monitoring as a service is another great source of revenue, and both approaches (functionality and network security monitoring) leverage the IoT wave instead of trying to fight it.
Even better, it’s early days for this type of service. Very little competition exists in the space, and you can define your own product offering. Surf the IoT wave or it’s going to drown you.
About the Author:
President, LivewireHenry Clifford founded Livewire of Richmond, Va. in 2001, after identifying a need for simple home technology in Central Virginia. He began his career in IT during the .com boom of the 90s, working as a web developer and information architect. His lifelong passion for technology made Livewire an easy choice. Under Clifford’s leadership, Livewire has acquired five competitors since 2011, added 5,000-square-feet of office/warehouse space and is now the largest ESC in Central Virginia. In 2013 and 2014, Livewire made the Inc. 500|5000, CEPro 100 and RVA 25 lists.