This is the second episode of our “How to create a successful ecosystem for your IoT project” series of articles, in which we have asked some prominent IoT experts to share their knowledge and best practices to successfully lead an IoT project.
A few weeks ago, we’ve had the chance to discuss with Maxime Schacht, former Head of Sigfox Hacking House, Sigfox’s innovation arm and now CEO of VizioSense, about “how to create value for the end user”.
The Hacking House used to accompany IoT entrepreneurs from ideation to the proof of value. Their 6 months intensive program was focused on design thinking, technical training in IoT and Sigfox technologies, and rapid prototyping. Several ‘crash tests’ along the way helped to adjust the direction of the project. This special methodology, together with a pool of hardware, software and marketing profiles and mentors working under specific time-limits, is a proven and successful way to help many startups and students understand the problem and propose an innovative solution while building a real working prototype.
A good use case in IoT is all about finding the right balance between 3 elements:
You need to onboard all interested parties, all stakeholders in the solution development, not only the decision makers: the end-users are equally important. Your solution may be really innovative, bring a lot of value, but not get adopted by the end-users because they were not involved in the project from the beginning.
Generally, IoT industrialization is happening in 4 steps. The Hacking House was focusing on the first two steps: ideation and proof of concept.
In order to do that, we bring together a range of Business and IoT experts. The business experts help us understand the business model and create the first outline of the framework, ie a calculation model in which we plug the various parameters and understand the levers of economy on which we can experiment with the help of the IoT solution. Within this framework, we look at the complete lifecycle of the product. We take into account the cost of the device itself but also the dimensions of the battery, the cost of the installation and the product maintenance, and also the projected end of life. These steps are frequently overlooked or underestimated.
We do a first iteration of the technical solution, often using an off-the-shelf solution, which although isn’t an exact fix allows us to provide an approximate projection on the revenues and costs, validate our hypothesis and do it quickly.
We are then ready to do some ground experiments and see what data the device comes up with. The data is analyzed to find ways to make savings or to bring new revenues. The project ROI is the equation between the expected cost and the gain brought by the solution.
Yes! There are some classic technical errors that lead to increased costs. The first one I guess you know well:
At the end of the day, what will ensure the success of the project and allow it to go all the way is this: the human and financial equation and the business impact.
You’ll need to keep in mind the client’s benefits and the maximum price they are willing to spend (which is why you do the framework). The technique comes next, although it obviously impacts the project cost too.
Sigfox is the initiator of the 0G network and the world’s leading IoT (Internet of Things) service provider. Its global network allows billions of devices to connect to the Internet, in a straightforward way, while consuming as little energy as possible. Sigfox’s unique approach to device-to-cloud communications addresses the three greatest barriers to global IoT adoption: cost, energy consumption and global scalability. Today, the network is available in 72 countries, with 1.3 billion people covered. ISO 9001 certified and surrounded by a large ecosystem of partners and IoT key players, Sigfox empowers companies to move their business model towards more digital services, in key areas such as Asset Tracking and Supply Chain. Founded in 2010 by Ludovic Le Moan and Christophe Fourtet, the company is headquartered in France and has offices in Madrid, Munich, Boston, Dallas, Dubai, Singapore, Sao Paulo and Tokyo.
VizioSense is an AIoT company that build end-to-end connected AI-based solutions. Their plug-and-play optical sensors embed an AI processor enabling on-device computer vision to count and detect people or items. The generated data provides insights to businesses to improve their operations and generate savings or new revenues.
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