3 Ways Retailers Can Move Towards Monetizing the Internet of Things

The hardware embedded in the IoT is the enabler, not the commodity. It follows that commodity pricing will help accelerate the explosion in the growth of the IoT's new revenue models.

Companies would be smart to think of strategic partnerships as an avenue to make their IoT concepts a reality. For example, Lindsay Corporation, a manufacturer and distributor of agricultural equipment, used the same strategy to develop its IoT application, FieldNET, which enables farmers to remotely manage crop irrigation from smartphones and tablets. The company's lack of expertise in software development didn't prevent it from jumping on a hot IoT opportunity. Instead, Lindsay teamed up and enlisted the services of a third-party cloud application developer.