Industrial IoT: How IoT Has Evolved and Moved into the IoT 2.0 Era
Adam Livesay discusses the transition from early speculations about IoT to the current era of IoT 2.0. Companies are now seeing significant results by focusing on product development over marketing. IoT 3.0 is expected to be deeply integrated into business operations, potentially as part of broader digital transformations.
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Key takeaways
Companies focusing on product development are seeing significant results in the IoT 2.0 era.
Customers are more interested in achieving specific business objectives rather than the technology itself.
IoT 3.0 is anticipated to be a significant component of digital transformation, integrated into business operations.
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Adam Livesay, Co-Founder of Elevat-IoT, remembers back a decade or more to hearing lots of people speculating about how the Internet of Things would change business and seeing competitors allocate resources to marketing rather than infrastructure or development.
Now, in the midst of what he calls the era of IoT 2.0, the companies that spent time on products are seeing big results and serving their customers in a superior way.
For several years, Livesay was explaining to customers how the company’s IoT systems would actually work and the technology that powered them. Now, the customers have faith that companies like Elevat will be able to pull off the futuristic-sounding projects they’re laying out – they simply want to get results.
“The customers don’t even want to talk IoT. What they’re looking to do is, ‘Hey, I need to know the productivity of my fleet of machines,’ or ‘I want to get better at the maintenance of my machines,’ or ‘I have an initiative to sell more parts and services,’” Livesay said. “We talk to them about what their business objectives are, and then the general consensus is the technology companies have figured out how to do this.
“We’re not worried about the technology any more. We were 10 years ago. We’re not any more. We know it’s going to get powered by however you guys are going to do it, but the end result is we want to produce this economic impact for our company.”
Elevat is doing that by improving uptime and increasing productivity, helping companies track devices, make sure vehicles are arriving on schedule and staying well-maintained, and even making sure mixtures are being assembled properly in places like the cement industry.
So what will IoT 3.0 bring?
“The next wave is going to be threaded in to how their entire business operations run. It’s going to be this next major wave. It will just be part of the DNA,” Livesay said. “I don’t even know if it will be called IoT. I think we’ll be fully into a digital transformation at that point, and we’ll just be a feature in that larger ecosystem.”
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About the author
Daniel Litwin is a journalist of multiple disciplines focused on finding and telling engaging stories for B2B communities. He has interviewed executives from Fortune 500 companies including Honeywell, Microsoft, John Deere, and Chipotle, and leads editorial direction at MarketScale. Litwin hosts weekly shows and podcasts while helping develop new content approaches across the MarketScale platform. He holds a B.J. in Radio/Television Reporting/Anchoring and a B.A. in Spanish from the University of Missouri-Columbia.
