“The internet of things is not really about things” but about services, says Macario Namie, head of internet of things strategy at Cisco. “The impact is really in changing to service-based business models.” Namie was one of nearly a dozen industry experts who spoke about how enhanced interconnectivity is impacting the business world when Stanford Graduate School of Business hosted the Internet of Things in Global Value Chains Executive Conference this spring.
For example, Namie says, Konica Minolta no longer sells office copy machines — it provides a connected “digital hub” and businesses pay for the scanning, copying, and digitization services it provides. Selling these “outcomes” is a revolutionary change for a company long steeped in a one-time revenue model of selling physical products. “The impact on business models is profound when you have this kind of real-time connection to the thing itself.”
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