CNBC Internet 2014: Rise of the Things January 2, 2014 | by

101287527-rbrb_2118r.530x298LogMeIn’s CEO, Michael Simon, recently discussed his predictions for the Internet of Things in 2014 on CNBC. Simon’s take home message was that the Internet mostly consists of human-to-human interactions right now. With the Internet of Things, all sorts of devices will come online, connect with one another, and talk to other devices. 2014 promises to be a transformative year for businesses integrating the IoT into their products and services.

Here is what Simon predicts:

Among C-level executives at product manufacturers and businesses in general, the Internet of Things (IoT) will be transitioning from “what and why” to “when and how.”

Businesses will realize that the IoT is as much about transforming existing products and services and unlocking additional revenue streams as it is about creating entirely new ones. This will give companies the opportunity to add value to existing product lines, delighting customers and driving new revenue in the process.

As a result, we’ll see that the IoT will cause businesses to alter the relationship they have with their customers by transitioning from selling products to customers to selling services to users. “What was once effectively a “one-off” sale with a more reactive relationship through service warrantees and “best guesses” on when someone would need servicing, now becomes a service-oriented relationship where the vendor is working in real-time with product data.”

There will be a coming together of platforms and standards that make interoperability between manufacturers possible. 

“The Internet of Things can enable any business, large or small, existing or emerging to transform itself into services that provides a previously unheard of combination of results: increasing the bottom line while delighting customers like never before.”

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