It was a successful two days in Amsterdam at CONNECTIONS Europe 2017. With 110 companies participating from 21 countries, along with 28 C-level executives and 54 speakers, there were lively discussions about the evolution of the connected smart home. Prodea’s Vice President of European Operations, Riffat Amin, spoke about how smart home business models are transitioning to an API economy. As part of an interactive panel moderated by Park’s Director, Tom Kerber, the group discussed how connectivity enables companies to solve real customer problems using more frictionless approaches, opening the door to numerous new business models. Riffat explained how companies can benefit by extracting the ongoing value of data or device control over the lifetime of their product.
“A year ago, what was viewed as a cost burden by adding an IoT connected service to a consumer product is now seen as an opportunity to monetize their customer base through recurring revenue,” said Riffat.
Riffat added, “A manufactured product is fast being seen to be incomplete and undesirable if it is not interoperable with the other products and systems in a smart home. Consumers are becoming savvy about this and making purchase decisions based compatibility with systems such as Nest, Amazon’s Alexa, Google Home, and the like. It is absolutely vital for any product manufacturer or service provider to be actively positioning their organizations to pivot quickly towards the latest and most desirable 3rd party integration being sought by consumers.”
Transitioning to an API economy for the Smart Home was not the only interesting finding to come out of CONNECTIONS Europe 2017. There were over 830 tweets throughout the two days for a potential reach of more than 1 million people who were tracking the top 3 hashtags: #Conneu17, #IoT and #Smarthome.
Prodea would like to thank Parks Associates for hosting a great event and inviting us to speak. It was the perfect platform to foster innovative thought and share ideas. Looking forward to our next industry event at CES 2018 in Las Vegas. Please contact us at firstname.lastname@example.org if you would like to set up a meeting at CES.