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BUSINESS VALUE FOR IOT AND VALUE FOR CUSTOMERS

Coding and Analysis of Interviews

            This research study entails an in-depth analysis of the value proposition associated with the use of business models for IOT. The paper seeks to unravel and outline the economic value delivered to customers by various IOT business models or applications, subsequently explaining the economic value of information acquired from the internet.

Included herein is a coded transcript of interviews conducted with eight participants from eight different business organizations based on the seven laws of information and the VoI attribute. They entail accessibility, usability, timeliness, accuracy, completeness, relevance and reliability. The coding and analysis process entailed three levels which necessitated the assigning of Anchor codes to my interview questions. Relevant statements were then coded, respectively under their Anchor codes where I used the “comment” function in Ms Word application. After transcribing the interviews from all participants, I read through each participant’s response making notes, comments, or noting short phrases and words at the margin to sum up the information that was prevalent in the text (Open coding). At some point the participants could deviate from the phenomena in their response or provide answers that could not constitute a concept or theme; such responses were left unmarked for purposes of relevance. To break down the data into basic concepts or units, I highlighted information, facilitating an easy process in the distinction of categories and concepts.  The second stage entailed collecting together short phrases and words from the interviews onto a blank page, where duplications and irrelevant comments were crossed out. This promoted a considerable reduction in the number of concepts as all overlapping categories were eliminated. The concepts and themes were then grouped together based on relativity, having been informed by theoretical and analytical ideas in line with the research question and the phenomena under review (Axial coding). The final themes and concepts were then transferred into a data table against each interviewee and the description of the theme in view of the interviewee provided respectively to provide a visual insight on how the data was collected and compiled. To avoid bias, inter-rater reliability of the results was conducted by an independent qualitative researcher.

NAME OF INTERVIEWEE
NAME OF THEME
Description
Law of Information
Attribute
References

CONNECTRA
Accuracy and quality business models for IOT and the data and information they relay in business organizations
 
The value of information increases with accuracy
Accuracy
5

 
Business company anchored in technology
 
The value of information increases with use and it does not provide any value if not used at all
Usability
1

 
Data, knowledge and information sharing
 
 
Accessibility
2

 
Integration of various IOT business models to business operations
 
Information is infinitely shareable and can be shared with others without loss of value
Accessibility
1

 
IOT business Value for the customer
 
The value of information increases with use and it does not provide any value, if it is not use at all
Usability
7

ANDRIES
Integration of IOT business models in service delivery
His organization does not include IOT in the delivery of services but it engages with companies that use IOT business models

He views IOT as anything that is connected to other devices and can read out data to clients that need it

The value of information increases with use and it does not provide any value, if it is not use at all
Usability
 

 
IOT business Value for the customer
Some innovations such as the Nest, Sonos are for fun while some have a lot of value in data collection and storage.

Enable business organizations to be more data driven while enabling administrators make information driven decisions.

More information is not necessarily better
Relevance
 

 
Data, knowledge and information sharing and IOT value
There is no value in sharing data but sharing of information, data and knowledge do not reduce IOT value.

Information value increases if put into use

Integration of IOT information increases value

Information filtering to promote relevance and timeliness

Information is infinitely shareable and can be shared with others without loss of value

The value of information increases with use and it does not provide any value if it is not used at all

Accessibility

 

 

Usability

 

 
Accuracy and quality business models for IOT and the data and information they relay in business organizations
Accuracy and quality are equally important

Accuracy, reliability and accessibility of IOT information crucial in economic value

The value of information increases with accuracy
Accuracy
 

 
IOT Economic Value in the contemporary business world
Modern Factories enjoy less logistical errors; increased mobility, energy efficiency

It is the right time to employ the use of information from IOT as it is available

Information is not depletable

 

Information is perishable and it depreciates with time

Reliability

 

 

Timeliness

 

LAURENT LE PEN

Company-Omate

Sector-Telecom IOT

Date: 2017-06-03

 

Integration of IOT business models in service delivery
Data sharing through telecom network
The value of information increases when combined with other information
Completeness
 

 
IOT business Value for the customer
Connection of multiple devices and collection of huge data to meet client needs in a tailored manner
More information is not necessarily better
Relevance
 

 
Accuracy and quality business models for IOT and the data and information they relay in business organizations
Value of information depends on its quality
The value of information increases with accuracy
Accuracy
 

 
Business company anchored in technology
Security, oil, utilities, construction and transportation are most valuable enterprise using IOT. Information from IOT is much needed in this sectors
More information is not necessarily better
Relevance
 

Interview 4 Triggi

 

IOT business Value for the customer
You can do upgrades of a number of business  devices remotely, using relevant information from IOT business models
Information is not depletable

More information is not necessarily better

 

Reliability

 

Relevance

 

 
Data, knowledge and information sharing
Different products work together. Sharing information has value because the outside of accompany is bigger than inside.
The value of information increases with use and it does not provide any value if it is not used at all
Usability
 

 
Accuracy and quality business models for IOT and the data and information they relay in business organizations
Reliability, timeliness  and usability in that order are very crucial in a  business setting
 
 
 

 
IOT economic value
Efficiency in business operation, future looks bright with smart devices.
Information is not depletable

 

Reliability
 

Interview 5 – Connecterra Founder 2
Integration of various IOT business models to business operations
His business incorporated IOT in managing an efficient dairy farm.
Information is not depletable

 

Reliability
 

 
Data, knowledge and information sharing
Sharing information enables others improve  on previous work hence more valuable information
The value of information increases with use and it does not provide any value if it is not used at all
Usability
 

 
IOT economic value
Demand and supply law. The more people use the shared information demand increases thus more economic value
Information is not depletable
Reliability
 

 
Integration of IOT business models in service delivery
Use IOT in agriculture in managing a farm to improve accuracy, efficiency and usability of agricultural products.
The value of information increases with use and it does not provide any value if it is not used at all
Usability
 

 
The most important attribute of IOT application
Accuracy according to algorithms
 
 
 

Interview 6 – 30mhz- Jurg van Vliet

 

Integration of IOT business models in service delivery
His business integrates IOT in various stages in managing sensors mostly used in agriculture
Information is infinitely shareable and can be shared with others without loss of value
Accessibility
 

 
Integration of IOT business models in service delivery
Sharing information adds value as more people work with your data.
Information is infinitely shareable and can be shared with others without loss of value
Accessibility
 

 
Most important IOT attribute
Accuracy and reliability. Accuracy in more important as the data has to be trusted
Information is not depletable

The value of information increases with accuracy

 

Reliability

 

Accuracy

 

 
Importance of IOT to customers
The  data helps customers make informed decision on climate change
The value of information increases with accuracy
Accuracy
 

Interview 7  The Grid – 28 juni 2017

 

Integration of IOT business models in service delivery
Uses IOT in sensors. This increases efficiency accuracy  in real estate optimisation
Information is infinitely shareable and can be shared with others without loss of value
Accessibilty
 

 
IOT business Value for the customer
Monitors utilization of office space to increase efficiency and save energy.
Information is not depletable

 

Reliability
 

 
Data, knowledge and information sharing
Sharing information helps in generating more insights on sensors
Information is infinitely shareable and can be shared with others without loss of value
Accessibility
 

Interview 8 Barends
IOT business Value for the customer
Provides information on payment services just like search engines
Information is perishable and it depreciates with time

More information is not necessarily better

 

Timeliness

 

 

Relevance

 

 
Integration of IOT business models in service delivery
Links the customer using IOT to other companies who need data
The value of information increases with use and it does not provide any value if it is not used at all
Usability
 

 
Data, knowledge and information sharing
Everybody benefits from accessing good data
Information is infinitely shareable and can be shared with others without loss of value
Accesibility
 

 
IOT economic value
Derive revenue by selling data to businesses that uses data to reach consumers.
Information is not depletable

 

Reliability
 

 

 

 

Findings

Business models of IOT and its Economic Value to Customers-Reliability and Timeliness

The coding of this concept, as per the responses of the interviewees, was majorly aligned with reliability and timeliness attributes even in the definition of IoT. The laws of information aligned with the concept are “Information is not depletable” and “Information is perishable and, it depreciates with time”.  Essentially, it was in the interviewees’ opinion that the delivery of the right business model of IoT that meets client needs goes a long way in guaranteeing the economic value that customers enjoy while increasing revenues to the organization. However, this is limited to reliability and timeliness of information that an IoT model provides. The interviewees delineated multiple perspectives on their understanding of IOT business models in a business-organizational setting. The Grid (2017) believe that IoT entails connecting objects or items to digital sources or platforms. Jurg van Vliet from 30 MHZ, a company dealing with generic sensor products using the SAAS business model, considers the term IOT limiting in scope with regard to the services and products they deliver which are not only restricted to data and information but also hardware sales to increase economic value.

Andries, an interviewee from STECC company, when asked to explain in his opinion what IoT stands for, answered that it entails “Everything that is connected and For me… thing you make into this smart thing where you can read out data and influence and use data and connect with other devices”(Andries, 2017).

            While the answers were quite variant, the most prevalent issue was that IOT creates economic value to customers and business companies at large depending on the level and mode of implementation adopted by a the user. In his opinion, Gigs Barends argued that:

“Paypal is a very big client of ours. They use us worldwide and they use us to help find new potential online stores who don’t use Paypal yet.  But also we have a lot of scores,  we know how big a website is, how much it updates, so we help them also score leads when they ….  when somebody comes in and says, I want to become a client we can say well this you should.. we can help them with data so they can give the appropriate attention to the different kind of leads.”

Gigs further reiterated that in regard to the economic value created from data that is processed into information, efficient decision making is guaranteed as long as the information is not shared to a larger extent. Jorg Van Vilet however believes that the economic value of IoT applications can only be evident if the user has data, which is then processed to information and subsequently adopted or translated to a human brain as knowledge. According to The Grid (2017), the information gained through the IoT application has provided additional value which could not have been experienced in its absence; hence the economic value in most business organizations and amongst users. This is because, she further argued, IoT creates “a basic layer for this kind of model and services… we will be able to recognize patterns in a building with important insight regarding maintenance” (The Grid, 2017).

The Grid creates economic value through the monthly subscription model which includes deployment of sensors after which customers pay a monthly fee for installation and configuration. As argued by other interviewees, IoT ought to be considered the solution to data analysis and information delivery probably through the use of sensors. The 30MHZ Company on the other hand creates economic value through selling hardware which requires a subscription using a typical SAAS model.

Integration of Various IoT business models to Business operations-Accessibility, Relevance and usability

The responses were both unique and interesting as some interviewees believed that information should not be shared to limit its accessibility hence increasing the economic value that it is intended to have on customers. Although it was not easy to explicitly get the answers from the interviewees at first, there openness to the question was prevalent as we proceeded with the interview process. The concept, drawing from the interviewees’ responses was more aligned to the law of information which emphasizes that “Information is infinitely shareable and can be shared with others without loss of value” and “More information is not necessarily better” as well as “The value of information increases with use and it does not provide any value, if it is not use at all.”  For instance, Connectera explained her view on the accessibility of information based on the ability of the user to process the information in making decisions. According to her, the knowledge on how to apply information is paramount and a vital ingredient to the successful integration of an IoT system or application to a given business operation.

“its definitely worth to note about ability I mean we have like Ph D. level you know scientists working in the company because they need that depth so how to use that knowledge that information is a very important ingredient in another very important one is I call it Hustle is basically hard work yeah I mean there’s a lot of effort that’s needed and there’s a million ways to take information and build decisions from it and doing it efficiency efficiently cost in a cost effective manner” (Connectera, 2017).

Andries in his response emphasizes the importance of integrating IOT business models in the delivery of services, accentuating that IoT entails anything connected to other devices and can read data to clients hence increasing the economic value of both the customer and the client. As such, information from IoT applications should be employed relevantly, in his opinion, as the lack of its use can only decrease its value.

Business Companies anchored in technology-Relevance

The interviewees revealed came from companies with various types of IoT models except Andries’ although he reported that his company engages with business organizations dealing IoT applications. Prevalent in the interviews is the fact that the companies focused on delivering relevant information tailored to meet the specific needs of their clients. For instance, Connectra’s company provides IoT information fit for agriculture, while Omate deals with data sharing through telecom network. Laurent Le Pen revealed that her company focuses on the relevance of information provided by connecting multiple devices and collecting huge, data which is then relayed to clients through active subscriptions in which they choose their preferred data sets. Hence “More information is not necessarily better” as relevance is key to meeting customer needs and increasing economic value of IoT information. Triggi on the other hand believes that through the business model of IoT the company delivers, remote upgrading of devices is only possible through the use of relevant information. This, according to Andries, can only be achieved through filtering of information to promote relevance and timeliness of information to meet customer needs at the required time. This is based on the law of information “information is perishable and it depreciates with time”. Barends and Connectra’s second founder emphasized that reliability is crucial in increasing economic value through the use of information from IoT applications that are both relevant and reliable because “information is not depletable”. Through embracing IoT applications in various companies, more people will use information, increasing its demand and reach hence more economic value.

Accuracy and quality business models for IOT and the data and information they relay in business organizations-Accuracy

Accuracy and quality of IOT business models are the major models that stood out throughout the interview. As the law of information associated with the accuracy attribute goes “The value of information increases with accuracy”. The participants emphasized on the accuracy of data. They argued that in making comparison on the IOT values accuracy is vital in ensuring the information and data shared is not misleading and can be used by customer to enhance efficient, accessibility and reliability in meeting their needs. For example, Saad argues that as much as quality is important, it is derived from the accuracy of the data and information provided therefore precision and recall in data are important in measurement of data depending on the sort of data one is looking for. When asked to compare between quality and accuracy, the fifth respondent thinks that it is a better metric than quality.   He states

“So if we take again of our industry if we’re going to train machine learning algorithms and if you train them with poorly accurate information you’re going to get bad algorithms. So it is important that the information is accurate“.

Therefore, it exemplifies the need to be precise in information data. Additionally Jurg van Vliet of 30mhz company argues that accuracy is crucial among the seven attributes of IOT accuracy is important because one needs to trust the data provided. If the data is not accurate then the customers will not get a solution to their problem by integrating IOT in their work.

Data, knowledge and information sharing- Usability and accessibility

One of the main focuses of IOT is on data sharing knowledge and information from the originator to the consumer. “The value of information increases with use and does not provide any value if not used at all”. Additionally, “ Information is infinitely sharable and can be shared with others without loss of value.” However it is not all persons who share nor all data generated that is shared. The data or information shared should meet the 7 prongs of IOT. Therefore, in sharing of data and information, the accessibility and usability of data is paramount. All the interviewees emphasized on the importance of sharing data and information which include ease of information access, knowledge integration in business operations as well as meeting the needs of customers on a usable basis. In Connecterra Company, the owner stated that sharing of information enables others to improve the previous work hence making the information more valuable. Moreover the value of information increases when put into use thus integration of IOT makes data and information sharing even better each day hence making It more valuable. The forth responded emphasized on the importance of different business entities sharing information to improve in their service delivery.  Additionally, Andries states

“Accessibility;
If you cannot access to data then you cannot use it. The timeliness depends completely on the used case. Well, that counts for all probably. The think usability is important and relevance”.

The outside world of information is bigger than information within the company or organization thus sharing helps in expanding and improving information thus better service delivery.

 

References

Burnard, P., Gill, P., Stewart, K., Treasure, E., & Chadwick, B. (2008). Analysing and presenting qualitative data. British dental journal, 204(8), 429-432.

 

 

 

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