The Internet of Things (IoT) opens up many new opportunities for innovative business models - including those of railway companies. What should providers of rail-based mobility pay attention to while developing and managing loT business models? mm1 published the Connected Rail edition of their ‘Manage the Internet of Things ' Poster.
The Internet of Things has the potential to change various industries profoundly. This also applies to railway companies as digitization changes the business model of rail transport: As tracks, trains and stations were once composed from mechanical and electrical parts only, they have become complex systems of hardware, sensors, software, connectivity and data. Thus, the challenge is to identify the opportunities for new, innovative IoT business models and to evaluate and organize them.
The Connected Rail version of the mm1 Poster "Manage the Internet of Things" - provides an overview of the value chain and structure of IoT business models in the railway industry. The poster intends to support companies in passenger and freight transportation in structuring and designing IoT-based business models systematically.
Gabriel Mertens, Partner at mm1: "For incumbents, it is a key success factor to have ownership of a central mobility platform. Only those who manage to permanently cooperate with new partners in 'win win business models', integrate them quickly and based on standardized technology, will be able to offer their customers sustainable products and services. For this purpose, it is also mandatory to establish common data models, and to ensure the quality of data."
"In order to develop and operate such business models successfully, each level needs to be considered and incorporated. In general, an isolated implementation is not sufficient", seconds Dr. Michael Eble, Senior Consultant at mm1. "It is also important that in complex platform-based environments only few companies can cover the entire value chain. Therefore, a key question is whether the own role rather lies in vertical integration, or in specialization within a particular level."
Download your personal copy of the mm1 poster „Manage the Internet of Things – Connected Rail Edition“ free of charge.