In 2017, participants in the Geneva IoT Week developed an international declaration on the Internet of Things for Sustainable Development. The United Nations (UN) has determined 17 Sustainable Development Goals (SDG) which helps the world to guide with what is important. The University of Cambridge has simplified the UN model and grouped particular SDG’s into a six-ambition mode.
According to experts, the IoT is needed in e.g.:
What technologies are already in use?
1) The most common are environmental monitoring and forecasting sensors. They measure temperature, humidity, and concentration of chemical pollutants in the air, water, and soil, as well as check for noise, radioactive pollution and more.
2) Smart collection and recycling of municipal waste. Using the IoT, it is possible to monitor the fullness of waste bins and call an operator to clean them in good time.
3) The IoT in agriculture helps ensure the environmental safety of products and improve their quality. Farmers do this by tilling the land, selecting fertilisers for the plants, etc., based on regularly updated detailed data on soil quality.
4) The smart home/city/plant helps to conserve nature by reducing energy consumption. This part is most attractive to businesses and ordinary city dwellers alike.
One of the challenges that comes with design services is the cyclical nature of the services business. When the economy tightens and corporates are watching their operational expenses, the first step will be to halt any external contracts/contractors which are not deemed absolutely essential.
Whereas the earlier (staircase) model is a good approach in scaling up revenue and creating new revenue streams, the foundation of the company is still based on the service model: headcount continues to be the main driver (typically up to 60-70% of revenue). In terms of (enterprise) valuation the additional revenue streams, however, will already make a significant difference.
Design services companies typically start small (some exceptions when it concerns management buy-outs) and natural growth is a slow process as it requires hiring and training of engineers based on/driven by the revenue stream of the company. Growth of business is tied to growing the team and it is not always easy to find the engineers.