CEDIA’s Technology Council recently released a report regarding the changing environment of IoT and its effects on the modern Home Technology Professional (HTP). In particular, two statements caught our attention because our Integrator Service Desk product is designed to address these issues. The first statement is:
The Internet of Things (IoT) continues its exponential march forward. Most connected devices will have some level of intelligence […]. The challenge for the HTP of 2020 will be to vet and support the best of these products in the areas of entertainment, comfort, security, communications, sustainability, and control in a profitable manner.
Traditionally, HTPs today focus on the sale and installation of hardware, not the day-to-day support of that technology. We agree with CEDIA that the explosion of IoT products through 2020 will shift the focus of the consumer from the installation of new technology to the maintenance and support of existing environments. Knowing first hand from our experience as technology managers in Boston since 2008, we appreciate the difficulties HTPs will run into as they build a service team; a smart, capable, high-EQ service team able to jump at the drop of a hat, is a difficult thing to build and maintain. But with Integrator Service Desk HTPs can alleviate most of the pressures associated with that transition.
The second statement focuses heavily on the idea of building recurring revenue streams for HTPs when they have historically built companies based on one-time project-based revenue.
HTP companies should continue to cultivate recurring revenue streams, which will also serve to insulate against potential price erosion. While home technology professionals today need the expertise to work with a handful of different product lines, they will need to troubleshoot connected devices from thousands of companies in 2020.
Recurring Revenue is necessary for both the survival of an industry that depends on a diminishing category for profit (hardware – getting cheaper and easier to install) as well as the consumer who wants their HTP to not just be a one-time installer but rather become a true service provider with instant triage, basic support, priority on-site response, and proactive monitoring of the home technology.
We look forward to contributing to the forward-moving progress of the industry, maturation of the business model for our colleagues, and the improvement of the overall consumer technology experience. Learn more about how we can help your firm provide better service and build recurring revenue.