Verizon’s 2018 Q4 earnings report was released Tuesday, and the $34.3 billion in revenue the report revealed, primarily derived from monthly average revenue per user, surprised nobody. However, despite respectable growth in 2018, including an estimated 1.2 million new wireless users, Verizon is quietly embarking on a long-term plan to establish itself as a global leader in the future of communication, namely Internet of Things (IoT) services.
To investors, consumers, and anyone with a stake in Verizon, the company is almost exclusively known as a cellular phone giant. This makes sense, given the company’s solid roots in cell phones, and that ninety percent of Verizon’s business is in the communications sector.
Verizon’s communication products venture into every key area of communications, beginning with its bread and butter: wireless network and Fios, a broadband and fiber service offering. 2018 brought the long awaited 5G network into being following a successful 11-city trial run. Oath, Verizon’s media division, hasn’t done much since its creation following the acquisition of AOL and Yahoo.
Enabling the IoT
Additionally, Verizon offers both managed security services and IoT divisions. It is that last Verizon venture that will definitely be worth keeping an eye on in the months and years ahead.
The Internet of Things is a term used to describe the use of technology to turn everyday devices into connected, interactive parts of a greater network. When you turn on a desktop or mobile device, there is an automatic expectation that the capacity to connect to the internet exists.
IoT devices are items the average consumer wouldn’t naturally assume are internet connectable, the way they would with a new iPhone. Household items like refrigerators, vehicles, independent health tracking devices, and security system components are all capable of connectivity through the IoT.
This connection potential extends to business offerings as well, specifically in the form of asset telematics. Telematics enables the analysis of automatically collected data from remote sources in a central hub. In other words, it is the remote management of everything from vehicles, to employee performance, to critical business items.
A good telematics system can support the roles of key management personnel across a variety of departments in any SMB enterprise. Fleet Managers, Operations managers, and Supply Chain Managers can take advantage of services such as these in order to streamline and optimize both workflow and financial performance.
Managing a fleet
Verizon Connect is a strong contender in this IoT technology-based business sector that is sure to take off in the coming years. For example, some reports claim that the fleet management systems will be worth over $8.2 billion globally by 2021.
Verizon Connect’s fleet management service, originally released to UK clients, uses telematics to collect data on vehicles, vehicle operator patterns, and overall operations. This data can be used to support enhanced scheduling, ensure budget compliance, and improve productivity, all of which will lead to optimal performance in field operations. It is not yet available to public sector and NPO entities, but any small to medium business can take advantage of this service.
However, Verizon Connect doesn’t stop there. Asset tracking is offered for both fixed and movable assets throughout a fleet. Best of all, this service is available to a variety of SMB clients, as it can be implemented for any business with a fleet of 100-400.
While Verizon remains the industry standard in wireless services, fleet management services through Verizon Connect are no joke as SMB needs evolve and change in this market of enormous growth and opportunity. However, growth is not possible without investment in supportive technology. With so many businesses already utilizing Verizon for wireless and even broadband service, many will also be considering Verizon Connect fleet and asset management as a superior option when looking to update and optimize.