- [Instructor] IoT products are external systems.
Each generates data, which theoretically means
they can be connected to each other like Lego
blocks to deliver outcomes.
The IoT platform is the technical underpinning
that allows one product to be connected to another.
Over time, that product will develop
into a family of interconnected products.
When companies can orchestrate their products
to work together, they can
deliver their customers' outcomes.
One way to quantify the value of multiple connected products
is with Metcalfe's law.
Metcalfe's law states the value
of a network increases exponentially with
the number of its sources.
Since each product is a data source,
value goes up exponentially in proportion
to the size of the product network.
This together leaves us to the outcome economy.
Like with Legos, the more parts
to the system, the more value there is.