MivaTek Exec Explains IoT Platform and Potential for RMR-Building Interactive Services
MivaTek bills its mobile Internet of Things (IoT) platform as one that can take any traditional security system and make it interactive, and therefore capable of producing video verification as well as providing a foundation for value-added services such as eldercare, smart home control, fire/life-safety and more.
All this means a chance for substantially more recurring revenue for installing security contractors, says Jorge Perdomo, MivaTek senior vice president of corporate strategy & development. In the following interview, Perdomo discusses the company’s business model and how it can change the way dealers and integrators sell security systems.
How would describe your company’s overall value proposition to installing security contractors?
MivaTek’s overall value proposition to the pro channel is to go beyond the traditional pro security market into a more vibrant, growth-oriented posture. We strive to address the more than 75% base that does not have any type of security, automation, energy, video surveillance solution, notification solution.
We provide a toolset by way of devices and a cloud-based app to empower these pro dealers and integrators to expand their existing market to spur new market activity and new market growth.
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Growth in the professional security market is stagnant; a solution like ours now allows security dealers to go outside the traditional security offerings into the nontraditional security, expanding it without borders or boundaries. And at the core of this mission is our core competency: video verification for prioritized response, as well as collaborative monitoring.
What new revenue streams are now available to security dealers who offer connected devices for the home?
From a new business standpoint, the opportunity that offers the greatest potential is offering a solution that is not dependent upon a central monitoring station [CMS]. By offering such a solution, the dealer empowers the individual to notify their network of emergency contacts collaboratively — that is, all of them can be notified virtually simultaneously — to help effectively monitor their home or small business, and to subsequently provide video that can generate a priority response in the case of an emergency event, whether it’s a crime a fire, or a medical emergency.
There are those security dealers who are wary of branching into home automation in part over concern for a potential onslaught of service calls and even truck rolls. How do you address this concern?
While many home automation solutions can be “white glove installed” by a professional security installer, they also allow the everyday do-it-yourselfer to simply install the solution without requiring intense or difficult installation. The fact that our solution is designed around a simple to use strategy that is as difficult as taking a picture with your camera to enroll devices, the system should not require these security installers to worry about truck rolls because since it is a managed system as well, it can be managed remotely.
The point is, while many home automation systems are being sold through the pro channel, they don’t necessarily require pro channel installation or extensive support services. What’s more, the devices being sold today, by and large, exhibit a much higher degree of reliability and dependability than the early wave of devices. Consequently, the need for service has been reduced substantially.
What do you view as the top business and operations issues for your security dealer partners?
For our security dealer partners, we consider the biggest issue to be that they need to educate themselves to life outside the CMS. They need to become more aware of the fact that their customers can become much more effective managing their own security solutions than depending on a third party CMS.
How much of a threat do you view DIY will be to professionally installed/monitored security and home control products and systems?
We don’t consider the DIY trend in security and home automation to be a threat to the professional channel. Instead, we think of it as just the opposite: we consider them to be a complement to the pro systems. These DIY and self-monitored systems are a tremendous augmentation to the stagnant security market, potentially driving significant growth, which has slowed dramatically a security companies are simply stealing customers away from each other rather than adding new customers.
Our solution, and many others, allow dealers to go outside their traditional pathways and adopt a kind of “open water” posture. In other words, it gives them the ability to go beyond the horizon, to not only continue servicing a central monitoring station approach, but for customers who don’t want to use a CMS, the pro dealer can offer a much more managed systems that can generate a prioritized response.
What excites you about the future technological landscape?
The truly exciting aspect of this advanced security technology is the positive impact it can have on law enforcement. With video verification, law enforcement agencies are receiving real-time data streamed from individual to respond to emergencies more quickly and efficiently. When law enforcement embraces the latest technology, including video, it’s a win-win for everyone.
What really resonates is the fact that we can send video to law enforcement, not only for the purpose of immediately solving crimes but also allow law enforcement to gain critical information from a surveillance perspective for ongoing investigations. A recent report from Strategy Analytics says, “Support for video-verified alarms is growing among security companies, insurers, and law enforcement organizations. The appeal is twofold: video-verified alarm systems allow viewers to observe crimes in progress and provide meaningful evidence in the wake of a crime event.”
For dealers and integrators this is something that can help them grow their market share going outside their traditional model.
Any other thoughts about how dealers can best position themselves in the marketplace by marketing security and automation services?
Security dealers should position themselves as trusted, reliable information technology resellers and solution providers. They are connecting homes and small businesses to individuals who, upon emergency or notification alert, can provide an instant connection to law enforcement.
For the most part, these dealers don’t have the brand-name recognition of a large, national security company, so they need to anchor themselves with business and small homeowners connecting to emergency responders. They are the conduit that connects assets to law enforcement responders — sort of a missing link. Especially through the use of video verification, dealers can position themselves as a powerful weapon in law enforcement’s arsenal.
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