IoT Strategies for Diversified Businesses
by Josh Simi, on May 4, 2015
Call it what you will - IoE, IoT, or M2M - but it is undeniably here. And, it is suddenly the “thing” on every major corporate executive's mind, as it very well should be. A recent economic survey suggested that 95% of respondents expect their companies to be using IoT within 3 years, and 65% think companies without an IoT strategy will fall behind in the market.
The ability to connect, remotely manage, and monitor networked devices via the Internet is becoming pervasive. And the incredible rate at which IoT is growing has simultaneously created one of the biggest threats and growth opportunities for major corporations in recent memory.
However, building an IoT solution and, more importantly, an IoT strategy is more complicated than it may seem. There is no one-size-fits-all recipe and success is not guaranteed simply by adding connectivity to traditional devices. Instead, a significant level of skill in a wide variety of areas is necessary to connect traditional devices, skill that is rarely housed within a single organization. And much preparation is involved in ensuring an IoT solution makes economic sense. Whether its purpose is increased market share, product pull through, decreased costs, increased revenue, or simply staying relevant in the market place, there has to be an IoT business model that produces a ROI.
These issues are only further complicated when attempting to establish an IoT strategy within a diverse business, one with numerous divisions, product families, and businesses models. Based on our in-depth experience helping enterprises of every kind create successful IoT strategies, Exosite has put together a nine-step sequence to enable diverse enterprises to create clear IoT strategies that cut through the noise and complexity, and establish a common framework that can be leveraged by connected product families across an organization.