In It for the Long Haul: Long-Term IoT Strategies
by Exosite, on November 10, 2016
This week in our Enterprise IoT Framework series, we’ll be covering the issues that come up when trends take over and plans fall by the wayside. As an industrial IoT platform provider, we know that jumping right in may be tempting and sometimes it takes far too long to take the plunge.
In a recent survey, Fortune 500 CEOs were asked about their single biggest challenge. The number one answer was the rapid pace of technological change. The world is turning digital, and it has never been easier to rapidly assemble technology solutions to meet new market needs.
If we measure technology by the speed at which it can be deployed to reach 50 million customers, we see that the telephone took seventy-five years. Facebook took three years and eight months. And Pokemon Go took nineteen days. Fast is indeed the new big—it is no longer about the big fish eating the small fish, but rather the fast fish eating the slow fish.
Forward-looking companies find ways to innovate quickly, efficiently absorb non-core external technology, and disrupt traditional business structures. Conversely, stagnant organizations (e.g., Eastman Kodak) become historical case studies. Although it is unclear how IoT will unfold over the next decade, it is nearly certain that the way organizations respond to the trend of product digitization will define their ability to compete.
Organizations with multiple business units cannot afford to build multiple IoT platforms. Therefore, a unified IoT strategy is needed that can meet the needs of each business unit, yet be flexible enough to grow and change with the business as it evolves.
Stay tuned next week for the best practices to avoid creating a short-term solution instead of a sustainable system. To skip ahead in our white paper discussion, download the full white paper below. If you’d like to get started with an IoT platform, test out Murano for free!