IoT has the potential to drive efficiency gains in the orders of magnitude. It can reduce waste, predictively maintain, and enable ongoing understanding of customer needs.
To realize these values, we need to go beyond technology- or application focused pilots. Instead, focus on the business problems or opportunities. This requires cross-functional co-operation and external domain expertise.
Here are our recommendations for scaling up your IoT initiatives to industrial scale:
- Focus on the underlying business problem or opportunity. Change the mindset around IoT from technology experimentation to which business value should be delivered.
- Understand how IoT amplifies value. A product that becomes part of the IoT network gains a persistent identity. It can be managed in the context of the entire network to deliver new types of value.
- Consider the physical nature of the environment. IoT connects the physical world that objects exist in, with the digital nature of data and management. Therefore, consider the interplay between objects and objects, objects and people, and objects and environment.
- Realize that “it takes a village” to unify all IoT ingredients. IoT connects sub-systems into an end-to-end system. This is what can revolutionize a business model. Doing this requires a broad base of knowledge, including the domain expertise of external partners.
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