September 7, 2016

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Why is it the right time to invest in IoT? Part 2 of 2

My first blog covered in detail the need for an IoT strategy and how can you fully realize the value of IoT .This is the second part of my blog where we will discuss the approach for architecting your IoT strategy.

IoT Adoption – Together we Can!

To drive IoT adoption the real focus should be on connecting capital-intensive physical infrastructure or assets, such as plants, hospital equipment, electric grids, field vehicles and pipelines. We have to recognize that an IoT program will not mean the same thing to everybody. It will all depend on the business problem that you want it to solve.

We will need to define - what is the fundamental problem in your business that needs to be targeted as it relates to the asset value chain. It is most likely that IoT will be a solution. It’s also possible today with the massive power of Big Data and Data Science to parse the data being generated to identify potential problem areas and also their solution.

Across the world there are many examples of companies that are using smart connected devices to transform how they operate – smart vending machines that flag when they need replenishment, connected cars that sense problems before they become catastrophic, intelligent grids that automatically monitor and optimize energy production, telematics that allow the location, movements, status, and behavior of fleets of vehicles to be monitored, even smart elevators that reduce waiting time. IoT hence is not the future. It is here!

Given the complexity involved across a spectrum of technologies, business impact areas to choose from, the orchestration of process and people practice-related changes to be implemented – the adoption of IoT has to be looked at like a journey. We strongly recommend that to harness this significant potential an approach is defined as below:

  1. Establish clear business objectives for your IoT program
    1. Identify business processes that could be streamlined to realize efficiency
    2. Identify new opportunities to offer new value to your customers – both “within the four walls” and “outside the four walls” of the enterprise.
    3. Identify opportunities of adjacencies both at functional and industry level
  2. Establish definitive roadmap for business outcome & technology roadmaps, however with clear focus on an agile flexible approach that can support the business requirements identified.
  3. Identify & leverage right partners from IoT ecosystem – Consulting, Technology Integration, Technology Partners, specialist teams in new areas of technology leverage. Partners who are committed to a Journey!
  4. Invest in your own teams with right blend of process knowledge, technology & skillsets that drive transformation and change management.
  5. While clearly some of this will be journey into unfamiliar territories there has to be framework of governance for Innovation, Risk Management and Change Management to drive the journey forward

What makes a symphony sound so great? The violins, flutes, clarinets or trumpets? None of them alone but all of them together. Likewise, IoT is too huge an opportunity and a challenge to create magic in isolation.

It’s “Now or Never” to start the journey

With billions of dollars of business value at stake, real disruption potential approaching fast on your rear view mirror and the journey of IoT adoption being neither overnight nor a straight-line journey, it has to start now. With its disruptive potential else – “It’s Now or Never”.