Tuesday, November 29, 2016

Connected Data-driven Business Strategy - A Primary Barrier to Internet of Things Success

(c) 2018 Copyright Accredent, LLC

Research by Sweden's Tele2 (Nasdaq: TLTO) concluded that lack of a clear business strategy is a far greater barrier to IoT success than any technology concerns.

In 2018, 67% of organizations plan Internet of Things (IoT) initiatives. Just 1.5% of executives have a clear vision of what IoT will do for them.

The telco, which serves about 15 million customers, found that 60% of respondents picked "lack of strategy" over considerations including finance, technology and "lack of competence" when asked what they believed was the chief barrier to IoT success.

The feedback suggests many organizations do not have a clear understanding about what they are trying to achieve and is a source of the unusually lack of success in many IoT and their related data projects.

60% of IoT initiatives stall at the Proof of Concept (PoC) stage and only 26% of companies have had an IoT initiative that they considered a complete success.

Customer and business value are underdeveloped in many of IoT offerings. A 2017 study conducted by Cisco shows that 60 percent of IoT initiatives stall at the Proof of Concept (PoC) stage and only 26 percent of companies have had an IoT initiative that they considered a complete success. Even worse: a third of all completed projects were not considered a success.

Industry luminaries Kent Strand of Accredent, Ashis Bhattacharya of Winnebago and John Hogue of General Mills discuss the critical need for Internet of Things strategies and initiatives to focus more on customer and business value and less on technology at IoT Fuse 2017 Conference's keynote: IoT Strategy Roundtable.

In the meantime, the best companies are successfully bringing to market smart connected data-driven offerings and operations are changing business models, the nature of customer value, and even the basis for competition. Businesses and industries are being disrupted and transformed at an accelerating pace.

What do the best companies do to create successful Internet of Things products and services?





What do the best companies do to create successful Internet of Things products and services? A customer-focused connected data-driven business strategy has proven a very good place to start.

Internet of Things and data analytics driven digital experiences are fundamentally transforming customer intimacy and brand affinity, changing how we compete for customer attention, and digital operations are changing how we operate our businesses.

At Accredent's session at Product Camp 2017, Accredent shared its IoT Strategy and Connected Customer Journeys(tm) best practices-based frameworks. The same acclaimed material delivered at the 2017 Society of Concurrent Product Development (SCPD) national conference.

Accredent's IoT Strategy framework with Connected Customer Journeys are a proven approach for developing, implementing and executing powerful connected data-driven strategy that can increase market share, customer satisfaction and profitability.

Learn how IoT and analytics, products, physical spaces, mobile, social, commerce, and operational interactions are converging to deliver compelling new customer experiences and laying the groundwork for a whole new more agile operational business reality.

See the technologies and platforms that make this happen and understand how businesses are utilizing connected customer journeys for their own offering and operational success, and company digital transformation.

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Accredent specializes in the Business of The Internet of Things and data analytics. At nine years old, Accredent is one of most established IoT Strategy and Business Development specialists in the industry. Formed in 2009 out a four year strategy, M&A, and offering development engagement with companies that pioneered many of today's Internet-of-Things connected technologies, business cases and use cases. Contact Us 

Accredent has been successful partnering with business leaders of corporations, operations and product teams, and emerging ventures to develop and transform their businesses, accelerate revenue, growth and enterprise value through the Internet of Things and data analytics. accredent.com