Creating business value through end-to-end Smart Connected Data-driven Strategies, activation of new product/service solution road maps, design of new customer experiences and business models, and change leadership around digital business transformation inside companies and within customer organizations is NOW a primary strategic and tactical challenge.
Rethink Your Enterprise's Strategic Relationship with Technology
Professor Michael Porter's Harvard Business Review articles about Smart Connected Data-driven Business strategy and business transformation make clear why the Internet of Things (IoT), Advanced Data Analytics combined with social, mobile, cloud technologies are causing enterprises to rethink their strategic relationship with technology. And, in some cases, even to the point of asking themselves, "What business am I in?"
Smart Connected Data-driven Business approaches are changing intermittent customer journeys into ongoing 24x7 relationships. Turning many products into services. Delivering new understanding of customer experiences and prediction of performance from both old and new product/services. At the same time driving productivity, efficiency and quality to core business processes. Ultimately, changing the ways enterprises create growth, enterprise value and competitive advantage - while creating new possibility to lose to competitors and new entrants through digital disruption. And, in the process changing organizational structure, value chains, and even the fundamental way that enterprises conduct business.
Michael Porter's HBR Articles
How Smart, Connected Products Are Transforming Competition To understand the effects of smart, connected products on industry competition and profitability, we must examine their impact on industry structure. In any industry, competition is driven by five competitive forces...
How Smart, Connected Products Are Transforming Companies These are creating the first true discontinuity in the organization of manufacturing firms in modern business history. Many of the same organizational changes and challenges will spread to other fields as well...
Align Your Business With Emerging Hyper-Connected Customer Journeys(tm)
Mobile, Social, Commerce, Internet of Things (IoT) and Advanced Analytics are radically changing the nature of consumer experiences and even what a "brand" means. Turning physical spaces (retail, offices, stadiums, malls, casinos, concerts, events, outdoor spaces) into real-time engaging customer experiences in a similar way to what Internet 2.0 did to virtual spaces. Turning products from simply physical "things" into platforms for delivering customer experiences and customer-focused business processes. Turning customer journeys into connected data-driven ones that are always collecting actionable insight, and creating contextual customer experience.
Focus Your Value Creation Around Data-driven Interaction, Not Just Insight
1 billion digital natives expected to join the workforce over the next 7 years. 100 billion connected devices expected by 2025, leading to a trillion sensor ecosystem. In this hyper-connected era, future business models will depend on the availability of more data flowing through more systems, being accessed and used by more people as their lives become more and more centered on the modern customer journeys delivered by mobile, Social, Cloud, eCommerce and IoT. Data, and the analytical insights and interaction it provides, will be a key source (in some cases only source) of value creation and sustainable competitive advantage.
Make IoT and Data Analytics A Primary Strategic and Tactical Business Focus
Creating business value through end-to-end Smart Connected Data-driven Strategies, activation of new product/service solution road maps, design of new customer experiences and business models, and change leadership around digital business transformation inside companies and within customer organizations is NOW a primary strategic and tactical challenge. Thoughtful organic and inorganic strategy, and well-led product innovation, user experience, and evolution of existing assets and intellectual property will be key to a positive goal-directed digital transformation capable of contributing to significant growth and value creation.
Don't Approach It As Just Another Business Value Creation Initiative
The journey to Smart Connected Data-driven Business Value Creation is a complex one. Difficult to get right, but important to do. Done right, connected data-driven business and product transformation offers significant opportunities for renewal, growth, and enterprise value creation. Done wrong, business and product transformation can place companies into Sisyphus-like business model design and revision cycles, or can add their products to the same junk pile of history that one finds Google Glass. Get it right, your company and your future depends on it.
Learn more at accredent.com
Next article in this series: How to Develop a Successful IoT Connected Data-driven Strategy.
(c) 2017 - Accredent, LLC - All rights reserved
Accredent specializes in the Business of The Internet of Things and data analytics. 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