Internet of Things Need To Focus More on Customer and Business Value Central Theme of IoT Business Strategy Panel at IoT Fuse 2017
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 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?
Accredent's IoT Strategy framework at Accredent's session at Product Camp 2017, Accredent shared its IoT Strategy and Connected Customer Journeys(tm) framework. 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.
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