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Gartner's recently released Top 10 Strategic Technology Trends for 2017 confirms what leading edge companies and emerging technology ventures have already known for several years now. "The world is becoming an intelligent, digitally enabled mesh of people, things and services. Technology will be embedded in everything in the digital business of the future, and ordinary people will experience a digitally-enabled world where the lines between what is real and what is digital blur. Rich digital services will be delivered to everything, and intelligence will be embedded in everything behind the scenes. Gartner calls this mesh of people, devices, content and services the intelligent digital mesh." This intelligent digital mesh IS the model behind what we have come to call The Internet of Things, and this model has crossed the chasm to begin to become the basis for where every business is now headed in one way or another.
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The Challenge Remains How to Create Business Value From It
Managers and employees need to recognize that Internet of Things is not simply a technology, but a new way of doing business. It means a 24x7 relationship with customers. It means employing analytics to understand and predict product performance. It means adding productivity, efficiency and quality to core business processes. Its means a new ability to create growth, enterprise value and competitive advantage through digital transformation of your business - and a new possibility to lose to competitors and new entrants through digital disruption of your business.
The Gartner report is a very good description of the convergence of the technology pieces that is creating the basis for a modern Internet of Things digital business. The challenge remains how to put these pieces together and transform a business into a digital one that delivers growth and enterprise value, sustainable competitive advantage, compelling valuable experiences for your customers, efficiency and effectiveness for your processes, engagement of your employees, and greater customer lifetime value from your products and services. At the same time, ensuring that new entrants with digital solutions don't disrupt existing business. Having a clear business strategy will be important. As will strong execution that doesn't get bogged down in endless proof-of-concept, and delivery of service failure.
As one can see from the graph at the beginning of this article, there is some urgency to do this. The modern Internet of Things way of doing business is finding its way into more and more industries and more and more "things" at an accelerating rate.
Unfortunately, a survey by Sweden's Tele2 (Nasdaq: TLTO), 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 Internet of Things adoption within their organization. The feedback suggests many organizations are holding back on making Internet of Things investments because they do not have a clear understanding about what they are trying to achieve.
Connecting Business Strategy with Internet of Things for Eight YearsMany professional services organizations large and small are now entering as Internet of Things end-to-end digital business advisors, changing their business cards from whatever they said last year to now say Internet of Things experts. Accredent has been connecting business strategy and Internet of Things for eight years. We can help.
Connected Data-driven Business Strategy for Competitive Advantage and Business Transformation
Accredent specializes in the Business of The Internet of Things(tm). Formed in 2009 out a four year strategy, M&A, and business development engagement with companies that pioneered many of today's Internet-of-Things connected technologies, business models 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. accredent.com