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.

(c) 2018 Copyright Accredent, LLC

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

Strategy?

Innovation?

Monetization?

Transformation?

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.

Contact Accredent to learn more:

Accredent LLC
3800 American Blvd West, Suite 1500
Minneapolis, MN 55431 USA

+1 (612) 460-0102

info@accredent.com

accredent.com 

((c) 2018 - Copyright Accredent, LLC - All rights reserved

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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

Machine Intelligence Landscape Continuing To Grow

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Harvard Business Review Article

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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

Accredent Selected As Judges For National University Data Analysis Competition

National University Data Analysis Competition Focused On Water Quality

On November 5th, students from all across the United States met in Minneapolis to compete in MinneMUDAC’s University Data Analysis Competition. Two Accredent Principals - Jennifer Nowlin and Kent Strand - were invited to judge the 39 graduate and undergraduate teams in an all-day competition held at United Healthcare's Optum campus.

The students were given the challenge to work with three core water quality-related data sets and derive actionable insights from their analysis. The data sets were ugly, the data transformation messy, yet these students dug in, used their creative and scientific minds to showcase their data story to judging teams that consisted of industry & data experts from companies such as General Mills, Mayo Clinic, Teradata and Accredent.

Hats off to the teams, coaches, the MinneMUDAC organizers, and other judges for doing a great job! Truly excellent analysis of seriously demanding data, professional presentations, and great actionable insights.  

Finalist Presentation

Thanks to all the wonderful students who stopped by our table at the career fair.  It was a pleasure speaking to such talented and enthusiastic up and coming professionals.  We look forward to continuing our discussions with you about future internships and career positions.

Accredent Principal Jen Nowlin at Accredent Career Fair Table

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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

The Importance The Business Model in IoT Innovation

 

Is Your Internet of Things Innovation Failing The Value Creation Test?

A recent study of Internet of Things projects around the world found the majority of them are stuck in proof of concept.  In many cases, the problem could be traced back to underdeveloped business models.

A fundamental value creation challenge in a connected data-driven offering is finding innovation that creates customer value, changes the basis of competition and creates structural advantages that, in turn, creates sustainable enterprise value. Even the most creative business ideas can fail this value creation test when the innovation discussion centers solely on creating value through an operational process, a product, a services or a market innovation. A study by the IBM CEO Report explored how companies distribute their innovation efforts. While most businesses applied some effort into innovating across the board, business model innovation received the least attention.

Source: IBM CEO Report

However, Companies focused on business model innovation delivered 5% higher five year compound annual growth rates. While businesses focused on product, service, or market innovation saw only slight growth. Those primarily applying process innovation were actually worse off.

Source: IBM CEO Report

The reason is simple, technology is changing the basis of competitive advantage. Whereas it may have taken 18 months for a competitor to copy a new product, service or process in the past, the time is now often down to 6 months or less in many sectors.

A thoughtfully planned and well executed Internet of Things customer experience-driven business model innovation can change customer value, basis of competition, and create sustainable structural advantages that can take even the best "fast follower" several years to emulate.

Internet-of-things customer experience and business model innovation is complex. Difficult to get right, but important to do. Done right, it begins a never ending customer journey that always is capturing insightful data, and using that data to create a continuously improving customer experience and business model. Done wrong, an internet of thing customer experience and business model innovation can place companies into a Sisyphus-like proof-of-concept design and revision cycle, or can add a product to the same junk pile of history that one finds Google Glass. Get it right, your company and your future depends on it.

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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

IoT Partnerships - Are All Your Oars in The Water?

(c) 2016 Copyright Accredent, LLC

Partner engagement is critical for future success in the Internet of Things.

Given the complex nature of the Internet of Things business and technology value chain, ecosystem engagement will be critical to the ability of many businesses to take full advantage of the new growth opportunities offered by, and prevent the disruption possible from, the increasingly pervasive and converging technologies around internet-of-things. The ecosystem, that is, a network of strategic alliances, partners, vendors, evangelists, integrated providers, and specialist business consultants that revolve around a company’s technologies and offerings can make or break sustainable growth in a variety of ways.

Complete the Value Chain. 

 

Internet of Things use cases require differing sensors, gateways, communications, platforms, big data, analytics, visualization, mobile, social, commerce, and security from technology vendors large and small.

Complete Your Place in The Ecosystem.

 

Internet of Things solutions are delivered in the larger context of a large industry ecosystem of differing players, solutions and technologies.  Without a sustainable position for your company within this ecosystem cemented through key alliances and reference customers you will not likely emerge with any value from the Internet of Things tornado.

Accelerate Revenue and Profitability.

Alliances create growth through access to new market opportunities and yield incremental sales. Well structured and properly managed alliances and business development relationships deliver go-to-market efficiency and effectiveness, bottom line improvement, shorter sales cycles and competitive barriers.

Accelerate Access and Reach.

Partnerships give access to companies with whom you would not normally be able to do business. Building alliance strategies with global partners gives you the reach necessary to support new customers worldwide.

Accelerate Market Positioning.

A company's credibility and market positioning improves through close association with brands that have trust and respect in the market. Developing marketing alliances with market leaders expands a company's access to low-cost high-quality sales leads.

Accelerate a Successful Exit.

Companies that see acquisition as their path to liquidity can use strategic partnerships. Deep alliance relationships often become mergers and acquisitions. Building business development strategies sets the stage for a successful exit in the future.

Next article in this series: Changing nature of Internet of Things end-to-end partnerships.

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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 and emerging ventures to develop and transform their businesses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com