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

Tuesday, November 29, 2016

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

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?

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

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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

Connecting IoT & AI to Smart Business Growth

Longest serving specialists and thought leaders in IoT/AI Data-driven "smart business". Over its 14 years, Accredent has become successful by partnering with companies, leaders and teams to capture growth opportunities and digital transformation, create winning digital strategy and business models, undertake M&A, develop digital business ventures, digitally strengthen the performance of existing assets and capabilities, and ensure success with IoT-, Data- and AI-driven operations, customer experience and journey design, product and service offerings.

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Accredent is a full-service team of strategists, designers, technologists, workshop leaders who enable new ventures and existing companies to become successful Internet of Things and AI-enabled connected data-driven businesses. We are experienced leaders in digital innovation, monetization, and digital business building, helping clients to launch new digital business ventures and capture opportunities, as well as strengthen the performance of existing assets and capabilities.

Understand.

It all starts with the business. Winning in IoT and Analytics begins with a deep understanding of industry dynamics, customer value, business models, transformational advantage. From the right business ideation comes successful commercial and operational opportunity.

Design.

Its not enough to have a concept. Value creation means bringing the idea to life in a way that is meaningful – creating a business model, compelling user experience and operational excellence, designing it, prototyping it and getting the organization and the customers ready to realize it.

Realize.

Its not glamorous to move past proof-of-concept - its hard work to realize value from IoT and Analytics initiatives. It means architecting a solution and making sure it gets built and launched on time and budget – all the while connecting it with customers and channels, securing internal stakeholders, and building organizational capabilities to deliver it on an on-going basis.

Learn more at accredent.com

Accredent is headquartered in Minneapolis, Minnesota, and supports clients near and far.

Contact Accredent

info@accredent.com

Accredent LLC
3800 American Blvd West
Minneapolis, MN 55431 USA

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