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| 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 last year's IoTFuse Conference's keynote: IoT Strategy Roundtable. |
Connecting Business Success to IoT and Data Initiatives
Research by Sweden's Tele2 (Nasdaq: TLTO) concluded that lack of a clear connection to the business and the customers is a far greater barrier to IoT success than any technology concerns. Failure to successfully connect IoT and data analytics initiatives with the business can be devastatingly expensive in terms of lost opportunity, failed investment, and stalled momentum.
In 2018, 67% of organizations plan Internet of Things (IoT) and Data initiatives. Just 1.5% of executives have a clear vision of what IoT and Data 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 and Data 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.
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.
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.
Customer and business value are underdeveloped in many of IoT and Data 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.
What do the best companies do to create successful Internet of Things and Data-driven products and services?
Monetization?
Transformation?
AI?
Prototypes?
Clouds?
Data Lakes?
Platform?
Connecting your IoT and Data initiatives to the business and the customers 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 best practices-based based framework for connecting IoT and Data Analytics initiatives to the Business and Customers. This was based upon the same acclaimed material delivered at the 2017 Society of Concurrent Product Development (SCPD) national conference.
Accredent's frameworks and approaches for connecting IoT and Data Analytics initiatives to the Business and Customers is a proven approach for developing, implementing and executing powerful connected data-driven initiatives through Internet of Things and Data Analytics to 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.
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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 specialists in the industry. Formed in 2009 out four years of engagements with companies that pioneered many of today's Internet-of-Things connected and Analytics data-driven 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
