Creating Business Value with Internet of Things and Data Analytics (Part I)

Creating business value through end-to-end Smart Connected Data-driven Strategies, activation of new product/service solution road maps, design of new customer experiences and business models, and change leadership around digital business transformation inside companies and within customer organizations is NOW a primary strategic and tactical challenge.

 

Rethink Your Enterprise's Relationship with Technology

Professor Michael Porter's Harvard Business Review articles about Smart Connected Data-driven Business strategy and business transformation make clear why the Internet of Things (IoT), Advanced Data Analytics combined with social, mobile, cloud technologies are causing enterprises to rethink their relationship with technology. And, in some cases, even to the point of asking themselves, "What business am I in?"

 
Smart Connected Data-driven Business approaches are changing intermittent customer journeys into ongoing 24x7 relationships. Turning many products into services. Delivering new understanding of customer experiences and prediction of performance from both old and new product/services. At the same time driving productivity, efficiency and quality to core business processes. Ultimately, changing the ways enterprises create growth, enterprise value and competitive advantage - while creating new possibility to lose to competitors and new entrants through digital disruption. And, in the process changing organizational structure, value chains, and even the fundamental way that enterprises conduct business.

Michael Porter's HBR Articles

 

How Smart, Connected Products Are Transforming Competition To understand the effects of smart, connected products on industry competition and profitability, we must examine their impact on industry structure. In any industry, competition is driven by five competitive forces...

How Smart, Connected Products Are Transforming Companies These are creating the first true discontinuity in the organization of manufacturing firms in modern business history. Many of the same organizational changes and challenges will spread to other fields as well...

 

Align Your Business With Emerging Hyper-Connected Customer Journeys(tm)

Mobile, Social, Commerce, Internet of Things (IoT) and Advanced Analytics are radically changing the nature of consumer experiences and even what a "brand" means. Turning physical spaces (retail, offices, stadiums, malls, casinos, concerts, events, outdoor spaces, hospitality) into real-time engaging customer experiences in a similar way to what Internet 2.0 did to virtual spaces. Turning products from simply physical "things" into platforms for delivering expanded customer experiences through services and more customer-focused business processes. Turning customer journeys into connected data-driven ones that are always collecting actionable insight, and creating contextual customer experience.

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Accredent's Connected Customer Journey(tm) approach is a proven framework for strategy, monetization, innovation and transformation of powerful connected data-driven offerings that can increase market share, customer satisfaction and profitability.

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Focus Your Value Creation Around Data-driven Interaction, Not Just Insight

1 billion digital natives expected to join the workforce over the next 7 years. 100 billion connected devices expected by 2025, leading to a trillion sensor ecosystem. In this hyper-connected era, future business models will depend on the availability of more data flowing through more systems, being accessed and used by more people as their lives become more and more centered on the modern customer journeys delivered by mobile, Social, Cloud, eCommerce and IoT. Data, and the analytical insights and interaction it provides, will be a key source (in some cases only source) of value creation and sustainable competitive advantage.

Learn more about connected customer journeys

Make IoT and Data Analytics A Primary Strategic and Tactical Business Focus

Creating business value through end-to-end Smart Connected Data-driven Strategies, activation of new product/service solution road maps, design of new customer experiences and business models, and change leadership around digital business transformation inside companies and within customer organizations is NOW a primary strategic and tactical challenge. Thoughtful organic and inorganic strategy, and well-led product innovation, user experience, and evolution of existing assets and intellectual property will be key to a positive goal-directed digital transformation capable of contributing to significant growth and value creation.

Don't Approach It As Just Another Business Value Creation Initiative

The journey to Smart Connected Data-driven Business Value Creation is a complex one. Difficult to get right, but important to do. Done right, connected data-driven business and product transformation offers significant opportunities for renewal, growth, and enterprise value creation. Done wrong, the process of creating value around the Internet of Things can place an organization into a painful Sisyphus-like proof-of-concept (PoC) design and revision cycle - a 2017 Cisco study shows about 60-70% of projects end their lives in this kind of "PoC Hell" - where the value creation initiative ends up in the same junk pile of history that one finds Google Glass. Get it right, your company and your future depends on it.

Accredent IoT Connected Data-driven Business Strategy and Transformation

For over eight years Accredent has been distilling ”What the Best Companies Do To Create Successful Internet of Things Data-driven Products and Services?" into strategic innovation processes and transformational frameworks.

Utilizing its strategy and transformational frameworks and in-depth use cases Accredent helps companies develop, implement and execute powerful IoT Connected Data-driven strategy, monetization, innovation and business transformation that can increase market share, customer satisfaction and profitability.

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 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

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

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

Manufacturers to Spend $267B in IoT Over 5 years

Investment in the Internet of Things by manufacturers will translate to billions in spending. BI Intelligence estimates that global manufacturers will invest $70 billion on IoT solutions in 2020. That's up from $29 billion in 2015.

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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

Where Will Your Business Be in 2020?

(c) 2016 Copyright Accredent LLC

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 Years

Many 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.

Learn More:

Connected Data-driven Business Strategy for Competitive Advantage and Business Transformation

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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

Following the Money in Today's Internet of Things

IoT has become the foundation of an entirely new way of doing business, as well as giving rise to entirely new businesses. There will be 100 billion connected devices expected by 2025, leading to a trillion sensor ecosystem. 1 billion digital natives expected to join the workforce over the next 7 years.   That said... Where is the money going today?

Breakdown of IoT Projects Worldwide as of August 2016   Src: IoT Analytics

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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

Technologies behind Internet of Things in 2016?

Internet of Things' Primary Technologies 2016+

INFORMATION AGE article: IoT demands an extensive range of new technologies and skills

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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

Where are Things Becoming Smart in 2016?

Internet of Things - Areas of Emerging Application2016

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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

How big is the IoT and how fast is it growing?

Growth of The Internet of Things Through 2020

 Sept 2nd 2016 Forbes article by Gil Press


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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

Internet of Things - Strategic, Disruptive and Transformational to Businesses

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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

Internet of Things Means Rethinking Your Enterprises' Relationship With Technology

 

 

Connected Data-driven Business Strategy

Professor Michael Porter's Harvard Business Review articles about smart connected data-driven business strategy and business transformation make clear why Internet of Things (IoT) and Advanced Data Analytics capabilities are more than just another set of technology tools. IoT and Data Analytics have become the foundation of an entirely new way of doing business, as well as giving rise to entirely new businesses. 

Smart connected data-driven business changes customer journeys into 24x7 relationships. It delivers new understanding and prediction of product performance and associated customer experiences. It adds new unparalleled productivity, efficiency and quality to core business processes. And, ultimately, changes the ways enterprises create growth, enterprise value and competitive advantage  - at the same time creating new possibility to lose to competitors and new entrants through digital disruption of your business.

Michael Porter's Articles on Connected Data-driven Business Strategy

How Smart, Connected Products Are Transforming Competition
How Smart, Connected Products Are Transforming Companies

  

Emerging Hyper-connected World of Mobile, Social, Cloud, Data and IoT

There will be 100 billion connected devices expected by 2025, leading to a trillion sensor ecosystem. 1 billion digital natives expected to join the workforce over the next 7 years.  In a hyper-connected era of mobile, social, cloud, big data, and the Internet of Things, future business models will depend on the availability of more data flowing through more systems, being accessed and used by more people

A Primary Strategy and Tactical Challenge For Business Going Forward

Formulating end-to-end digital strategies, leading the activation of new product/service solution road maps, designing new customer experiences and business models, and championing digital business transformation inside companies and within customer organizations will be a primary strategic and tactical challenge.  Thoughtful organic and inorganic strategy, and well-led product innovation, user experience, and evolution of existing assets and intellectual property will be key to a positive goal-directed digital transformation capable of contributing to significant growth and value creation. 

The journey to the new connected data-driven business is a complex one. Difficult to get right, but important to do. Done right, connected data-driven business and product transformation offers significant opportunities for renewal, growth, and enterprise value creation. Done wrong, business and product transformation can place companies into Sisyphus-like business model design and revision cycles, or can add their products to the same junk pile of history that one finds Google Glass. Get it right, your company and your future depends on it.

Accredent - Connecting Business with Internet of Things and Data Analytics for 8 Years

Many professional services organizations large and small are now entering as Internet of Things and Data Analytics digital end-to-end advisors, changing their business cards from whatever they said last year to now say Internet-of-Things and Data Analytics experts. Accredent has been connecting business, Internet of Things and Advanced Data Analytics for eight years. Please contact us and let us know how we can help.


______________________________________________________________________

Accredent specializes in the Business of The Internet of Things(tm). 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. accredent.com

Are You Ready for the "Business" of the Internet-of-Things?

 

Navigate digital disruption with an end-to-end digital business strategy.

Professor Michael Porter's recent Harvard Business Review articles on Internet-of-Things (IoT) make clear that it is about business transformation, not another tool. It has become the foundation of an entirely new way of doing business, as well as giving rise to entirely new businesses. There will be 100 billion connected devices expected by 2025, leading to a trillion sensor ecosystem. 1 billion digital natives expected to join the workforce over the next 7 years.  In a hyper-connected era of mobile, social, cloud, big data, and the Internet of Things, future business models will depend on the availability of more data flowing through more systems, being accessed and used by more people.

Formulating end-to-end digital strategies, leading the activation of new product/service solution roadmaps, designing new customer experiences and business models, and championing digital business transformation inside companies and within customer organizations will be a primary strategic and tactical challenge.  Thoughtful organic and inorganic strategy, and well-led product innovation, user experience, and evolution of existing assets and intellectual property will be key to a positive goal-directed digital transformation capable of contributing to significant growth and value creation. 


Professor Porter's HBR IoT articles can be found at the following links.

https://hbr.org/2014/11/how-smart-connected-products-are-transforming-competition
https://hbr.org/2015/10/how-smart-connected-products-are-transforming-companies

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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, analytics 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 businesseses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com