If your business is tired now, analyst forecasts suggest that you’ve seen nothing yet. Gartner predicts that 95% of new designs for electronic products will be IoT-enabled by 2020. According to Forrester Research, these innovations will go beyond your garden-variety “capture and generate intelligence” capabilities. IoT devices are getting smarter and more powerful and will soon reach a point where data is stored and processed closer to the information source. In other words, most data will be consumed at the edge of computing instead of a central server thousands of miles away.
These analyst predictions are just the start of what businesses can achieve with the IoT. The real potential comes from what people do with these things once they are connected and supplying data.
Build IoT-driven value by aligning resources and services
The IoT has matured to the point where it can transition from function enabler to proactive problem-solver. To take full advantage of this development, businesses will need to address three areas of their IT infrastructure.
At the earliest stages of an IoT initiative, business plans, goals, opportunities, challenges, project plans, and technical and system landscape issues are reviewed and discussed by a team comprising executive leadership, functional managers, stakeholders, and technical experts. Once consensus is reached, a strategic roadmap of the engagement is mapped out. The project is then monitored over time with a balanced-scorecard approach to define objectives intermittently and track performance based on jointly determined metrics, while the action plan is used to power the achievement of value-generation targets.
Get ready for the next stage of IoT integration, value, and action
The IoT certainly has the capacity to forever change entire industries, marketplaces, and societies. But such staggering leaps forward rarely – if ever – happen in a vacuum. What’s really needed is collaborative coordination, structured governance, and full leadership commitment, which can help businesses deliver the capabilities that can push them towards success, not over the edge.