• Home
  • Blogs
  • Services
    • Assessment
    • Strategy
    • Selection
    • Contracts
    • Execution
    • Improvement
    • Leadership
    • Education
    • Coaching
  • About Us
    • Our Team
    • Our Approach
    • Client Success Stories
  • Contact Us

Call us (612) 327-4628

mail@itdirections.com
ITDirections ITDirections ITDirections ITDirections
  • Home
  • Blogs
  • Services
    • Assessment
    • Strategy
    • Selection
    • Contracts
    • Execution
    • Improvement
    • Leadership
    • Education
    • Coaching
  • About Us
    • Our Team
    • Our Approach
    • Client Success Stories
  • Contact Us

Keys for IoT Success

Nov 7, 2016 | Posted by Anita Cassidy |

IoT (internet of things) network

We’ve all seen the ‘smart refrigerator’ commercial where the consumer uses their phone at the store to check whether they are out of milk. Smart devices are infiltrating our personal lives, whether it’s connecting our houses or cars. Many companies are rapidly investing in Internet of Things (IoT), which are Internet-connected devices with embedded sensors and mobile devices to provide actionable intelligence. Companies are integrating sensor and device data with analytics and enterprise applications to provide insights into business processes and operations.  Although IoT technology has been growing for several years; for many IT departments, IoT is a new frontier and a new responsibility.

Huge Growth and Impact

The projected growth in the IoT industry is staggering. IDC (May 2016) predicts IoT spending will grow from $692.6B in 2015 to $1.46 trillion in 2020, with a compounded annual growth rate of 16.1%. Installed IoT endpoints will grow from 12.1B to more than 30B in 2020. IoT has been enabled by breakthroughs in the cost of sensors, increased processing power, new processing capabilities for big data, ubiquitous wireless coverage, and increased bandwidth. IoT has been deemed as one of the major disruptive technologies with a broad impact on our personal lives as well as every industry.

Gartner Group identifies IoT as an immature technology in their Hype Cycle for Emerging Technologies. Although early adopters have had some bumps along the way, many have achieved significant payoffs from their investments. Cited benefits have included better asset utilization, improved customer experience & quality of service, faster decision-making, reduced costs, improved employee productivity & efficiencies, and increased revenue.  The technology is rapidly becoming a key force in strategic plans.

Keys for IoT Success

Following are key success factors as you plan your IoT journey:

  1. Know how you will use the data.  Begin by determining what information the business needs. Do not just collect the data because you can collect the data; make sure the information adds true business value and improved business outcomes. Know the purpose of the data, what business decisions you will make with the data, what data will add value, and how you will analyze the data.  Additionally, understand how the business processes around the data will function. Know the degree you will share the analytics and data with other stakeholders, such as customers, suppliers, partners, or departments.
  2. Plan for a tsunami of data. It is like trying to take a sip out of water out of a fire hydrant. Do not underestimate the volume of information you will receive. As stated by one organization, “Every two weeks we get the equivalent of all the data we have accumulated in the last twenty years.” Understand how you will store the data, what format the data will be in, frequency that you will make the data available, how you will filter, categorize and classify the data, how long you will retain the data, how you will summarize and roll up the data, and how you will dispose of the data.
  3. Partner with the business. For IoT to be successful, IT and the business must be converged. IT must rely on the business and operations for maximum insight into the data and how it will be used.
  4. Partner with multiple vendors. As IoT platforms are immature, product and technology categories are not yet clearly established within the ecosystem and there will be a lot of changes in the industry. Typically, needs cannot be satisfied by a single product or vendor. Make sure the role of each vendor is clear. Use the right tool for the situation rather than the adage if all you have is a hammer, everything looks like a nail. Leverage BI and cloud providers for collection, storage, and analysis of data.
  5. Architect for change. Use a layered and modular architecture so future changes in technologies or vendors can be accommodated. Ensure your entire ecosystem and API compatibility is planned and works in tandem with both the desired hardware and software.  Strive for interoperability between vendors where desired.
  6. Watch for infrastructure pitfalls. Reliability issues, interfacing issues, connectivity issues, privacy and security issues around the devices and network should not be underestimated. In all these areas, IoT will give us new, sophisticated, and fast-evolving challenges. Security issues were highlighted in the Target Corporation breach and many others that had network breaches compromise their confidential customer data.
  7. Crawl-walk-run. Start small, then expand your IoT footprint. Begin your journey with a small pilot to make sure you understand the full implications of this powerful new technology.
  8. Start with a smart strategy for smart things. Before diving into IoT, make sure you have clearly articulated and communicated the overall strategy. Know the business benefits and value you will obtain from the technology. Understand the entire investment and cost of ownership. Make sure you start with a vision of the end in mind. Ensure the organizational culture supports data-driven decision-making capabilities.

It is indeed an exciting time for IoT as we continue to evolve, implement, and take advantage of this powerful technology. IoT is clearly a priority and opportunity for almost all companies. As with any new technology, start your journey with a clear understanding of how you plan to use the technology and understand how it will obtain the value for your enterprise.  The capabilities, opportunities, vulnerabilities, and pitfalls of IoT will become clearer as we all proceed down the path. The biggest risk may be doing nothing.

Contact us if you need help discussing or planning your IoT journey!

Tags: IoTStrategy
Share

About Anita Cassidy

Anita has over 30 years experience in executive management of IT. She is experienced in strategic planning, e-business strategy, process improvement, IT assessments, software selection, temporary IT leadership, and CIO mentoring.

You also might be interested in

E-Commerce & Cyber Shopping Changes Everything

E-Commerce & Cyber Shopping Changes Everything

Dec 29, 2015

The day after Thanksgiving was always a standing event and[...]

The Business Impact of Top Technology Trends

The Business Impact of Top Technology Trends

Jul 18, 2017

I was recently asked, “What do you think are the[...]

Jump Now! Don’t Wait to do Your Digital Strategy & Transformation!

Jump Now! Don’t Wait to do Your Digital Strategy & Transformation!

Dec 20, 2015

You’ve probably heard the story of a frog in a[...]

Latest Posts

  • When 10% is Better Than 90%
    When 10% is Better Than 90%
  • Planning Innovation for Differentiation & Disruption
    Planning Innovation for Differentiation & Disruption
  • Barriers to Achieving Best Practice
    Barriers to Achieving Best Practice
  • The Value of an ERP Evaluation/Selection
    The Value of an ERP Evaluation/Selection
  • Six Tips for an Innovative IT Organization
    Six Tips for an Innovative IT Organization

Recent Tweets

  •  http://t.co/6jSchKgC2B 
  • 7 months ago
  • New article by ITDirections! Six tips to have an innovative IT organization.  http://t.co/xtSmg6o6XB 
  • 1 year ago

Follow @IT_Directions

Article Tags

Agile Assessment CIO role Coaching Contracts CRM Customer Experience Digital Strategy Distribution Education ERP ERP Evaluation ERP plan ERP Selection ERP Vendor ERP vision Execution Governance Harmonization How to replace ERP How to Select ERP Implementation Improvement Innovation IoT IT governance IT Investment IT Leadership Justify Legacy Systems Microsoft CRM Negotiation Non-Profit Non Government Organization Projects Proof-of-Concept Restaurant Retail Roadmap Selection Shadow IT strategic strategic plan Strategy Trends

Contact Us

We're currently offline. Send us an email and we'll get back to you, asap.

Send Message

Our Services Summary

Logo
Minneapolis and Phoenix Based Consulting Firm
We are Focused on Your Results

Client Success Stories

  • CRM Proof-of-Concept for a Distributor
    CRM Proof-of-Concept for a Distributor
  • ERP Selection for a Distribution & Services Company
    ERP Selection for a Distribution & Services Company
  • Route Accounting Implementation for a Service Organization
    Route Accounting Implementation for a Service Organization

Contact Us

  • Barb Zimmerman and Anita Cassidy
  • ITDirections
  • 5775 Wayzata Blvd, Suite 700, St. Louis Park, MN 55416
  • (612) 270-7066 and (612) 327-4628
  • mail@itdirections.com
  • itdirections.com

© 2019 IT Directions | All Rights Reserved

  • Home
  • Blogs
  • Services
    • Assessment
    • Strategy
    • Selection
    • Contracts
    • Execution
    • Improvement
    • Leadership
    • Education
    • Coaching
  • About Us
    • Our Team
    • Our Approach
    • Client Success Stories
  • Contact Us
Prev Next