Is your business ready to capitalise on IoT in 2017?
Staying one step ahead of the market is what separates the companies that sustain growth from those that optimise their growth by continually taking it to the next level. Businesses with a growth mindset are not resting on their laurels; they are not satisfied with keeping up the status quo – instead, they are actively looking for ways to up their game.
Just in case you have been so buried in your day-to-day that you haven’t come-up for air in the past year – here is a news flash – the Internet of Things is taking the world by storm and it is not just for B2C products. In fact, the most substantial impacts are expected to be the result of enterprise implementations of IoT technology.
Global spending on IoT technology-based products and services by enterprises is predicted to grow to $253 billion in 2021, attaining a 16% CAGR. IoT Technology Services spending alone is expected to grow at 17% CAGR in the next five years to reach $143 billion in 2021.
The greatest impact on businesses will be found in full-penetration of connected technologies into businesses practices. This is not simply a matter of swapping the office’s fluorescent light bulbs with smart bulbs. It is adapting both internal tools and your product offerings to incorporate connected technology.
Do your products require maintenance? If so, are they currently capable of communicating via a live feed to your maintenance group so that you can accurately pinpoint when a maintenance action will be required? What about your production line? Do you know precisely how long it takes for each value stream to complete their action? What could you do if you could control machine actions from a comprehensive dashboard and quickly see the impact of small changes in your production line?
Every industry has an opportunity to capitalise on the innovation offered through connected products. Whether your company is heavily centred in the tech space or not – farmers, auto manufacturers, oil and gas workers and of course, the producers of microchips and connected hardware can each benefit from the adoption of connected products.
How? Connected products provide information. Not just useless information but the kind of seriously valuable insight that shapes actions. With the data provided through connected sensors in the field, businesses can better understand how their products perform in specific conditions. This information allows engineers to create designs that outperform not only previous designs but the competitor’s designs as well.
Getting in the game
For those businesses that have not yet embraced IoT and begun the process of implementing connected technology both internally and externally, the prospect can seem daunting. After all, the best impact comes from understanding where implementation would lead to the greatest return.
If 2017 is the year your business embraces connected technology and begins to reap the benefits of IoT products, here are a few guidelines for ensuring that your implementation is smooth and your adoption rates soar.
- Publicize your company’s business objective for your IoT program. When your people understand why things are changing and the expected benefits, embracing that change becomes much easier.
- Thoroughly review your product offering and every customer touchpoint to see where connected technology can offer improvements. This starts with development and moves through design, testing, sales and marketing, manufacturing, shipping, customer service and maintenance.
- Identify potential partners in the IoT ecosystem. This includes consultants, software developers, hardware manufacturers and data analysts. Knowing where to turn for help is critical to ensuring a smooth implementation.
Connected technology is not a trend or a fad; in fact, we are only beginning to feel the first ripples of IoT implementations. In the coming years, every aspect of business will be impacted by connected technology; changing the way business is done on every level.
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