Anyone who’s ever been involved with a new system implementation knows that it’s easier said than done. The great statements made during the planning phase often fail to become reality, as the project becomes mired in complexity and unexpected obstacles. The same outcome could happen to many companies wishing to profit on the Internet of Things (IoT). Without a proven implementation methodology and a clear, cross-functional execution plan, the incredible potential of IoT may never be fulfilled.
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Digital doesn’t promise transformation unless the functional and independent components of an IoT solution are integrated. Done right, IoT offers the opportunity to build a vertically-integrated digital business that links to and is guided by strategy, serving the longer-term objective of ensuring a better customer experience of products, services, and a company’s brand.
Realizing such a vision and program is complex. It puts IT strategy at center-stage: having internal IT support and improving experiences at every touch point while staying connected to marketing and business development are critical.
Companies need to build smart products, develop smart processes, and design smart places that enable transfor¬mation across the extended value chain. Hence let’s understand the three Ps that are needed for integrating the discrete elements of IoT
- SMART “PRODUCTS”
- CALIBRATING SMART IOT “PROCESSES”
- DESIGNING SMART “PLACES"
Developing the next generation of connected products and services demands that organizations review the product life-cycle end-to-end—from conceptualisation, product development, engineering and commercialization. This is required to allow and leverage cloud-based, mobility, and analytics technologies.
Succeeding depends on design engineering platforms that span hardware, mechanical, firmware, and software; installation configuration and application user guides; verification processes and validation testing across unit functions and systems; updated manufacturing standards and environmental regulatory compliance; and life-cycle management across product, services, and applications.
Companies can achieve better business outcomes with IoT at scale. They can prototype and build digital business models. They can speed their time-to-market, better control total cost of ownership, and mitigate risk. They can improve capacity, leveraging new and evolving technologies. Thus they can benchmark to industry’s best practices.
Commercial operations can also transform their business. A “Smart Store,” for example, can bridge the digital and the physical—giving retail outlets a strategic advantage against online-only retailers. Insurers can benefit from visibility into how customers use connected buildings or smart homes, and can customize policies based on data about such use.
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With the insights explored, it is apparent that each industry requires a different approach to realize value, each organization its own solution. With foundational technology skills, accelerators, and strategic partnerships, you can help your client conceive and develop experimental pilots, build prototypes, and transition to IoT at scale.
Finally, with the above discussed 3 Ps viz., Smart “products”, “processes”, and “places”, do not forget to add a fourth crucial P: Smart “people” who help get these done.