SQDM shares an article from the IT Knowledge Exchange portal, which invites companies to start thinking and designing the implementation of the Internet of Things in their lines of business. Undoubtedly, the Internet of things is an initiative that has come to stay and is offered in the article below, a practical guide to start thinking about it.
Internet-connected devices are everywhere, and the data generated by such devices continues to transform healthcare, manufacturing, consumer products, and many other market verticals. We are only seeing the beginning. It is expected that by the year 2020 there will be more than 20.8 billion connected devices in use worldwide. There is a large percentage of Internet of Things (IOT) decision makers who are already testing IOT solutions, or planning to do so within the next 12 months. Finding strategies that work for your business will be crucial to future success. Identifying the right strategy for IdC can result in new revenue opportunities, optimization of your products, better customer relationships, and more. The following steps should be crucial to achieving success on the Internet of Things:
- Think big, but start small
When a company starts thinking about the internet of things, the initial steps can be daunting. There are many ways that IdC can be leveraged so that finding the right starting place can seem like finding a needle in a haystack. It is suggested that companies first review their current offerings to identify an obvious use case, and then work to achieve it. Kevin Plank, CEO of Under Armour, was quoted as saying that the future of the Internet of Things will not be about devices that can be attached to the body, but about devices that can read biometric information. Plank recognized a huge opportunity for his company in using the existing infrastructure – that of an established fitness-clothing manufacturer – to create products that also offer a new service to its customers – one that can help them achieve their fitness goals. By taking advantage of this use case, the company has begun to take steps to make online fitness a reality around the world. The company now controls the world’s largest digital health and fitness community and has the infrastructure in place to help its clients achieve their fitness goals.
- Always have an income goal in mind
Companies should also remember to think about what the source of income will be, once they have launched their Internet strategy of things. The internet of things requires investment; management may want to spend time thinking about what they want to achieve in terms of product development and revenue goals, before they start. Thinking ahead will ensure that the time and effort invested in an Internet of Things implementation will be recouped in the long run.
- Keep your customers in mind
IdC implementations have the potential to transform an enterprise. However, it is the customer experience that will have the greatest impact. Be sure to keep your clients in mind while developing an IdC strategy. It will be crucial that you have a clear value proposition that resonates with your customer base and that also aligns with your current business offering, whether it is products, services or both. Taking the example of Under Armour, it is clear that the company kept its clients in mind when building a new service that put its clients’ goals first. Management ensured that one of the main focuses of their innovation through IdC was building strong and rewarding communities. Sales growth and client engagement were benefits, rather than the primary motivator for the entire initiative.
- Don’t wait for other companies to make the income that can be yours
There are IdC implementations happening right now, so it is time to start activities. As it happened with the Internet in the past, companies cannot ignore the innovation that is happening in IdC without running the risk of being left behind. Companies recognize that IdC has the potential to redefine existing business models and open up new ways of revenue and customer base growth. For companies to keep up, they must recognize that IdC is here to stay.
Read the full article, here.
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