This Executive Scholar Exchange (ESE) provides a roadmap for large enterprises for IoT–led business transformation and how to exponentially increase the value derived from IoT investments. Among the key findings of this framework are the three stages of enterprise–IoT maturity:
Maturity level 1: Process efficiency using IoT–enabled data
Maturity Level 2: Building new revenue streams
Maturity Level 3: Business transformation leveraging IoT data–led insights
The Executive Scholar Exchange (ESE) describes how moving across different levels of maturity requires an IoT platform at the core. To that end, defining the right IoT platform strategy remains the key. The IoT platform can integrate with enterprise IT & OT systems and centralize data from all instrumented assets, making data visible to key stakeholders so they can make better, faster decisions. In addition, it provides the flexibility to modify the services needs over a period of time as the business needs change and evolve.
“Realizing value through the Internet of Things may begin with simple goals, but it can catapult a business towards new horizons. Full IoT maturity depends on cross–organizational commitment to identify new revenue sources, spurring innovation, investing in supporting technology and nurturing relevant skills,”said Stephanie L. Woerner, Research Scientist, MIT Sloan Center for Information Systems Research.
“The level of commitment to completing the journey depends on organization’s willingness to translate threats into opportunity by finding new sources of revenue in the face of changing industry trends, turning to innovation, investing in partnerships or acquisitions in case there is lack of capabilities in any specific area and finally ensuring organizational readiness.”
“Many companies have made inroads into use–case based IoT projects, but very few have embarked on transformative programs. It is only by doing so that these firms will reach the intended IoT goals of efficiency, profitable business models and gaining a competitive edge,” said Sukamal Banerjee, CVP& Global Head – IoT WoRKS, HCL Technologies.
“Defining the IoT platform strategy is the inflection point and there are four key components while choosing the right IoT platform – security, data analytics, scalability and agility.”