IoT Strategy and Readiness Part II: Preparing to Execute IoT Strategy

More and more companies are utilizing the Internet of Things (IoT) to achieve business advantages. However, IoT development is still new terrain for many organizations. As a result, completing IoT projects efficiently and cost effectively can be challenging.

In order to reap the rewards of IoT, the first step that businesses must take is the creation of a comprehensive, thorough, yet targeted IoT strategy. From there, businesses must honestly and accurately assess how “ready” they are to execute their strategy via an IoT readiness assessment.

To address these critical elements for success, KORE’s President and CEO Romil Bahl provides insight in a two-part report series on IoT Strategy & Readiness. This blog provides a summary of Romil’s insights on determining IoT readiness.

An IoT readiness assessment involves evaluating an organization’s IoT maturity based on two main criteria: IoT vision and technical capabilities.

IoT Vision

A company’s IoT vision measures organizational knowledge of IoT technologies and how, where, and when to apply them to its business processes. Key areas to consider when evaluating IoT vision include:

• IoT Alignment – It is important for leadership teams to agree upon what IoT means for their business, and how it will be applied to generate value and achieve business goals. Goals may include improving operational efficiencies to reduce costs, enhancing existing products or services to create better customer experience, or creating new business models for increased revenues.
• Executive Buy-in and Support – To bridge the gap between technology, business, engineering, development, and operations organizations, project leaders across the business must be dedicated to IoT success, proactively facilitate innovation in IoT with cohesive, strategic communications, and commit to significant investments in educating employees.
• Operational Agility for Change Management – IoT is changing employee, company, partner, and stakeholder experiences and expectations. Therefore, an important step in assessing an organization’s ability to successfully deploy IoT is to evaluate its capacity to change.
• Knowledge of the Business Processes and of IoT Technologies – IoT projects should target specific business applications or processes that the company intends to improve or enhance with IoT, and how IoT technologies will be implemented to transform these operations.

Technical Capabilities

The technical capabilities assessment measures the technical knowledge and resources within the company to design, develop, deploy, and manage the IoT solution. Key areas to consider when evaluating technical capabilities include:

• IoT Expertise and Skillsets – Businesses should examine internal resources to identify if the right talent and skillsets are in place to create and execute against an IoT strategy.
• Traditional Technology and IT Capabilities - By assessing an organization’s traditional technology and IT capabilities, insights can be uncovered as to how ready it is for IoT. IoT solutions will require high levels of cooperation between IT and the operational technology (OT) groups and systems.
• Existing Technology Partnerships - The IoT ecosystem is complex, involving service providers, module manufacturers, connectivity providers, system integrators, and device manufacturers among many others. Evaluate existing partnerships for their ability to contribute, discover efficiencies of scale, and eliminate redundancies. Engage a trusted partner to help navigate the overwhelming number of partnerships, enabling internal teams to focus on data, insights, and outcomes.

IoT is expected to revolutionize businesses in virtually every industry. It offers opportunities for breakthrough growth strategies and presents complex challenges. As with other emerging technologies, the IoT is inspiring organizations around the globe to innovate and excel.

Next Steps

For more information on determining your IoT readiness, take our IoT Readiness Assessment. Also see our previous blog covering part I of the IoT Strategy and Readiness report, providing insight on developing an IoT strategy.