IOT is cool, but is that enough ?
image picked from the net - (c) jklossner

IOT is cool, but is that enough ?

Companies begin an IoT journey with great expectations, only to end up with disappointing business results, like we did a few years back. Recent estimates indicate  that a major section of the IoT implementations will squander opportunities to transform and fail to monetize IoT data. Another survey by Cisco found that "close to three-fourths of IOT projects are failing".

What i have observed over the years is that organizations achieved their expected financial results changed their traditional business approaches in one or more ways

They created an ecosystem for innovation.

Do you know what my favorite renewable fuel is? An ecosystem for innovation. - Thomas Friedman

IOT is all about inter-connectivity, which is more than just connection between devices. It has a lot to do with connection between partners, customers, suppliers and also the end consumers. Thus, IOT is now driving a shift in the business models from a one company does it all to a let's build it together approach. This clearly means that companies must dust off the traditional approaches of proprietary designs, closed systems and processes. They will now have to embrace a new model that is open and flexible and allows partners to solve business and technology problems together. No single company, deploying only its own products or services, can capture all of IoT’s value by itself, and certainly not with the speed required in today’s digital market. Companies need to find a way to willfully co-exist in this domain

IOT is not only about technology

Making good decisions is a crucial skill at every level. - Peter Drucker

IOT does require an expanse of new technological skills. And this is a big range starting from data science and analytics to security, including systems level architecture and knowledge of very low level system details.Equally important, if not more, however, is the need for technology experts who possess both the business and the people skills to collaborate across groups inside and outside the enterprise. IoT solutions tend to span across various business functions. These groups must work together. The company must encourage employees reinvent themselves, helping them acquire new skills and collaborate on all levels, including participating in decision making. Empower them, and encourage them to think and act like collaborative entrepreneurs.

Focus on the Business Challenge, Not the Technology

There is a beauty and clarity that comes from simplicity that we sometimes do not appreciate in our thirst for intricate solutions.- Dieter F Uchtdorf

IOT technology is extremely cool and can really give you the daily dose of "high" to keep you motivated to walk into the office the next day. However, chasing only the cool factor could very much compromise the business outcome. Here is some food for thought :-

A hospital installed very intricate systems to monitor the oxygen levels of a patient every hour of the day. However, when they gathered the data they saw many holes. There were instances when the data went missing for ten minutes and then it was back on. They kept monitoring the system to find the root cause of the problem only to realize that the cleaning staff plugged out the data aggregation systems to sanitize the room once every few hours. So the very cool sensor based system was not integrated with the existing process on the ground.

To fully realize IoT’s potential, companies need to approach it as a multifaceted journey, making changes to their business models and strategies.Or risk ending their trip before it really begins.



Ajay Narayan Danait .

|Biz Process Autonomation|Design Thinking|Cloudware|Software Craft|Agile|Peopleware|

7 年

What I find is you can almost replace the term IoT with RPA, AI, BlockChain and any if the neo tech terms and you will find similar patterns in adoption of these respective technology adoptions in the industry. A bubble is forming around these which is about to burst (or in some cases already burst) and the result of which is a more organized new world order. Chaos Theory in action.

Ajay Narayan Danait .

|Biz Process Autonomation|Design Thinking|Cloudware|Software Craft|Agile|Peopleware|

7 年

Very well composed .. nice flow. Can you comment about security within IoT context ?

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