“We are no longer a bank, but a technology company": IOT in phases, the customer-centric and industry initiatives

“I have the feeling we are no longer a bank, but became a technology company”, a CFO of a huge bank recently quoted. He might be right. Let’s see why.

 In a previous article I mentioned the staggering economic impact IoT will have. However that assumes the issue of interoperability is further evolving into ‘the dinosaur’ of integrated IoT applications. For various reasons the interoperability of IoT applications will be evolving during time.

Of course his thoughts are built upon the Digital Transformation that his bank is going through. Digital Transformation is now a core strategy for almost all enterprises, and it better be. It starts with the mandate of the enterprises executive committees often driven by a fear of digitally enabled competitors. The starting point for Digital Transformation that enterprises typically choose is the innovating the customer experience. The focus first on offering their customers a new digital experience on their products and services. And IoT is an important way to do so.

Phases of IoT

 IoT initiatives as part of Digital Transformation will enter the market in phases. The first phase currently going on is the phase of innovating customer and consumer experience. Instead of being IoT projects, the initiatives are strongly related to use cases. Use cases that are Industry specific and deliver specific value. Analytics plays a dominant role here: not only to monitor and interpret the IoT-devices information, but also to apply the closed loop principle and start predicting and planning IoT insights. In the next chapter, I will highlight for industries with specific use cases that detail on phase I.

Read the full article here.