digital strategy, IoT, internet of things, business strategy

IS A DIGITAL “STRATEGY” RIGHT FOR YOUR BUSINESS?

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Today, more and more business leaders are overwhelmed with the constant reminders of how “digital technology is disrupting” business (simply put). If you’re like most businesses, this continues to terrify how you’re going to take advantage of the potential of the Internet of Things (IoT), big data, and always-on customer connectivity, knowing that other companies are using the same technologies.

Like most, you’ve been told all you need is some influential business advisors and a pack of hungry technology vendors and — voilà! — you have your digital strategy.

“It used to be “What’s your IT strategy?” Then it was “What’s your internet strategy?” Now it’s “What’s your digital strategy?”

Business leaders need to resist rushing into developing a strategic plan just because everyone else is doing it. This risk brings an enormous waste of time, money, and opportunity. You also risk creating mass confusion of your company’s real business strategy, true needs, and the right priorities necessary to become successful.

Instead, to survive and thrive in a global digital economy, business leaders should stop, take a deep breath, and think deeply about five questions around digital technology — which encompasses both new technology tools (like phones), platforms (like social media), and the use of the data that business can now collect using the web and other means — for their companies:

  1. Will digital technology change your business and where do you need to go?
  2. How could digital technology improve the way your company adds value to the business you are in?
  3. Will digital technology change your target customer (behavior toward your brand)?
  4. Does digital technology affect the value proposition to your target customer? If so, what will your value proposition need to communicate?
  5. How can digital technology enhance enterprise capabilities that differentiate you from your competition?

Avoid the trap by asking, “What is our digital strategy?” Instead, start with the five questions (listed above). While everyone else is talking about the global digital economy, your business will be focused and acting on how digital technology can bring a new edge to the business strategies you already have in place.

Original Source: Ken Favaro

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internet of things, IoT, 2016, strategy,

THE INTERNET OF THINGS (IoT) IN 2016

Internet of Things (IoT), Latest Topics

The Internet of Things (IoT) will move toward mainstream adoption in 2016 for many industries, according to the findings of a recent survey by Gartner. Even though less than a third (29 percent) of responding organizations are currently using IoT, an additional 14 percent are planning to implement IoT in the coming 12 months, with an additional 21 percent planning to implement after 2016. In other words, the number of organizations adopting IoT will grow 50 percent in 2016, reaching 43 percent of organizations overall. In aggregate, the majority of organizations (64 percent) plan to eventually implement IoT.

However, it is also important to note that another 38 percent have no plans to implement IoT, including 9 percent that see no relevance whatsoever in the technologies.

“While there is near universal acceptance of the importance of the IoT, less than a third of organizations surveyed were actively exploiting it,” said Chet Geschickter, research director at Gartner, in a news release. “This is largely because of two reasons. The first set of hurdles are business-related. Many organizations have yet to establish a clear picture of what benefits the IoT can deliver, or have not yet invested the time to develop ideas for how to apply IoT to their business. The second set of hurdles are the organizations themselves. Many of the survey participants have insufficient expertise and staffing for IoT and lack clear leadership.”

Industry adoption also varies widely with heavy industries such as utilities, oil and gas, and manufacturing leading adoption, and service-oriented light or “weightless” industries lagging. Gartner estimates that slightly more than half (56 percent) of businesses in asset-intensive “heavy” industries will have implemented IoT by the end of 2016, and approximately one-third (36 percent) of “light” or “weightless” will do so.

For those organizations that have already implemented IoT, the focus has been on internal operational improvements over external customer-facing objectives. To date, the primary business case for IoT is internally focused, namely improved efficiencies, cost savings and enhanced asset utilization (52 percent of total) versus the externally facing IoT benefits of enhancing customer experience or increasing revenue (40 percent).

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Source: Business Wire; edited by Richard Carufel