Over the past decade, there has been a great deal of hype surrounding the Internet
of Things (IoT) and how it can be a strategic game-changer for your business.
However, it's important to note that simply investing in IoT is not a winning strategy.
Building his IoT products that deliver continuous and repeatable value requires
strategic planning and a focus on solving the right business problems.
Before developing an IoT product, you should have a basic understanding of how IoT
can help your business. Rather than focusing on business models, companies often
start with their intent to connect. Companies that just want to create connected
versions of their products often fail to solve the real problems that disrupt their
Companies must first understand the problem they are trying to solve. Do your
factory machines break down frequently? Are you losing contracts with third parties
to fix your devices? Once you identify the problem, know that every product decision
leads to a solution to that business problem. it needs to be checked. At this stage,
companies often misdiagnose the real business problem they face and try to build
IoT products to solve small problems that don't add real value. An IoT product will
only be commercially viable if it delivers ongoing and repeatable value to your
business and your customers. While there are multiple ways companies can create
value through his IoT, there are five main ways companies can monetize their
A company needs to assemble the right subject matter experts with the right skill
sets to build his successful IoT product. Many companies make mistakes here
because they don't know the real expertise they need to develop connected
products. IoT initiatives require new types of teams not supported or accustomed to
by traditional organizational structures. To build successful IoT products, companies
typically require the expertise of firmware engineers in electrical, mechanical, and
hardware domains. . .and the list goes on.
Not only is the team unable to bring together the right experts, but it is also unable
to build the right team to make the initiative of those experts worthwhile. The best
IoT teams are collaborative and include business decision makers and technical
experts (executives, operations, IT, engineering, marketing, support, etc.). For
example, the product and marketing teams should work together to create a
long-term vision for the product and a roadmap that can be implemented in the
short term. These teams should be under one roof for effective planning
collaboration. Decisions cannot be made in isolation.