Brief: The Two Fundamental IoT Business Opportunities
Tue 5 Apr 2016
Why Read This Brief
The growth of Internet-of-Things (IoT) ideas and technology has sparked a wide variety of options and confusion, with many stakeholders involved. But if you break IoT possibilities into the two fundamental IoT scenarios, it makes it much simpler to think through the options. This brief frames out the details of the two IoT scenarios and their stakeholders, elaborates on the six categories within the two scenarios, and analyses the three levels of IoT business value for each. We spell out four action items for CIOs to better work with their business partners on IoT.
The Two Core IoT Scenarios Are Connected Products And Connected Business Processes Product managers can embed IoT sensors
in products or product dispensers to enable better customer experiences. Business process owners at all companies can use IoT to improve their operations and tie them closer to customer journeys.
Firms Should Work To Capture All Three Levels Of IoT Business Value
Business execs often fixate on cost savings
as the primary IoT value contribution. But the business value of IoT reaches much further. Successful companies will leverage their IoT investments to optimize their existing operations, differentiate their products and services, and to transform entire markets through new offerings.