A Proven Framework for IoT Strategies
Having a strong strategy when going head first into anything is a smart bet, and that does not change when it comes to the Internet of Things. The fact that IoT is still relatively new it’s important to focus in and develop a very strong and attainable strategy for your business. Working with customers from almost every industry I have developed a small framework for dealing with the Internet of Things Strategies.
If you have read any of my past posts I talk about leveraging technologies that already exist and how the Internet of Things is just a “new way of thinking” vs a new technology. When utilizing my framework its best to select two of the three items if not try to get all three. Using two or more really has the best chance of success.
1) Change or reinvent the customer experience.
This is something that has a high impact on your customer’s life. Changing the customer experience will have a direct impact on your bottom line. This could be something as simple as allowing your customers to reach you easier or improve the way they interact with your product or service. Following the list below will set you on a path to changing your customer’s experience.
- Understand the current state.
- Create a vision for change.
- Build your business case.
- Establish your success metrics.
- Involve and empower employees.
- Model the behavior.
- Build on initial successes; keep going.
- Monitor and adjust.
2) Improve the Operational Effectiveness
This normally goes hand in hand with Change or reinvent the customer experience. Each time you iterate with your new plan, keep this in mind: how do we; get faster, cust waste and lower the cost. The Internet of Things is a perfect way to accomplish all three! Seek technology that can reduce costs and make your employees faster at what they do. A great example is how McDonald’s has placed kiosks to allow people to order vs walking up to someone that is basically doing the same thing behind a counter. This allows them to reduce employee mistakes at the order level along with eliminating that position altogether.
3) Create new Business Models
Think big, refuse to buy into established “rules”, look at your business model today. Can you improve it by adding or change the way your company implements IoT? Will the simple act of taking on an IoT project change your business model entirely?
Take the Next Step!
This simple framework is a perfect starting point to get your Internet of Things Strategy off the ground. I fully encourage you to research more on each of the items above if you are unsure of how to implement the steps in your business. A great starting point would be the latest addition to the Echolo Store a new Book titled “Untangle the IoT Mystery“. This book is for someone that really wants to understand how the Internet of Things works from basic understanding all the way to advanced use cases. In this book, I have also given you my IoT Strategy checklist that outlines how to start and ensure your project will not go in the fail column. I encourage you to use this book as a guide and reference when developing or getting involved in an Internet of Things Project.