Strategy 1: Focus
IoT innovation strategies must keep customer objectives in mind
Start with the fundamentals and ask yourself, “Why are we doing this?” The IoT project objective should be addressing a clear business challenge, such as reducing failure rates of products, lowering customer churn, or speeding up innovation cycles. Any IoT project that doesn’t address such a clear pain point will be mostly unsuccessful.
Strategy 2: Let the Data Speak For Itself
Data analytics are integral for success
The data generated by IoT deployments is an often untapped gold mine. Take the time to think about your business models’ data aspects and refine them by monetizing data generated by machines, leveraging data insights to improve predictive maintenance, or even using data to offer specific features that customers want available.
Strategy 3: Who Are You Working With, and Why?
The IoT partner ecosystem is a key evaluation criteria
Invariably, you’ll find that you must turn to a strong partner to realize the potential in your IoT project fully. A robust IoT partner ecosystem brings together the key knowledge and commercial considerations needed to deliver exceptional business outcomes. To succeed, you need the right combination of partners, processes, and technology, with shared objectives between all participants.
Strategy 4: Future-Proofing Deployment
Expanding with new technologies must be part of any IoT strategy
Long-term success depends on your ability to pivot as technology shifts. Many Applications scenarios for connected devices and assets work perfectly fine with existing network technologies like LTE or NB-IoT. However, looking to the future and the proliferation of 5G deserves special attention. 5G will give rise to completely new concepts for connected assets and services based on lower latency and much higher bandwidth.
Strategy 5: Your Strategy Should Grow With Your Business
An IoT platform approach is necessary for a solution that scales
If it isn’t scalable, how will your IoT deployment cope as your business grows? A platform approach to IoT is constructive as additional features and functions can be added to evolve your IoT solution. Business platforms can accommodate exponential growth faster and more cost-effectively than traditional IT environments.