The immense promise of the Internet of Things (IoT) is matched only by its complexity. To fully realize that promise, businesses must conduct an honest, comprehensive assessment of organizational IoT readiness and generate an IoT strategy. To address these critical elements for success, KORE’s President and CEO Romil Bahl provides insight in a two-part report series. This blog provides a summary of Romil’s expertise on IoT strategy. For a more in-depth examination of IoT readiness, check out part II.
The Strategy-First Approach
An IoT strategy should be no different from, or at least should be directly driven from, the overall business strategy. The most important goals of an organization should all have IoT initiatives identified that can help with breakthrough results, from improved customer experience and revenue generation to reduced costs and other internal efficiencies. Each individual IoT sub-strategy or initiative should begin with the identification of targeted business processes to allow an organization to understand where these processes operate, the back-end systems that need to be integrated, etc. This understanding lays the groundwork for the numerous strategic decisions that follow, with some of the most integral elements listed below:
There is no one-size-fits-all strategy that can be applied across industries and unique applications. However, promoting collaboration, ensuring best-in-class security, and choosing the optimal technology mix provides the necessary foundation for IoT success, and partnering with a trusted IoT advisor with deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility accelerates value realization and materially impacts business outcomes.
For a detailed approach on building your IoT strategy, Romil’s full report “IoT Strategy & Readiness Part I: Generating a Foundation for IoT Execution” can be found here. Also be on the lookout for our next blog, providing insight on determining IoT Readiness.