More and more companies are utilizing the Internet of Things (IoT) to achieve business advantages. However, IoT development is still new terrain for many organizations. As a result, completing IoT projects efficiently and cost effectively can be challenging.
In order to reap the rewards of IoT, the first step that businesses must take is the creation of a comprehensive, thorough, yet targeted IoT strategy. From there, businesses must honestly and accurately assess how “ready” they are to execute their strategy via an IoT readiness assessment.
To address these critical elements for success, KORE’s President and CEO Romil Bahl provides insight in a two-part report series on IoT Strategy & Readiness. This blog provides a summary of Romil’s insights on determining IoT readiness.
An IoT readiness assessment involves evaluating an organization’s IoT maturity based on two main criteria: IoT vision and technical capabilities.
A company’s IoT vision measures organizational knowledge of IoT technologies and how, where, and when to apply them to its business processes. Key areas to consider when evaluating IoT vision include:
The technical capabilities assessment measures the technical knowledge and resources within the company to design, develop, deploy, and manage the IoT solution. Key areas to consider when evaluating technical capabilities include:
IoT is expected to revolutionize businesses in virtually every industry. It offers opportunities for breakthrough growth strategies and presents complex challenges. As with other emerging technologies, the IoT is inspiring organizations around the globe to innovate and excel.
For more information on determining your IoT readiness, the full report can be found here. Also see our previous blog covering part I of the IoT Strategy and Readiness report, providing insight on developing an IoT strategy.