NetObjex Blog.

Internet Of Things Is Not About Chasing The Cool Factor

by Pushp Kumar Dutt on January 2, 2019

In 2018, many organizations started with their Internet of things (IoT) journey with high hopes, only to end up and felt down with disappointing results.

It was recently estimated by Gartner -- the world's leading research and advisory company -- that 80 percent of IoT implementation through 2018 are likely to squander transformational opportunities. A recent survey by Cisco revealed that as much as one-third of all completed Internet of things projects were not considered a success.

Interestingly, organizations that were hugely successful were the ones that actually changed their traditional business approaches in one or more of the undermentioned ways:

Developed Partner Ecosystems

There is no denying the fact that the very essence of the Internet of Things is interconnectivity. This is more than mere connections between machines and devices -- it is about the connections about partners, customers, and suppliers.

It is worthwhile to note here that the Internet of Things today is driving a paradigm shift in business structures across the world, from a one-company-does-it-all model to a smarter let us work together approach. In other words, it means that organizations must be open to moving ahead of the obsolete and redundant models of proprietary systems and rigid processes & functionalities.

They must also move toward innovative and futuristic models that embrace flexible, open, and customizable structures in which partners within the framework of a network help each other in solving business problems together. The truth is -- this collaborative approach is no more an option. It is simply due to the fact that no organization that deploys its own line of products and services can ever capture the true and complete value of the Internet of Things by itself. Moreover, the speed and accuracy required to complement the IoT value in today's tech-savvy will be missing if it decides to go all alone.

Updated Talent Management Strategies

It could not be put any better. The Internet of Things continuously requires new technical skills, which range from system architecture to data science. Similarly, there is a continuous requirement for technological expertise and people possessing those skills for collaborating across groups outside and inside of the four walls of the enterprise.

There are a lot of strategies that can be brought into force, according to the specific environment and requirements of an organization. The first step is all about training employees in critical skills associated with the Internet of Things and not just processes and technologies, but collaboration too. Secondly, a culture promoting innovation must be nourished and maintained across all functions, grades, and regions.

Business owners, managers, and decision makers have to empower, incentivize, and encourage employees to think and act beyond the "usual" to have a feel of being independent entrepreneurs at a startup.

Emphasized on the business challenge, not technology

There is no denying the fact the Internet of Things is an extremely cool technology. No doubts about it but chasing the cool factor may result in compromised returns on investment. Let us understand this with the help of an example. A U.S. city decided to proceed with the installation of a state-of-the-art infiltration and inflow system in the manholes -- it appeared cool. But the city failed to identify and derive the promised benefits. Wondering why? This new system was not aligned with the existing processes above the ground. Street sweepers continued to perform their routine operations like always and the inflow holes were clogged with dirt and leaves. Not so cool, right?

Now let us take the example of the iconic Harley-Davidson motorcycle company. The core market of this American company was aging and global competition was on an all-time high. It had to respond quickly, smartly, and thoughtfully while making its operations efficient at the same time.

So, it decided to assemble people from both operations and Information technology and a unified team was created. Multiple systems were integrated to perform in synchronization and data islands were created along with a fully-functional IoT-enabled plant.

This allowed Harley-Davidson to dramatically reduce a fixed production schedule of 21 days for new orders to just six hours. From 21 hours to 6 hours, you read that absolutely right! It also allowed the motorcycle company to improve production efficiencies, minimize operating costs by $200 million and cut down on downtime. In short, Harley-Davidson was able to respond far more efficiently and quickly to customer desires.

Conclusion

Ultimately, the Internet of Things holds great promise and potential for digital transformation. It has the unique ability to supercharge businesses of all verticals across different industries to better serve stakeholders and customers.

Find out how NetObjex can guide you with the Internet of Things in your business’s digital transformation journey. Call us at 1 (855)-928-2283 now.

Related Articles

Tags
# Accenture Open Innovation # advantages of digital processes # advantages of Industry 4.0 # advantages of interoperability # AI & Intelligent Automation # AI technologies # Analytics Quotient # applications of blockchain # Artificial Intelligence # Artificial Intelligence algorithms # Asset Management # asset tracking # Beacon # Beacon Registry # Beacon Technology # beacon zones # Benefits Of Digital Twin Technology # Big Data # Big Data analytics # Bitshares Blockchain # blockchain # blockchain applications # blockchain based electronic medical record systems # Blockchain company # blockchain event # Blockchain for Diamonds # blockchain for digital assets # Blockchain gateway # Blockchain gateway device # blockchain platform # Blockchain processes # Blockchain Services # blockchain setup # Blockchain strategies # blockchain system # blockchain technologies # blockchain technology # blockchain transactions # Bond # Browsa # Chain of Custody # client server computing # cloud computing # Cloud Dashboard # Commercial IoT Platform # Concept Behind Digital Twin Technology # concept of blockchain # concept of digital transformation # concept of Industry 4.0 # concept of IoT # crypto assets # Crypto NFC Tags # cryptocurrency # cryptocurrency market # cryptocurrency payments # cryptoeconomic funding # data acquisition # data colonization # data management # data marketplace # data marketplaces # data validation # deep learning artificial intelligence companies # developing blockchain application # Digital Assets # digital assets blockchain # digital banking # Digital Quotient # Digital transaction security # Digital Transformation # digital twin # Digital Twin platform # Digital twin technologies # Digital twin technology # Digital Wallet # Digital Wallet for Digital Assets # disruptive innovative technologies # distributed ledgers # electronic funds transfer # Electronic Health Records # enterprise gateway # enterprise systems and blockchain # Ethereum # first industrial revolution # fleet management # Fourth Industrial Revolution # Google Search # Healthcare # highlights of digital twin technology # how Blockchain can help in Logistics # Hyperledger Composer # Hyperledgers # hyperlocality # IIoT Integration # Immediate Payment Service # impact of Artificial intelligence # Industrial Internet # industrial internet of things # Industrie 4.0 # Industry 4.0 # Industry 4.0 model # Industry 4.0 technologies # information architectures # Intelligence Quotient # intelligent machines # internet banking transactions # internet of things # Internet of Things technology # Internet of Things trends # Interoperability platform # IoT # IoT AI Blockchain enterprise # IoT blockchain solutions # IoT capabilities # IoT CMS # IoT Gateway layers # IoT gateways # IoT infrastructure # IoT PaaS # IoT platform # IoT Platforms # IoT solutions # IoT systems # IoT Trends For 2019 # IoT use cases # IoT Use Cases For Smart Cities # IoToken # Iotoken cryptocurrency # leading artificial intelligence companies # Logistics ecosystem # Machine intelligence # machine learning # mainframe computing # manufacturing training # marketing campaign management # mobile app # mobile computing # Museums # NetObjex # NetObjex Blog # NetObjex crowdfunding campaign # NetObjex Digital Twin Platform # NetObjex Industry 4.0 # NetObjex Industry 4.0 solutions # netObjex Intelligent Connected Enterprises # NetObjex IoT devices # NetObjex IoT platform # NetObjex platform # NetObjex Smart Mobile Charging # Omni Channel # Open-Source # operations efficiency # payments system in India # PayPal # PayPal Beacon # permissioned blockchain # PiQube # popular IoT use cases # Privacy Policy # Registrar # remote computing # Request a Sandbox # Retail # Robotic Process Automation # Second Industrial Revolution # services of Industry 4.0 # Smart Charging Stations # smart cities # Smart City transportation # smart contracts # Smart Factory # Smart Legal Contracts # Smart Meters # Smart parking solutions # smart products # Software-as-a-service # staff efficiency # StartEngine Campaign # StartEngine crowdfunding campaign of NetObjex # technologies of Industry 4.0 # technology stack of IoT # Telrpay TFS # Theme Parks # Third Industrial Revolution # top IoT trends # Top IoT Trends For 2019 # trade finance # trade finance functions # trade finance process # trade finance transactions # transaction and data management # Unified Payments Interface # use AI for business growth # Visualization Tools # What Exactly Is Digital Twin Technology # Why Industry 4.0