Capitalizing on the Internet of Things: How To Succeed in a Connected World
“Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow.” -- William Pollard
The Internet of Things is hot. But it’s more than a trend. It’s a new way of life (and business.)
It’s transformational in every sense of the word (and world.)
A colleague shared some of their most interesting finds with me, and one of them is:
Capitalizing on the Internet of Things: How To Succeed in a Connected World
Here are my key take aways:
- The Fourth Industrial Revolution: The Internet of Things
- “For many companies, the mere prospect of remaking traditional products into smart and connected ones is daunting. But embedding them into the digital world using services-based business models is much more fundamentally challenging. The new business models impact core processes such as product management, operations, and production, as well as sales and channel management.”
- “According to the research database of the analyst firm Machina Research, there will be approx. 14 billion connected devices by 2022 – ranging from IP-enabled cars to heating systems, security cameras, sensors, and production machines.”
- “Managers need to envision the valuable new opportunities that become possible when the physical world is merged with the virtual
world.” - “The five key markets are connected buildings, automotive, utilities, smart cities, and manufacturing.”
- “In order to provide for the IoT’s multifaceted challenges, the most important thing to do is develop business ecosystems comparable to a coral reef, where we can find diversity of species, symbiosis, and shared development.”
- “IoT technologies create new ways for companies to enrich their services, gain customer insights, increase efficiency, and create differentiation opportunities.”
- “From what we have seen, IoT entrepreneurs also need to follow exploratory approaches as they face limited predictability and want to minimize risks, preferably in units that are small, agile, and independent.”
It’s a fast read, with nice and tight insight … my kind of style.
Enjoy.