This article was written by Keith Gargiulo, Vice President, Customer Success. Keith has been with PTC for over 20 years, and has extensive experience with high-impact technologies that are changing the world of business for our customers.
Having covered the trap of never-ending IOT evaluations and named the approach by which you can avoid the trap, part two of the “Facing an IoT Selection” series will focus on specific steps to take to actually build out the framework for understanding where IOT can provide value for your business.
Executives such as Jeff Bezos, CEO of Amazon; Peter Diamandis, author and parallel entrepreneur; and Jeff Holden, Chief Product Officer at Uber, have stressed that the success of their business is a direct function of their ability to rapidly experiment with new ideas. If you have accepted the premise that rapid value from IOT depends on having a simple framework that identifies and prioritizes the way to rapid first value, what specifically do you do from here? How do you help your company take the first step and begin experimenting with IOT, ideally running experiments that have the best chance of success?
Business leaders are increasingly able to understand the client and financial benefits of such disruptive concepts as design for connectivity, real-time condition monitoring/control for the factory and field, and connected/remote service. Building a simple IOT value framework starts with the recognition, either on your own or with outside assistance, of whether these or other use cases are examples that hold rapid IOT value in your business. The steps below outline how to take the idea of an IOT value framework from a concept to something that speaks to your business.
Taking these steps to the appropriate level of detail will result in a framework against which you can best evaluate and select the platform or platforms on which you will begin your IOT journey. Moreover, you will have done so with an eye towards rapid first value and at the same time establishing an approach that helps to future-proof your decisions against a rapidly growing technological domain. Taking your focus from a software selection to an internal view of how the data you already own can most rapidly improve your customer’s experience and your own internal efficiency or qualify flips the paradigm on entering the IOT world and prevents you from being trapped in a never ending evaluation cycle, always chasing the next idea, while your competitors are making progress and money with production solutions.
Want to learn more about how to face your IoT technology selections head on? Contact an advisory expert today!