- Maturity level 1: Process efficiency using IoT–enabled data
- Maturity Level 2: Building new revenue streams
- Maturity Level 3: Business transformation leveraging IoT data–led insights
“Realizing value through the Internet of Things may begin with simple goals, but it can catapult a business towards new horizons. Full IoT maturity depends on cross–organizational commitment to identify new revenue sources, spurring innovation, investing in supporting technology and nurturing relevant skills,” said Stephanie L. Woerner, Research Scientist, MIT Sloan Center for Information Systems Research. “The level of commitment to completing the journey depends on organization’s willingness to translate threats into opportunity by finding new sources of revenue in the face of changing industry trends, turning to innovation, investing in partnerships or acquisitions in case there is lack of capabilities in any specific area and finally ensuring organizational readiness.”
“Many companies have made inroads into use–case based IoT projects, but very few have embarked on transformative programs. It is only by doing so that these firms will reach the intended IoT goals of efficiency, profitable business models and gaining a competitive edge,” said Sukamal Banerjee, CVP & Global Head – IoT WoRKSTM, HCL Technologies. “Defining the IoT platform strategy is the inflection point and there are four key components while choosing the right IoT platform – security, data analytics, scalability and agility.”
This Executive Scholar Exchange carries insights from a recently concluded, first–of–its–kind Global IoT Survey 2017, commissioned by HCL Technologies, that captures the challenges and journey of early enterprise–wide adopters of IoT. The ESE articulates how enterprises can link IoT data with mobile apps and real–time analytics to drive faster decision–making and boost revenues.
Enterprises today are seeking transformative value of IoT beyond use–case based IoT projects. This paper provides a blueprint towards driving real business outcomes. To read the full report please click here.