Implementing an Internet of Things (IoT) Business

Behind the decision to Implement an IoT Business lies a series of business decisions regarding IoT and what IoT can do for a company, division or business unit. In order to effectively Implement an IoT business it is important to clarify goals, strategy, tactics and expected results. This segment provides a framework for summarizing these and use the result for a successful implementation.

Preparing for a successful IoT business means answering a lot of questions about feasibility, existing knowledge and resources, the overall strategy, and implementation plans. Given that IoT nearly always introduces new and different components to a business it is important to properly plan for these while aligning with existing business models. Since IoT has a high potential of disrupting the operations within a company, it is important to work with relevant stakeholders to handle the process correctly.

There are whole industries addressing different parts of the IoT business, so getting an overview and choosing who to engage can be confusing. By looking at these parts, computer chips, systems, application developers, cloud services, analytics or integrators in an organized way, evaluating each part and assembling an integrated solution becomes easier.

Successful IoT implementations involve making dozens of decisions including embedded software, test methodologies, market launches and support. This session provides advice on how to assess and plan for your IoT business including solution descriptions, mode of project and the role of a business plan, in short all the decisions that have to be made prior to embarking on your IoT project.

Implementing an IoT Business in a company is all about knowing what it takes to do it, something that can seem overwhelming given all the different different parts and implementation choices. The solution lies in creating an IoT project incorporating thorough planning that fully aligns with existing company approaches to starting new business or product areas. This section covers how to select the best approach and how to create realistic goals, schedules and results while following accepted budgeting procedures. It also describes how to organize, manage and staff the IoT effort and whether to incorporate this effort in an existing company function or create a new one.

There is no shortage of advice in the IoT industry and companies can choose from a number of helpful suppliers for either parts of solutions or in some cases complete implementations. By understanding what the advantages and limitations of each are, the person responsible for Implementing an IoT Business can select the proper supplier through direct negotiations or a tender process.

Creating and Launching an IoT business is a substantial undertaking requiring not only great managerial skills but also a well-thought approach of going from prototyping to a complete implementation. Traditional ‘water fall’ release models are bound to fail (there are too many moving parts), so more agile approaches based on tracer bullets that allow all technical and business functions engage at the earliest possible point are called for. This section addresses best approaches based on experience in implementing real IoT projects.