How to Develop an Internet of Things Strategy

Gartner predicts that by 2020, there will be nearly 20 billion devices on the Internet of Things (IoT), and more than $300 billion in revenue will be generated from IoT device. While the IoT can facilitate the process of building value for your company, success depends on various factors, such as the type of business you have, your capabilities, and your ability to understand this new technology. In an article for, Thor Olavsrud says there are three key phases to build a successful IoT strategy:

  1. Develop and articulate your strategy: Include landscape analysis, value-chain analysis and profit-pool analysis, partner/competitor/vendor analysis, customer needs, evaluation framework and scoring, and strategy articulation.
  2. Build your IoT roadmap: Develop the future press release, a FAQ for your IoT plan, a user manual, and a project charter.
  3. Identify and map your IoT requirements: Ask questions regarding ‘insights’ (data and events), analytics and recommendations, performance, environment and operating, and costs.

Integration and Mapping

It starts with knowing what you need and how to achieve your goals. You must determine your priorities for appealing to your market, target customers, and social trends. A basic element of a marketing plan often involves a SWOT analysis that explores and analyzes a company’s strengths, weaknesses, opportunities, and threats before implementing and launching a product/service. The key is still customers who purchase and consume your products or services, so document their expectations and unmet needs to fill the gaps.

Once you have everything under your belt, you can start building a roadmap to see what the journey is going to look like. Olavsrud suggest making small bets to test your thinking. This can involve creating a prototype, or jointly developing a project with customers to detect and address their needs. After this, the last step is to identify and map your IoT requirements—the ingredients you need to create something functional and successful.

Companies may have difference approaches to their methodology, but regardless of the requirements, you should take into account the amount of data needed, different operating factors like temperature or pressure, and the cost per device target range:

“As you build your plans, remember that though IoT can provide key pieces to the puzzle, it’s no golden ticket,” Rossman writes. “Simply creating an IoT solution will not bring you success. However, if you focus on providing strong value to your customers through new or updated products and services, improving company operations or creating new or more-efficient business models, you’ll be much more likely to find success.”

For deeper elaboration on these points, you can view the original article here:

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