While the technology challenges in capturing, managing, securing, and analysing these huge volumes of real-time tiny data (generated by sensors) are significant, the biggest challenges are, first and foremost, organisational.
Here are 3 steps all organisations must contemplate to prepare for these new monetisation opportunities:
- Create a C-level position in charge of identifying and overseeing new digital business opportunities: whether it involves creating a new position (e.g., Chief Digital Officer or CIoT), or enhancing an existing one (e.g., upgrading the CIO’s current responsibilities), the executive would be responsible for identifying and pursuing new analysis-driven revenue streams.
- Develop and continuously revise an executive-team understanding of the new digital landscape for your enterprise: who are the new (and potential) digital competitors? How are you going to cooperate with others in your industry to anticipate and thwart digital disruption? What are the short- and long-term steps you must take to ensure a smooth and timely digital transformation?
- Design and execute a plan for accelerated investments in digital enterprise technologies and skills: re-allocate resources across the business based on key business initiative, invest in promising data collection and analysis areas, and identify the gaps in talent and skills required for success in the era of the Third Platform.
Increased investment in human capital and the new skills required today should be the first order of business for all organisations. However, organisations need to invest the time to make sure where and how to start; to drive collaborate between IT and key business executives to understand or envision the realm of what’s possible with respect to these new sources of tiny data and advanced analytics. And organisations need to integrate and/or expand their user experience expertise and capabilities in order to exploit the move to the third platform.
- Start now but start simple, trial, explore diverse solutions, start implementing small scale solutions to learn from them, build your cases, and only collect & analyse the relevant data.
- Avoid integrating your first IoT solutions with your IT infrastructure and IT department. This will save you a lot of time to fast track your projects.
- Organisations don’t need a Big Data strategy to exploit the digital universe, organisations need a business plan that integrates just the right data generated by the right sensors.
- Never underestimate the first move advantage, specially when it comes to IoT. This is so disruptive that the waiting game is over.
Thinxtra can guide you into making the first move.
Contact our team of experts in Australia & New Zealand at firstname.lastname@example.org for the right advices.