To build a strong IoT foundation that will bear fruits in the future and will help you achieve record-breaking bottom-lines, it is crucial to make some long and short-term investments right now. These investments bring about the right kind of IoT transformation needed by your organization to outperform your competition.
Lately, manufacturers have realized how bringing in smart devices in improving their efficiencies by streamlining processing and improving control over systems will help reduce costs as well as the turn-around time. Other industries have been a little slow on the adoption and implementation. However, it is worth noting that only hoping for IoT to transform businesses worldwide will only keep you as laggards and will soon kick you out of the competition. It is the need of the hour and no business can survive without getting on the bandwagon. The soon you realize the benefits, the better you would be able to fully integrate it into your business processes and the soon your employees and customers will get acquainted with that.
To get to that stage, it is important to have the required infrastructure for IoT deployment as well as the right kind of human resources to help you manage the transformation.
Below are some of the foundation works that you need to do in order to build this technology and integrate it into your business:
1. Innovation-driven vision and leadership
IoT deployment is a full-fledged integration that links various important functions of your business. In order for this connection and linkage to be strong and sustainable, commitment from your business executives is a must. This commitment should also be backed by strategic guidance by the leaders so that it has a trickledown effect. If the strategy remains at the top level and the implementation and understanding of the IoT platform remain zero at the bottom level, then you would be welcoming more failures than victories. It is important for a thorough understanding of your IoT strategy across your organization to benefit from its fruits.
2. Expertise and Experience
All industries can easily leverage on the benefit of the Internet of Things providing they have the smart brains required in its implementation and maintenance. From consumer goods to logistics to supply chain and chemical processing, each vertical has a lot to benefit from this space. However, implementation of this technology requires businesses to have specific skills sets among plant managers at operational levels as well as among the suppliers. Within the manufacturing industry, it is unfortunate but often reported that the biggest challenge to implement an IoT project is the lack of talent, which has to be filled by the training and educational institutes. IoT as an area of niche study has to be made accessible to the young generation for them to come up and take these positions to fill in these gaps.
3. Infrastructure and Capacities
For IoT to be fully operational and functional, it is crucial to have required machine to machine communication capabilities. Even when these are made available and accessible throughout the organization, there exist challenges in the network capacity of the enterprise. In order to fully optimize the IoT data, it is very important for an inter-departmental collaboration and a strategic team leadership, otherwise, an IoT infrastructure will just remain a bad investment that will continue to eat up money and not yield anything.
To get to the ultimate level, it is important for companies to partner with the best IoT service provider and know they are in good hands. Ideally, it is recommended for the IoT transformation to start with the finances and automating the companies’ billing processes. Once that is taken care of, usually, it becomes easier for organizations to then go up the ladder and integrate more IoT based models in various other business functions. In billing, the foremost and crucial element is to have usage billing in place that begins to give empowerment to customers and starts by stepping your company up in the customer satisfaction area. Once customers begin to see the transparency of their interaction and transactions with their clientele, they are usually ready for more IoT transformation.