The Internet of Things (or Internet of Things – IoT) has evolved a lot in recent years and is slowly establishing itself in our daily lives. For companies, it is a way of interacting directly in our lives using physical objects. The amount of data it generates is a real goldmine that can be exploited. The decline in components, the rise of the technologies involved, as well as a better understanding of what is becoming possible to do, make IoT an important growth lever for companies.

However, while many companies succeed, there are many for whom IoT has flopped.

So how do you create a winning strategy for conquering the Internet of Things and succeeding in what appears to be the new Eldorado?

1. Start with what you already make or sell

Few companies have been daring to use IoT to create entirely new products, change their business models entirely, or even move to different IoT businesses – most have failed.

The big winners took a different strategy, focusing on adding to existing products to make them more attractive and useful to customers. Others have simply taken advantage of the possibilities of improving their objects by using IoT.

Play on your core business, peruse your product or service catalog and think about how to integrate the Internet of Things into it.

2. Choose your IoT platform wisely

Before you begin, you need to determine what your affiliate product or service will be used for. Define the use cases and evaluate the market participants so that you are not wrong.

Not all IoT platforms are suitable for all uses and none of them meet all needs. Whether you need to manage a fleet of vehicles or a building’s thermostat, you’ll need any of these platforms.

  • Cloud (AWS, Google, IBM, Azure): Adopting multiple use cases, cloud giants dominate the sector. Their recognized technical know-how makes them of definite value.
  • Industry (Siemens, Bosch, Schneider Electric): These object builders have stepped in and offered a “turnkey” service. These IoT solutions allow them to master the value chain from A to Z.
  • Pure players (Telite, Netatmo, Thingworks, Ubiant): Covering more specific use cases (automotive, connected home, etc.). Their main strength is their regional mastery, which allows them to be very quick in time to market.
  • Traditional Actors (Capgemini, SAP, Oracle, Accenture) : Less present, these players provide personalized platforms and support each phase of the project, from design to deployment, including data management.
  • Telecom (Live Object, AT&T, T-Mobile): Incumbent operators are clearly involved and use their historical position to provide complete solutions and great interactivity.

3. Save time by multiplying use cases.

Save time and scale by implementing multiple use cases at once. If this approach may seem counterintuitive, and the logic wants to focus on a single product, then it is really a mistake. In fact, efficiency gains can be achieved, as engineers will be able to use data architectures and similar structures to develop multiple resolutions and find multiple synergies between multiple digital end products.

4. The change is now

A strong ability to manage changes in the internal workings of the company is essential. Deploying IoT in an enterprise will result in inevitable process changes. Connecting production equipment to the Internet, for example, will allow a company to more efficiently predict when maintenance will be needed. However, if the surrounding processes are not modified and optimized to take into account this innovation, the investment may not be profitable.

5. Don’t neglect Security

You should keep in mind that IoT increases the risk of privacy and data security breaches, as hackers can enter more and more information gateways. These risks require solid and consistent management, and the associated costs must be built into performance targets. The theft of data collected by a company (new to IoT, moreover) seriously condemns its success. Furthermore, even companies with a good reputation for IoT shouldn’t do it alone. The IoT technology ecosystem is growing and improving day by day. Collaboration with experts in the field will constitute a tangible competitive advantage.

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