1 – Focus, focus, focus: Any IoT innovation strategy must keep customer objectives in mind
Start with the fundamentals and ask yourself “Why are we doing this?” The IoT project objective should be addressing a clear business challenge, such as reducing failure rates of products; lowering customer churn or speeding up innovation cycles. Any IoT project that doesn’t address such a clear pain point will be mostly unsuccessful.
“Just focusing on the cost reduction part of the IoT solution misses out on the biggest possibilities that IoT solutions can deliver.”– IoT marketing manager for a mobile network operator in Italy, Forrester MNO report
2 – Let the data speak for itself: Data analytics are integral for success
The data generated by IoT deployments is an often untapped gold mine. Take the time to think about the data aspects of your business models and refine them, by monetizing data that is generated by machines; leveraging data insights to improve predictive maintenance or even using data to offer specific features that customers want available.
“Most IoT projects are digital transformation projects and should be treated as such. When treated as part of the digital transformation activities, IoT initiatives have a better chance to unfold their full potential.”– Director of global practices for a mobile network operator in the US, Forrester MNO report
3 – Who are you working with, and why? The IoT partner ecosystem is a key evaluation criteria
Invariably, you’ll find that you must turn to a strong partner in order to fully realize the potential in your IoT project. A robust IoT partner ecosystem brings together the key knowledge and commercial considerations needed to deliver exceptional business outcomes. To succeed you need the right combination of partners, processes, and technology, with shared objectives between all participants.
“Find the right partners for the IoT initiative from the beginning, and prior to attempting to, experiment yourself in IoT DIY initiatives.”– Global head of IoT for a mobile network operator in Spain, Forrester MNO report
4 – Future-proofing your deployment: Expanding with new technologies must be part of any IoT strategy
Long-term success depends on your ability to pivot as technology shifts. Many use case scenarios for connected devices and assets work perfectly fine with existing network technologies like LTE or NB-IoT. However, looking to the future and the proliferation of 5G deserves special attention. 5G will give rise to completely new concepts for connected assets and services based on lower latency and much higher bandwidth.
“Don’t underestimate the complexity that device and IoT asset management bring.”– Global head of IoT for a mobile network operator in Spain, Forrester MNO report
5 – Your strategy should grow with your business: An IoT platform approach is necessary for a solution that scales
If it isn’t scalable, how will your IoT deployment cope as your business grows? A platform approach to IoT is very helpful as additional features and functions can be added as you evolve your IoT solution. Business platforms can accommodate exponential growth faster and more cost-effectively than traditional IT environments.
“Focus on specific objectives one by one and avoid trying to address too many objectives at once. Develop a vertical approach to designing and rolling out IoT solutions.”– Head of shared technology at a mobile network operation in the Netherlands, Forrester MNO report