How do we apply smart systems design to our business, in a scalable, sustainable way that actually provides value and delivers a real return?
The Internet of Things, smart systems, machine to machine, digitization– whatever we choose to call it– requires a transformation in mindset and culture.
Businesses are (understandably) accustomed to a vertical or product-centric view of the world and tend to think about innovation through that lens. As smart systems continues to evolve, vertically defined, stand-alone products and application markets will increasingly become a part of a larger “horizontal” set of standards for hardware, software and communications where competitive differentiation will shift away from product features towards how the product is actually used and how the product fosters interactions between and among users in a networked context. To achieve the full potential of smart systems requires organizations adopt a holistic understanding of the entire ecosystem inherent to the success of their products, services, customers, and stakeholders. This begins with understanding how, when, where, and most importantly why each entity engages with you.
What are the critical use cases inherent in your smart systems and IoT opportunity?
Applying the IoT effectively is a function of leveraging the technology to compound the value derived from any product or service. This is not just about adding sensors to bits, but about applying connectivity to tangibly improve our business, security, economic, and societal systems. The opportunities this opens up to forward thinking product and service organizations are nearly infinite. Businesses can begin to explore many new possibilities for system solutions unthinkable just a few years ago.
Read our Use Case storyboard to the Smart Systems Design process guide and overview to understand how to build successful IoT business models.