What is the first step you should take in your strategic initiative around the Internet of Things?
With the onslaught of never-before-seen IoT technologies, companies are quickly developing strategies to take advantage. But hasty decisions and poor consideration can lead to business failure.
When a company tries to understand where its technology focus should lie, it must consider how to tackle it in a way that makes sense for its business and customer needs. Connectivity strategies must be viewed first as a business process change, because connectivity is a business process. Only after this phase can product updates occur.
That’s according to Scott Johnson, CEO & founder of Devicify. The company’s Connected Products Management (CPM) solution enables users to seamlessly connect business processes with product functions to monetize IoT initiatives faster.
During a session at last week’s LiveWorx, Johnson focused on connectivity.
“I’ve made the mistake of building up new technology around the product first, rather than creating a strategic business process around implementation,” he said. “Updating the product with new technology in hopes that we’ll be able to force it back into our business system and process is just plain backwards.”
“We need to take a step back and really understand what all the obstacles are and what the source of the problem is so we can revisit these things and eventually move on to updating the product,” Johnson said.
Identifying priorities is crucial, Johnson said, as he took the audience through Devicify’s strategy for aiding customers as they evaluate and implement new technologies.
As the sophistication of a company’s business process increases, so does the value of information and the necessity for a well-defined strategy and process, he said. Conversely, by wrongly addressing products as priority, companies will experience a value peak.
By making business process a precedent, Devicify is able to ensure successful CPM. But implementing a CPM strategy is only half the battle. How do you actually maintain the integration and utilize the data that is gathered by connected products? This is where the value of connectivity really lies.
By streamlining process and product, Devicify has eliminated technical distractions and has built scalable and extensive capabilities using the connected data.
According to Johnson, Devicify’s approach to connected data can be stated quite simply: “We need to interact with our products, and retrieve some of that data so we can complement the product. If we do that, it is very likely that we’ll experience some degree of success by creating these value-added services.”
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