Enterprises need more guidance in data strategy in IoT services

• Enterprises seek guidance on how they can monetize data for business model transformation. From operating model perspective, providers can support on the overall data management practice i.e. technology infrastructure, data governance, data intelligence methods.
• Providers are able to bring business and technology convergence in IoT services. For example, preventive maintenance like use-cases help in overall cost savings and productivity increases for the enterprises. Centralized command center enables real-time asset monitoring for multiple sites. Overall, this IoT-enabled asset management use-cases have direct impact on operational efficiency.
• Cloud computing, cybersecurity, and data intelligence methods (AI/analytics) are at the core of IoT-use cases. So, IoT adoption indirectly also increases the digital maturity of the organizations. Through overall change management programs in place, this also improves the digital fluency of the enterprise. As a part of IoT implementation, some of the legacy applications are also modernized (cloud-native, applications of API etc.)

The Bottom Line: The pandemic has shown the need for more enterprise collaboration and IoT  is a key enabling technology to build an end-to-end digital thread for an organization. Due to the benefit of real-time visibility, IoT applications is an enabler of enterprise resilience as they are critical for overall enterprise risk management and business planning. Thus, provider should focus on enabling enterprise collaboration through IoT deployments.