Assemble Cross-Functional Team
Multiple functions in the organisation will need to participate to make connections between things; products, enterprise systems, operations, and customers and provide guidance in how they should be made. The data generated insights about how the product is performing or how it is being used by the customer creates opportunities for all functions across the organisation to improve operational effectiveness or create strategic differentiation.
Identify and Define IoT Use Cases
Identifying a specific IoT use case for a defined stakeholder is the best way to define and achieve that value. Start by examining IoT use case examples from a variety of industries. Discuss how the capabilities and data generated by smart, connected products can create new opportunities to capture value. Then select a specific product, identify the relevant internal and external stakeholders for that product, and explore how the new capabilities or data generated could address each stakeholders needs.
Prioritize Projects and Build Practical Action Plans
Evaluate use cases against a consistent framework that defines the required resources and identifies pilot project milestones. Include customer (e.g. which new capabilities create value), strategic (e.g. should we change our business model), organizational (do we establish an IoT Center of Excellence), and technology (e.g. cost and risk associated with capturing product data) considerations in this analysis. At this time it is also critical to identify and define metrics for the specific use cases and goals.