Increase store traffic via local events marketing.Increase store traffic via customer loyalty program.Improve marketing campaign effectiveness.The business initiative is comprised of a number of use cases (or clusters of decisions) including: NOTE: for this example, the business initiative is to “increase same store sales by 7%” which is worth ~$191M annually. If possible, tie those use cases back to the organization’s key business initiatives if you want your IOT business strategy to provide the desired financial impact. Start your IOT business strategy by interviewing and conducting facilitation workshops with business leadership to identify the potential IOT use cases. Let’s start our IOT journey by first creating an “IOT Business Strategy.” And to create this IOT business strategy, you’ll not only want to identify the business use cases, but you’ll also want to validate and prioritize those use cases because not all use cases are created equally.īy the way, consider this your IOT “CLM” insurance policy (you may have to look that one up). So before you jump into the IOT pond, let’s make sure that there are no logs, boulders or sea monsters waiting for you. So while we have an amazing compilation of technologies, sensors, gateways, connected devices and such for capturing data, understanding ahead of time what you are doing to do with that data – and why – is important because it frames what technologies, architectures, data, analytics and applications the organization is going to need in order to “monetize” IOT. Unfortunately, it’s not really much of a business strategy. “Build it (or in this case, capture it) and they (meaning business users and the resulting business value) will come.”įigure 1: “Field of Dreams,” a fantasy/drama was filmed in 1989 in Dubuque County, Iowa. Heck, this approach happens so often that it now has an official name – the “Field of Dreams” approach: Yep, saw this approach (and am still seeing this approach) with Big Data…and Business Intelligence…and Data Warehousing. In the gold rush to “monetize” IOT, organizations are frantically installing sensors on everything that moves (and some things that should not move), hoping that someone in the business will figure out a way to get financial value out of the resulting data. You can’t get to the “What” and the “Why” by focusing on the “How” Ready to learn Internet of Things? Browse courses like Internet of Things (IoT) Training developed by industry thought leaders and Experfy in Harvard Innovation Lab.
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