The year ahead is set to be an exciting year for the Internet of Things (IoT), writes Joanne Phoenix, interim executive director of Sensor City. It continues to proliferate across multiple sectors and applications, with many top technology businesses and leading research companies anticipating expansion across the board.
It’s obvious that it’s no longer a matter of if, but when we’ll come to realise a fully connected future via the IoT for business operations. However, technology is only one part of the necessary ingredients needed for IoT success – strong leadership is perhaps the most essential element for businesses looking to adopt IoT.
The challenge for businesses is that evidence points to a potential shortage of strong IoT leadership ability – a 2019 Microsoft study cited a lack of leadership support and attention as a primary cause of IoT project failure. It would suggest that there is still some way to go when it comes to equipping leaders with the knowledge and tools they need to implement IoT successfully.
Having said this, IoT success cannot be achieved by a single person alone – business leaders must bring the whole company along on the adoption journey to create success.
Why? Creating buy-in from both internal and external teams is crucial to optimising implementation and long-term effectiveness across all parts of the business. To do this, leaders must provide a strong strategy and direction, underpinned by clear communication.
The challenge for leaders is to ensure they have a strong understanding of what IoT is and how it will benefit their business in order to provide this direction to their teams.
What leaders need to do to unlock IoT’s full potential
The understanding of the benefits and implementation of IoT varies hugely from company to company. This means that there’s no one coherent journey or experience from which business leaders can take their lead in creating their own strategy, and without a clear digital strategy, organisations will struggle to realise the full potential of IoT.
Businesses will likely not only spend significant money upfront on IoT, but also significant time going through a process of trial and error to find the right solution. However, with the potential of IoT comes huge opportunity – the 2019 Microsoft IoT Signals report says that IoT adopters are predicting a 30% increase in return on investment (ROI) in two years.
Understanding how IoT will benefit your business is essential to creating a coherent strategy and guiding your organisation and teams to IoT success. Consider where your business is currently, where it needs to be, and what will have the biggest impact on operations.
You may need to invest in skills or set targets for your IoT investment. To develop this understanding and confidently communicate the need for IoT, we suggest working through the following checklist. This way, you will be equipped with the tools to successfully develop an IoT strategy and lead your team to success.
The leader’s checklist for IoT success
Assess your current position: Have you already begun investing in IoT, or are you working from scratch? What’s working so far? What’s not working? What […]
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