In the IoT-based digital economy, no organization can be an island – everyone must exchange information with partners and competitors.
The crucial point is deciding exactly what part of the data you generate and gather is the unique asymmetry that will drive profit, and what the organization can afford to have overlapping with competitors through sharing or sale.
As yet, most organizations don’t have any idea how to do this. Which is why EY helps design this concept.
SAP Leonardo is the foundation for IoT
The basis for successful IoT implementations like this is the SAP Leonardo platform. It enables storage of data from different sources and multiple layers, whether blockchain, an AI engine, or data from ERP and CRM systems. Most importantly, Leonardo interfaces with a network of other IoT platforms to collect data quickly and build asymmetry over the long term.
In the coming years, this will enable organizations to build asymmetry of information on connected services as well as connected products, and measure user experience to drive continuous improvement of both.
Conclusion
In the next two to three years, the business narrative will no longer be about IoT or AI, but simulations. This is the next evolution of today’s digital twin. But instead of duplicating what already physically exists and behaves in the world, simulations of entirely new business models will be built based on the asymmetry of information assembled from massive amounts of IoT data.
For organizations to keep up, it is imperative that they get on board with the SAD requirements, all underpinned by a common platform like SAP Leonardo.
Summary
A successful IoT implementation relies on many factors. But for organizations to keep up, there are three key factors they must consider.