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We review the foundational and emergent capabilities of IoT, along with positive disruptions and what’s next for organizations.
Today’s well-designed, secure and compliant internet of things (IoT) products and services possess extraordinary capabilities. But even knowing the tremendous amount of potential that exists, it can be overwhelming for IT and business leaders to develop an IoT strategy.
To begin, organizations need a strategy to focus on foundational IoT capabilities as part of their technology operating model. They must fortify the infrastructure to prepare for an influx of data, new security threats and even more complex privacy concerns. Adopting a well-thought-out organizational model, funding plan and talent strategy is important for success. This work must be done in parallel with choosing appropriate tools and aligning with overall enterprise architecture (EA).
In the long term, organizations will want to prepare for emerging and disruptive capabilities that both challenge and augment the development and evolution of IoT solutions. The emerging capabilities may require organizations to reengineer their IoT solutions.
So, what’s next for your organization’s IoT strategy?
Special thanks to the co-authors for their contributions to the article: Mike Ray (Executive Director, Ernst & Young LLP), Dmitriy Afanasyev (Senior Manager, Ernst & Young LLP), Rishikesh C. Muchhala (Manager, Ernst & Young LLP), Stephanie Danis (Manager, Ernst & Young LLP), Theo Pu (Senior, Ernst & Young LLP) and Harshad D. Kulkarni (Senior, Ernst & Young LLP).
Summary
The businesses that will gain the most potential value from IoT are those that operate in standardized production environments such as manufacturing, health, retail and hospitality. However, a properly implemented and strategic IoT transformation can benefit organizations within any industry sector. To embark on an IoT transformation, the organization must first focus on how it will manage its IoT ecosystem: establish governance and security policies, design the organizational model and empower enterprise architecture.
Organizations with strong foundational capabilities stand to realize the full potential of emerging technologies that both enhance the existing offerings and also create new revenue-generating opportunities.
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