Driving Unconventional Growth through the Industrial Internet of Things

In the future, successful companies will use the Industrial Internet of Things to boost revenues by increasing production and creating new hybrid business models and by exploiting intelligent technologies to fuel innovation and transform their workforce.

Executives can prepare now by taking seven steps:

1. Think boldly about value. Begin by piloting a variety of new services that benefit key stakeholders, including customers, original equipment manufacturers (OEMs) and dealers.

2. Think about tomorrow's partner ecosystem. Ask, "What other products and services will talk to ours, and who will make, operate and service them?"

3. Start now to design and develop your platform. Investigate the pros and cons of new technologies. Develop the architecture and frameworks that will accommodate sensor networks, industrial analytics and an ecosystem of intelligent machine applications.

4. Study the financials closely. Consider all the financial angles in advance. Ask, "How will different adoption scenarios affect our costs, pricing and margins?"

5. Sell your sales channel on promoting new digital products and services. Assess whether your company's sales or dealer network has the right incentives and training to support your growth strategy.

6. Clarify legal rights and obligations, and secure access to information about your installed base. Consider what data governance and protections you must establish to deliver new digital services.

7. Put people at the center of executing your strategy. Ask, "What are the skills that are needed to run innovative businesses, and with whom do we partner to obtain that talent?" Think about how to augment your workforce with smart machines.

Learn more about how your agency can take advantage of the new growth opportunities offered by the Industrial Internet of Things to become a viable stakeholder and partner in the digitally contestable future.

Read Driving Unconventional Growth through the Industrial Internet of Things now.