Creating Enterprise Wealth with IoT

17 Aug 2016
by Yugal Joshi

Executive Summary

Internet of Things (IoT) is ascertained to be a revolutionizing concept that has reformed the traditional business practices to accelerate wealth generation and value creation for the adopters. Everest Group’s digital services research indicates that more than 50% of the enterprises have already piloted IoT and nearly 70% of them are highly optimistic about its future outcomes.

For a successful digital implementation, Everest Group identified two priority areas, Digital for Growth (DfG) and Digital for Efficiency (DfE). Interestingly, we are witnessing such growth and efficiency paradigms being played out in IoT as well. We are witnessing four types of adoption categories for IoT today. Though the pattern may evolve further, analyzing the distinct characteristics of the four categories assists in sketching out an IoT adoption framework for enterprises.

Enterprises may adopt IoT across all categories depending on their industry and capabilities, and not restrict benefits from only one of them. However, for most enterprises, the value from such a multi-pronged, segregated IoT adoption may not exploit the wealth generation to the fullest. Rather, organizations should aim to strategize IoT adoption as a phased process for enterprise-wide benefits that can provide value generation and wealth creation of higher order.

This report examines the rationale behind IoT adoption and the different moving parts of the enterprise for each category. The report also guides organizations in:

  • Identifying the suitable adoption path for IoT
  • Addressing organizational changes required to drive IoT adoption

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