Internet of Things: Unlocking True Digital Business Potential

Leverage IoT strategy to innovate and differentiate

Reduce cost with IoT and digital twins after COVID-19 lockdown

Following the worldwide COVID-19 lockdowns, companies that have lost revenue will be looking for ways to innovate and save money. Internet of Things (IoT) implementations involving digital twins are proving to be helpful in reducing costs.

 “How Can We Use IoT and Digital Twins to Reduce Costs After the COVID-19 Lockdown?” illustrates industry examples of how IoT can be implemented to reduce costs.

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    4 Key Components of a Successful IoT Strategy

    Soon the opportunities from IoT will greatly outweigh the challenges, and the rapidly growing capabilities are driving digital transformation in a wide range of industries. In this free webinar, we’ll explore why the changing face of IoT demands a new IoT strategy, and you’ll discover the four key components of a winning strategy.

    IoT technology and markets continue to evolve rapidly. In this free webinar, we’ll explore why the changing face of IoT demands a new IoT strategy, and you’ll discover the four key components of a winning strategy.

    Nick Jones

    Distinguished VP Analyst, Gartner

    IoT is not just a technology initiative anymore

    Organizations implementing IoT are increasingly focusing on the business outcomes of the technology. IoT initiatives are no longer driven by the sole purpose of internal operational improvement. IT and business stakeholders must work together to align IoT projects with business objectives for improving revenue and customer experience, but they are bound by legacy approaches. Organizations with high levels of IoT maturity achieve higher rates of success in their IoT adoption. 

     

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    Gartner research provides unbiased views, provides insights related to what customers are looking for as solutions in IoT and other technology areas... It’s easy for us to connect the dots and understand the overall landscape rather than spending time on other resources and getting information that is not reliable or valid.

    CIO, Telecom Company

    Define measurable IoT goals

    Adopting IoT solutions and achieving business outcomes is complex. Organizations lacking experience in adopting IoT-based digital technologies need a well-defined IoT strategy and a set metric to measure success. IoT leaders must develop a clear understanding of the enterprise’s business objectives and the CEO’s strategic imperatives. Work closely with business stakeholders to ensure that outcomes align with strategy.

    63% of enterprises expect they will achieve financial payback in 3 years for their IoT projects.

    Gartner IoT insights you can use

    Internet of Things is among the most-hyped technologies that could reshape the way companies operate. The hype around IoT makes it an essential topic for strategy leaders seeking to stay on top of emerging trends and to navigate digital transformations. Use Gartner research and insights to create and deploy stronger action plans and detailed decisions required for IoT strategy success.

    IoT evolution and how it impacts your business

    IoT solutions have moved beyond the hype to deliver real business benefits. In this latest IoT special report, learn about best practices to take advantage of new opportunities created by IoT and how you can build the business and technology foundations as securely as possible to continue to foster IoT growth and impact.

    Create an Internet of Things strategy for the future

    With the wide adoption use of IoT, various IoT-enabling technologies are evolving. The increasing maturity in IoT combined with other complex technologies has huge potential for transformation but also presents some challenges. This report shares key predictions to help IT leaders plan for a smooth implementation of IoT solutions.

    IoT adoption trends: Where your competitors are investing

    IoT is regarded as one of the top five game-changing technologies due to its ability to create new sources of data, provide real-time performance updates and create new value propositions. This report looks at how far your peers have come with IoT, and the budget and financial requirements for new IoT adopters.

    What’s next for IoT?

    The Internet of Things is evolving into a significant component and a major contributor to digital business initiatives across organizations. This Hype Cycle outlines the key areas that enterprises should evaluate as they accelerate their IoT initiatives.

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    IoT questions Gartner can help answer

    Gartner defines the Internet of Things (IoT) as a network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment. The Internet of Things exploits a wide range of technologies that enable refinements to current business models and open up entirely new business opportunities.

    The impact of the IoT is pervasive within and outside the organization. IoT is bound to substantially impact companies worldwide, particularly as a technology enabler for digital business. A growing portfolio of IoT device data, its analysis and integration with back-end systems, and the subsequent IoT feedback and control will produce a seamless end-to-end IT choreography of intelligent operations and improved business outcomes.  Despite its complexity and constant evolution, IoT will open doors to multiple business opportunities. 

    • Focus on understanding the business benefits that can be realized through IoT. A lack of this understanding is normally the main reason for no coordinated action on IoT across the organization.
    • Explore the internal efficiency benefits initially, as these are easier to identify — particularly if you operate in an asset-intensive industry.
    • Research the sourcing of an IoT platform that will serve the needs of the enterprise as a whole.
    • Take extreme care over security and privacy issues as you build the solution. The risks are considerable, and you must consider both digital and physical security in your solution.
    • Consider carefully which system integrators or consulting firms you look to partner with if you need assistance. Remember that decisions made at this stage will have a long-term impact on the business.

    A typical IoT solution contains three main parts:

    The edge is where data is sampled and collected from the environment by instrumented things or devices. These devices may include — but certainly are not limited to — consumer devices (such as thermostats or wrist watches), appliances or industrial systems (such as central air conditioning) that contain sensors to collect data and/or configurable parts (such as actuators) to alter the operation of the device.

    The IoT platform ingests, stores and performs analytics on the data, and based on the intelligence gleaned from that analyses, it will orchestrate tasks or invoke enterprise applications. The IoT platform also contains some device and platform management functionality. The platform can be hosted in different locations (for example, in the cloud or on-premises) and may be a single monolithic platform or a composite of complementary capabilities from one or more providers.

    The enterprise represents the set of applications, processes and services — or devices themselves — that can be called by the IoT platform to accomplish the business objective.

    There are many ways to define a strategy, but from the perspective of an IT organization, a useful approach is to structure it in five sections, each of which answers a key question:

    Scope: What part of the organization does the strategy apply to? Any strategy should be clearly scoped in terms of time frame and organizational coverage.

    Demand: What is the strategy required to deliver, and how will its success be measured? This section will discuss both technology and business demand issues.

    Supply: Which tools, technologies, capabilities, architectures, standards, processes and sourcing partners will the IT organization need to deliver against the demand? Where are the gaps based on current capabilities? What resources (at a high level) will be required to implement the strategy?

    Governance: Who owns the strategy, directs it, funds it and so on? What is the process for updating the strategy? What new organizational structures will be required to implement the strategy? For example, will it be a steering committee or an IoT center of excellence (COE)?

    Risk management: What are the high-level risks and issues that apply to this strategy, in which consistent policies or technologies crossing multiple projects are needed? In an IoT context, safety, security, regulatory intervention and privacy might be topics addressed in this section of the strategy.

    Gartner defines digital twins as a virtual representation of a thing, person or process. As digital twin adoption accelerates, applications and software engineering leaders should focus on these recommendations to support an incremental approach to the development of a digital twin portfolio that delivers near-term commercial value while ensuring long-term investment protection

    Adopt a minimum viable product approach — Prioritize “quick wins” and incrementally enhance your digital twins investments over time.

    Address your IT competency gaps — Expand your existing IT competencies (e.g., information management) to address new digital twin needs (e.g., Internet of Things [IoT] time-series data).

    Plan for end-to-end system integration — To fully capitalize on your digital twin investments, integrate them with business applications to enhance business process automation.

    Incorporate governance from the beginning — Adopt sustainable digital twin governance models to address software configuration changes, security and full life cycle management.

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