Living up to the promise of IoT: How the right IoT strategy can transform a business – Part 2

This blog is part two of a two-part series authored by Kevin Bandy, Board Member/ President and Chief Strategy Officer at Simetric, Inc. Bandy, a veteran of Cisco and Salesforce.com, defines himself as an “entrepreneurial executive.” He is regarded in the industry as a thought-leader with a talent for helping Global 2000 companies define and implement strategies to achieve transformational growth.

In part one of this blog series, I addressed the importance of moving from an automation mindset to a cross-functional business process automation effort, using IoT to evolve a business in real-time. Now, let’s address or let me address how the right IoT strategy can drive out waste and, with these deeper IoT insights, continually unlock value. 

Driving out waste – without changing platform, carrier or product

With the right IoT strategy, driving out 50% of your IoT operational budget waste is realistic. Said differently, 50% can be reinvested in the business. 

Today we talk a lot about digital transformations. Every business is changing, but that does not mean you have to throw out all pre-existing technology investments or investments in carrier relationships.  Every operator or carrier would like customers to upgrade to their proprietary systems, but the truth is, moving IoT from automation to business process automation does not require a change of technology. The investments you have already made can be optimized with connectivity across all devices.  

A single management pane across all operators, all platforms, and all devices will enable any company to quickly move IoT to business process automation. When IoT is not limited by bifurcated budgets across functions, it is not held hostage by anyone operator’s IoT platform. Companies can take charge of their own digital transformations, select the technology and carriers that work for their business, and still realize the promise of business process automation. This maximizes returns on existing investments while still creating the transformation required to keep up with the pace of change.

Running true business process automation across all connected devices allows for continuous business evolution. To drive out the legacy waste associated with budget redundancies and stretch IoT efforts we must connect all endpoints and view them in real-time. 

Digital transformation is eternal – change is inevitable and ongoing

As every company’s digital transformation unfolds, there will be endless decisions regarding the best carriers, clouds, and devices. But there is no finish line in any digital transformation. In order to achieve a sustainable business, we all should be continuously empowered to act upon quantifiable, predictive business process analytics.  

Digital transformation is accretive and you can unlock value that already exists to unlock the true potential of IoT, changes must be able to be made in micro-increments, across multiple platforms. Transformations cannot be tied to a specific product, carrier, or legacy system and certainly not to isolated business functions.

Without changing a single carrier, platform or upgrading a device, an executive should have the tools to understand the company’s IoT ecosystem at a macro and micro level, and quickly make workflow adjustments to unlock value that already exists. This technology is available and it is the key to not only unleashing the real promise of IoT but also running a modern business. Modern business is remote work. It’s fast and iterative change and expansion. It’s innovation on a continuum. In these pandemic times, I want business leaders to know that sustainable change is possible. The promise of IoT and 5G can lead their businesses and employees forward. 

In the coming weeks, I and members of the Simetric team will continue to unfold more blogs about trends and opportunities in the IoT and 5G space to help companies capitalize on these opportunities.