Success with the Internet of Things Requires More Than Chasing the Cool Factor

Many companies begin an Internet of Things (IoT) journey with great expectations, only to end up with disappointing business results. Those that achieve their expected ROI changed their traditional business approaches in one or more of the following three ways: developing a partner ecosystem; updating their talent management strategies; focusing on the business knowledge, not the technology. For instance, Goldcorp, the global mining company, recently partnered with Accenture to help knit together an ecosystem of large and small IoT suppliers to co-develop a connected mine in Cerro Negro, Nicaragua. IBM and Cisco have partnered with educational institutions to co-develop curricula and offer online IoT courses, while Rockwell Automation and ManpowerGroup recently announced a partnership to train 1,000 military veterans for advanced manufacturing. Harley-Davidson assembled people from both IT and operations to created a fully IoT-enabled plant and shrink a fixed, 21-day production schedule for new orders down to just six hours. Yes, IoT technology is very cool. But just chasing the cool factor can lead to compromised ROI.