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What you need to do to make IoT succeed

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Interest in the Internet of Things (IoT) is peaking as businesses seek to seize the opportunity presented by a network of uniquely identifiable, autonomously communicating endpoints (or “things”).
In a recent survey, International Data Corporation (IDC) found that a majority of organisations see the Internet of Things as strategic to their business while nearly a quarter see the IoT as transformational.
To help organisations succeed with their emerging IoT plans, IDC has published a new MaturityScape report that offers senior leaders a framework to assess their IoT readiness and to prepare an IoT strategy that is in line with their business and digital transformation objectives.
“The Internet of Things is enabling businesses and IT to connect, transform, and innovate across all aspects of a company, thus becoming a key driver in the digital transformation discussion,” says Vernon Turner, senior vice-president and IDC Fellow for the Internet of Things. “Having a roadmap to navigate this journey is critical given that new IoT eco-systems and business rules will demand companies to create highly customised customer experiences.”
“The Internet of Things is enabling organizations to reinvent how they engage with their customers, helping them to accelerate the speed at which they deliver their products and services, and effectively reinventing industry processes,” says Carrie MacGillivray, vice-president: Internet of Things and mobile at IDC. “However, achieving these results will require close collaboration between business and technology executives on goals and actions relative to IoT and the impact these will have on business initiatives and outcomes.”
The IoT transformation will be a difficult, multi-staged journey, requiring most organisations to adapt their current organisational processes, culture, and skills to the requirements of the new digital ecosystem.
To help organisations successfully make this transition, IDC’s MaturityScape framework identifies the stages, critical measures, outcomes, and actions required to effectively develop an IoT strategy that not only contributes to an overall business strategy, but also opens up new and adjacent markets.
The five stages of IDC’s Internet of Things MarketScape framework are: ad hoc, opportunistic, repeatable, managed, and optimised.
The report provides a description of each stage’s defining characteristics and business outcomes. IDC has also identified the critical capabilities and practices that are common within each stage of IoT maturity. When properly addressed, these dimensions – people, process, technology and vision – enable an organization to understand and evaluate itself in order to move from one stage of maturity to the next.