Why do we want to invest in IoT?
Before you go any further, make sure that you’re considering an IoT deployment because it’s going to help your business reach its goals faster. Never do it because it’s a popular trend or your team expects digitisation. As a significant investment, you want to make sure the money is most useful as an IoT spend. An expert partner can help you scope your requirements for forecasts and budgets.
Does IoT make sense for our product or service?
IoT is right for you if you could improve your service or product if you just knew more. This knowledge might be about the location, temperature, usage or performance of your product or service. Since IoT includes user terminals, actuators and sensors; all networked together, your data landscape could really expand. If that would help you sell more products or retain more customers, then it might make sense for your business.
How will you prioritise use cases?
You could decide where to start first by looking at what the competitive landscape is, what your clients need or what your team’s skills are. According to Cisco, “Companies who have been successful with IoT began by targeting their solutions toward existing customers, rather than new customers. In this case, a top consideration was to strengthen relationships with existing customers. Strategic priorities can include other more proactive elements such as an enterprise’s desire to transform its business model, accelerate product innovation or create new revenue streams.” So, it might make sense to start there.