How and where to start developing an IoT strategy
Already know that you want to start dabbling in the Internet of Things (IoT) but have no idea where to begin? According to ARM, The Internet of Things Business Index, “A lack of IoT skills and knowledge among employees and management is viewed as the biggest obstacle to using the IoT more extensively.” EAC Product Development Solutions is offering the perfect way for you and your team to get started – with a hands-on IoT workshop.
This workshop, called the IoT Strategy Development Workshop, is pretty much what it sounds like…and it’s not just another class that delivers ideas of how the future is supposed to look. You actually get your hands dirty and work with your team to develop alignment between business initiatives, strategic frameworks, and vision statements. The workshop is 2 days and involves 4 different sessions including IoT Experience and Excitement, IoT Basics, Strategy Development, and a “Shark Tank” IoT pitch to peers.
Below you will find a transcript of a Q & A with Brian Ignaczak, Director of Research and Development at NORMA Group. Read about his team’s experience with EAC’s IoT Strategy Development Workshop. Contact us if you think this hands-on workshop would benefit you and your team.
NORMA Group develops IoT Strategy
Q: How did EAC’s IoT Strategy Development Workshop help you better understand IoT and how a smart connected product strategy could impact your business?
A: “The EAC IoT strategy development session showed us how we could add value through the use of data… it focused on the value-added business opportunity and helped us get over looking at just the gadget side of IoT.”
“I think the biggest takeaway we had from the EAC development session is that we were able to develop an IoT mission statement that aligned with our business initiatives. It brought together a number of stakeholders to put together an IoT plan that fit our organization. That has probably been the most durable product from our strategy session.”
Q: When did you realize the IoT could create more value for you and your customers?
A: “The EAC strategy development session helped us realize that IoT could be a big area of development for us. We want to be a technology leader. It fits with what we do. We want to stay on the cutting edge of technology and make sure that we don’t miss out on any revolution with respect to potential capabilities that we can add to our products. The session with EAC showed us many ways this could be possible.”
Q: In what ways did EAC’s strategy team help guide you to find your value drivers?
A: “EAC’s strategy team helped guide us to find our IoT value drivers through templates they had us work through. As we worked through the templates, we were able to see an underlining IoT strategy that suited our organization. These strategy templates forced us to fill in what we were really trying to accomplish with IoT.”
Q: How did your team define and prioritize potential smart connected product ideas?
A: “EAC helped us determine where exactly we were headed with IoT. We were able to thoroughly evaluate if we were trying to open up new markets or try and better serve our existing markets.”
“Looking at smart connected product ideas that our organization could pursue, we decided to focus on opportunities within our existing markets.”
“EAC helped us identify two main areas that smart connected products could fit our business model. The first had to do with addressing customer pain points through the creation of digital products. The second had to do with upcoming changes to the market that were coming via regulations. Their team really showed us smart connected products that could work as solutions for our organization.”
Q: What has been the biggest benefit of having a customized IoT plan to fit your company’s strategy?
A: “From EAC’s strategy development session we were able to determine an IoT framework that we now can discuss. It made our endpoint more concrete. We realized things we weren’t going to do versus things that were possible for us to do. They helped us identify how the revenue streams would flow based off of that.”
“EAC helped our company by setting a realistic IoT vision we are able to work towards.”
Q: What impact did EAC’s IoT processes have on your own strategy building sessions going forward?
A: “EAC helped us realize the importance of basing our IoT initiatives on our mission statement. The impacts of these processes remind us to continuously review that we are headed in the right direction.”
“The strategy sessions EAC held gave our company an anchoring point with IoT. Now, as new opportunities come up, we use the methodologies we were shown to develop products that will meet our vision.”
Q: Describe how EAC’s hands on connected product experiences provided a relatable IoT experience for you.
A: “EAC’s hands-on connected product experiences opened our eyes to the vast amount of data that can be produced. It made us realize how quickly data can be processed in real time. It showed us the vast quantity, the amount of processing power that is available, and how it could all be used to produce something of value.”
“Seeing live data stream on the computer screen and realizing how quickly that is communicated was pretty eye-opening.”
Q: How did the IoT Concepts presentation help frame a basic understanding of your current state and future opportunity that IoT provides?
A: “The IoT concepts presentation helped frame a basic understanding of our current state and future opportunity. It goes beyond technology and starts explaining how others have started to transform their business. The case studies really helped us to understand how some of our peers in the industry have begun to adapt to the changing technology and transform their business.”
Q: During the strategy development session, how did EAC help you realize the alignment between your business strategy framework and business statement?
A: “During the strategy development session, EAC had us break up into groups. We all developed plans and pitches based on an IoT implementation. From there, each group presented their idea to the wider audience. It was really interesting to see how different teams approached the opportunity. After the presentations, we had an open discussion as to what the pros and cons were of the different scenarios that were presented. We are currently moving forward with the winning concepts of those strategic plans.”
Q: Do you feel that EAC had the proper techniques, strategies, and knowledge behind IoT to help implement these new strategic initiatives?
A: “EAC absolutely had the proper techniques, strategies, and knowledge behind IoT to help implement our new strategic initiatives. They have been a very valuable partner for us throughout the process. They are the reason why we have been able to start moving forward with our development. We have made a lot of progress since then.”
Q: What might you say to other companies considering a strategy development session with the EAC specialists to develop or implement an IoT plan?
A: “I feel that EAC’s processes are a great way to jump-start IoT strategy development. Having an outside voice is a very important aspect of that. They come in with a different point of view and it really helped bring together the different viewpoints from our stakeholders and teams.”
“EAC’s processes definitely helped us push forward. (EAC) has been a really good partner in furthering what we’re trying to accomplish. For us, getting beyond just the technology side and really trying to build IoT into a business plan is one of the things that they have emphasized. They helped explore the best possibilities for us.”
“We have been more than happy with the engagement of EAC. We feel that they have a tactical view of how projects move forward. With IoT, there is a lot of uncertainty and there are many companies that don’t deal well with that. EAC helped guide us to explore and embrace the uncertainty of the emerging market.”
Is EAC’s IoT Strategy Development Workshop right for me?
Unpack the digital revolution within your company by developing an IoT strategy within your organization. NORMA Group found value in taking this 2-day hands-on workshop. Contact us to start your own IoT journey.