Digital Business Transformation: The Early Bird Gets the Worm
As technology expands, we’ve begun to enter an entirely new realm, the one in which remaining connected all of the time is the norm. We are witnessing the maturation of a generation of complete digital natives who have never known the world without the availability of Internet connection or mobile devices. Technological evolution and the increase in a global competition are driving economic change with the most organisations engaging in the digital transformation to overcome the challenges and exploit new opportunities.
The Internet of Things (IoT) technology will be a crucial element of generating innovative experiences and transforming operating model. Building IoT ecosystems with machine-to-machine (m2m) service providers is important to be able to plan and enable digital business solutions. Companies that fail to take advantage of digital conveniences face the danger of becoming uncompetitive on the market. Even in the areas that are less affected by technology changes, companies will struggle to survive if they don’t reinvent their way of thinking. In the near future, they will either have to tell their customers that they are doing things the old-fashioned way, or that they are IoT-ready and can provide solutions that will enable total connectivity, saving time, money, and resources.
The IoT allows the development of new products and services across all industries. Healthcare providers have already been using remote patient monitoring to deliver exceptional in-home care at a fraction of the cost. Utility companies have been using smart meters to help consumers manage their electricity bills, and automobile manufacturers have been using telemetry data to maximise drivers’ safety and comfort. However, this is only a small part: the possibilities for using IoT to develop innovative applications in any industry, from smart homes to smart cities, are almost unlimited. So, there is no sign that IoT development and adoption will slow down anytime soon. In fact, approximately 30% of all industry leaders will be disrupted by digitally enabled competitors by 2018, according to marketing analysts. Now is the best time to experiment with the IoT, because the new generation of connected people is driving it forward – they already work differently and have a different view on the solutions, so they are ready to integrate digital transformation into their lives.
WolkAbout understands the importance of embracing the IoT, as one of the most significant factors that will impact business fundamentals in the coming decades. That’s why any company with strong, innovative ideas that is not in the IoT world can jump start its digital transformation with the WolkAbout IoT platform as a foundation of any IoT solution, which is made from the ground up for the Internet of Things. By eliminating the need for custom development and investing less on managing the infrastructure, companies can focus on their core business, building great products or services and adding value where it matters. Only after they’ve done that, can they begin to focus on IoT use cases that actually benefit their business and presumably, generate a return on investment.
Every organisation’s transformation journey will be different, and so will the one of your company. However, how well you execute makes the difference between reinventing the business and just trying to do so.