3 Tips for Building your IoT Ecosytem

It’s easy to get overwhelmed by the thought of constructing an “IoT Ecosystem”. Where do you start? If you have this question, you’re not alone.

Building your IoT Ecosystem was a topic explored during the Wavefront 2017 IoT Summit earlier this month. Panelists Nigel Wallis of IDC Canada, Allison Saltzer of Microsoft, Mitch Seguin of TribalScale, and John Younes of Litmus Automation discussed how they’ve seen innovative technologies implemented in businesses across multiple industry verticals.

Technology is no longer just for technology companies. In February of this year, Gartner, Inc. predicted that by 2017, 8.4 billion connected things will be in use worldwide, up 31% from 2016, and will reach 20.4 billion by 2020. This statistic can be either extremely exciting or extremely daunting depending how you’re currently operating your business.

If you’re just beginning your digital transformation journey, here are 3 things to keep in mind:

  • Start small. The Internet of Things is such a broad term that encompasses the ever-growing network of all connected devices, and therefore can be overwhelming to think about. Don’t try to reinvent all your activities at once; breaking down your overall business process into smaller pieces can help you identify areas for improvement and give you idea of where to start.
  • Do the research. There are so many solutions, devices, vendors, and applications out there these days, so it’s important to take the time to implement the ones that are a right fit for your business. Look to your partners and network for recommendations, compare solutions, and consider what integrations you will need to have before moving ahead. Adopting new technologies without planning can have serious repercussions.
  • Have an open mind. There is often a psychological fear that goes along with change. In order to get the results you want, your team needs to be willing to embrace new ways of operating. You also must be open to the possibility that your business model may need to adapt and evolve along the way.

Building an IoT Ecosystem, no matter how big or small, is imperative to staying competitive. New technologies are allowing us to find inefficiencies we didn’t even know existed. In many cases, this can lead to a significant increase in revenue savings.

Innovative technologies have the ability to substantially increase overall business performance –  we just need to be ready to take advantage.

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