The largest benefit of the advances in technology is the simplicity and speed in which you can engage these technologies. The Internet of Things concept is a great example where platforms, data, software and devices are all connected and accessible via cloud technology. This will have a huge impact along with great opportunity for your collaborative network through improved connectivity, ability to share and collaboratively create and update work documents and plans, the abiltiy to access software and data from any platform and any location that can connect through a network, whether hard-wired to a local network or through a wireless network . These capabilities and tools are expanding it seems on a daily basis to expand and improve capabilities to collaborate and delivery benefits.
The Internet of Things has become one of the most used phrases and concepts recently due I think i large part based on hopes and potential, the hopes quite frankly of wireless companies to expand the utilization of their networks and the potential capabilities have been identified and marketed to the consumer and business community. I have previously discussed this type of capability and the danger of the hype cycle to overpromise and under deliver. I have also previously discussed the tendency of industry and trade experts to repackage legacy technology and practices with new names to generate interest. I believe though that the Internet of Things truly has the potential to dramatically impact many industries and practices. The Internet of Things has the potential to dramatically streamline processes through the elimination of technical boundaries.
On the other hand I have a great fear that the market hype and potential can overrun the actual capabilities to cause a let down and delays in realizing the potential. The Internet of Things has two things going for it right now; a catchy name and a great deal of potential. On the other hand, it also has some challenges; cost of implementing the capabilities and to some extend a business or social problem to resolve. Either one of these challenges could derail the potential so they must be carefully managed. The potential however to address the challenges in business collaboration and especially omni channel retailing and supply chain management are compelling.
I think that the potential benefits can and must be captured through a cohesive strategy that identifies methods and benefits that can be achieved. This strategy must take into account the current and proven capabilities to define and prove the concepts and develop a framework for achieving expanded capabilities in the future. This strategy must be based on a sober review of current reality in order to build the framework and then define the roadmap to delivering the future potential. The Internet of Things is a concept based on defined capabilities and you must define how you will embrace the concept to deliver capabilities.
And now for the audience participation portion of the show…
How do you identify and address new opportunities in your current business market? Have you ever tried to develop a SWOT focused on new business opportunities or new markets to evaluate the fit for partnership and as a means to address and meet new opportunities? Do you regularly develop a SWOT analysis to evaluate your internal capabilities and needs to support new business and market opportunities?