ABSTRACT: With the pervasive growth of Internet-connected products, manufacturers are now being confronted with an exciting and terrifying set of truths: the opportunity to monetize the value of data has never been greater and the threat of new market entrants has never been higher. In order for manufacturers to transcend external competitive dynamics, they must first transcend internal organizational hurdles by transforming old ways of doing business. This article examines key steps to business transformation including the development of a cohesive IoT strategy, a clear view of customer needs, a viable business model, a reliable technology architecture, and agile organizational alignment.
Mark Benson is the Chief Technology Officer at Exosite, an Internet of Things (IoT) platform company based in Minneapolis, MN. Mark is a regular speaker and writer on the intersection of technology, business, and society as it relates to product development, technology leadership, strategic planning and execution, intellectual property portfolio management, software architecture, information security, competitive positioning, and organizational behavior.