Digitalization: 5 things you need to know before implementing IoT in your ecosystem.
With digitalization on the tip of everyone’s tongue, it’s adapt or die for many businesses. The hard truth is that manualised operational systems are just not sustainable in today’s market. The success of your business is measured by the aggregation of thousands of decisions, big and small. Without a bespoke, hyper-contextualised IoT solution, your business may be stuck in the dark ages.
To face one of the biggest business battles of our time – surviving the 4th Industrial Revolution and coming out relevant, it’s likely that you’ll start to realise the power of a digitized ecosystem. As you navigate your way through digitalization, you’ll come across a minefield of buzzwords unique to the IoT habitat. Once you filter through the buzzwords, you get to the heart of what the digital revolution is all about; future relevance.
You may feel unprepared or that your business isn’t ready to implement IoT. You may think your business is fine the way it is. It’s not, but you don’t have to take the plunge alone.
Begin by asking yourself these 5 questions:
- What is your role in a consumer’s life, and how will digitization change it?
- What analytical power will drive your digitization?
- Are there any new consumer behaviours or expectations?
- Is your team on board with your digital strategy?
- Are you ready to share value creation with your consumer?
In your quest for digital transformation, you’re bound to come across a few buzzwords, so let’s set the record straight.
Digitize vs digitalize: Is there a difference?
If you’re in the USA, it’s digitize. If you’re in the UK or SA, it’s digitise. Regardless of how you spell it, the meaning is the same. When you read ‘digitize’ think converting data into a digital format, whereas to digitalize is the impact of the digital revolution. Digitalizing your ecosystem is about combining all digital devices and data streams to provide you with a way of evaluating existing processes and business models and adopting new technology, such as IoT platforms, to optimise every asset in your ecosystem. In short – interconnectivity and interoperability, the key outcomes of the implementation of IoT technology, are not possible without digitalization.
What is digital transformation?
Digital transformation is the process of digitalization. It’s the proactive rethinking of every single element of your value chain, from the warehouse to the shop, farm to fork, and how such gaining consolidated data, insights and control could influence consumer behaviour and expectations. Digital transforms runs deep in the veins of your business and optimises every asset to leverage your business for scalability and growth.
How do you start a digital transformation?
The need for digitization is felt by legacy businesses, but where do you even begin to transform your business? Over and above recognising the need for digitalization is, of course, the development and implementation of a digital strategy. Businesses face challenges of unnecessary downtime, wastage, legacy security systems and processes, lack of encryption and employee unrest when looking to digitize. So, before you join the digital revolution, develop a digital strategy by asking yourself these 5 vital questions.
#1 What is your role in a consumer’s life, and how does digitalization change it?
Digital transformation prompts you to examine the inner philosophy of your business. It’s important to go back to your mission as a business, to ask yourself these fundamental questions:
- What value does your business provide?
- Why does a consumer need your service or product?
Digitisation optimises your processes, heightening efficiency and reducing wastage, ultimately producing an enhanced product or service.
So before you digitize understand what’s most important to your consumer and what they believe sets you apart. Is it the delivery speed, product quality, or customer service? By analysing this consumer behaviour, you can create a hub bespoke to your consumer’s needs, and gear your business towards future sustainability.
#2 What analytical power will be derived from your digitization efforts?
Key to ensuring that your organisation reaps the rewards and rapid ROI of implementing IoT is knowing what you want to get out of it. Now, in many instances, we’ve seen companies find black holes that they couldn’t have known were there, but ultimately, knowing what you will need to measure and optimise to really drive success, is key.
A meaningful digital transformation followed by the enablement of real-time analytics that delivers a contextualised view of your operations, pinpointing weak spots where optimisation will be felt. Rethinking KPIs to speak to digital enhancements from production time to employee performance is also vital for driving continued digitalization across the business ecosystem.
The IoT.nxt digital platform overlays smart analytical power onto every asset from the top-down, providing real-time reporting to the right people. Leave no stone unturned. Investigate and analyse every step of your value chain to completely digitally transform your entire business.
#3 Are there any new consumer behaviours or expectations?
Before you implement an IoT strategy, it’s essential to discern and map out new consumer behaviours and expectations. As the world digitizes, consumers expectations of products and services shift. What was once impossible is now considered the general practice. We’re able to see the live tracking of any Uber Eats delivery, so we expect the same from a Dominos app. If the expectation is not met, consumer behaviours change. Consider how this might be true for the supply chains in your industry. What do your service providers and clients now expect as the norm?
Research your industry. Uncover how other businesses have digitalized and what the effect on behaviour and expectations has been. Recognising and understanding these behavioural changes is yet another step in creating a bespoke service for your ideal consumer.
#4 Is your team on-board with your IoT digital strategy?
When we talk digitalization, many businesses don’t account for the beating heart of their ecosystem: the employees. The fourth industrial revolution plays a vital role in improving working conditions from safety initiatives in rugged ecosystems to heightening payroll efficiency. Before implementing a digital transformation, acquaint your team with the new changes, both practical or philosophical. The value of your service or product is changing. To successful implement digitization, your team needs to know and believe in the change.
#5 Have you developed a new solution around new tech?
A business exists to solve a challenge for a consumer. As the world digitalizes, the challenges facing consumers change, so the goal for your business should be to develop a new solution built on new technology. How can new technology like IoT, enhance your product or service, address a new consumer challenge and yield meaningful ROI? Answering this question before developing a digital transformation strategy gears your business towards success and growth post-implementation.
Join the Digital Revolution
Digitize today. Without disruption. IoT.nxt implements an IoT platform that will not only digitize data from every asset but also activate predictive maintenance, a self-healing design, real-time monitoring and intelligent reporting. Eliminate unnecessary downtime and wastage that eats away at your bottom-line, ultimately achieving meaningful ROI. That’s what a digitized IoT ecosystem means.
We overlay our bespoke IoT platform onto existing legacy systems. Why tear down what isn’t broken? With IoT.nxt, it’s your business, only better.