Welcome to my vlog. Today we are going to talk about the Winning Formula – how you become successful in deploying IoT solutions within your organization.
The Winning Formula is really about understanding how you become successful in deploying IoT solutions within your organization. First of all the absolute majority of all companies haven´t actually started with IoT deployments. And, among those who actually have started – a third of them fail in deploying IoT successfully. That doesn’t mean that they will fundamentally fail over time, but it means that when they start they have the wrong starting position.
So… deployment of IoT is really about three things. It is about strategy – understanding what it is you want to achieve, and understanding on a high level where you want to take your company. Then of course it is about tactics – how are you going to execute in order to achieve your goals? What tools do you require? How is this going to change your company from any different angle? And finally it is about execution – how you are going to execute on this.
So, why is it so that a third of the companies that have started deploying IoT fail? Well, typically it is because they start in the wrong end of the Winning Formula. They start with the execution.
Actually, IoT is not different from any other implementation that you are going to do in your organization. Except from the fact that it is going to fundamentally effect everything that you do. What that basically tells you is that starting with the execution is wrong. You should be starting looking at your strategy – What is it we want to achieve? Do we want to come closer to our customers? Are you going to want to differentiate yourself from your competitors – being able to potentially offer other things, and better than them? Is this going to be about streamlining your organization ai becoming better at managing your cost base, automating several parts of your work and so on? What kind of organization do you want to become? All of this is going to fundamentally change everything in your organization – who you sell to, how you sell (through partners or direct), on what markets you sell, how you develop your product, what kind of revenue streams you have, what kind of cost base you have, who you cooperate with… All of these different things has a great impact on execution. This is why the majority of companies fail – because they start in the wrong end of the Winning Formula.
Rami’s Top Three
1. Make sure that you start in the right end of the Winning Formula, meaning thinking about your strategy before you start executing.
2. When you think about strategy you have to think very much long-term. This is not going to be a short term thing that you are going to engage in. This s going to take a long time to implement.
3. Number three is about patience. You are going to make mistakes. The important thing is to learn from those mistakes, and then improve and change direction. Because, that is going to be required from you in order to become successful.
This vlog covered the overall concept of Winning Formula and what it means. In the upcoming two vlogs we are going to cover the strategy and tactics in one, and the execution part in one.
I am looking forward to seeing you all again after the summer for the second and third vlog in this series. Until then – Have a phenomenal summer, and lets make IoT happen.