The Business of IoT: Monetizing Data Driven Innovation
CIO’S ROLE IN SUCCESSFUL DIGITAL TRANSFORMATION
Chantilly, France, October 8 & 9, 2018
IDC EMEA hosted its European IoT Summit in Chantilly, France, on October 8 and 9, with technology end users, selected vendors, and IDC analysts attending. During the two days, delegates, analysts, and sponsors had the chance to attend discussion panels, presentations, and interactive workshops focused on the need to deliver value from the IoT implementations currently taking place, by being able to monetize the insights gained through IoT data, for both internal and external purpose. The event was a great opportunity for networking, learning, and sharing experiences from other industries and peers, as well as to explore potential solutions with the sponsors on site.
For a quick tour of the two-day event take a look at this short video:
A large proportion of European organizations are still at the very early stages of their IoT strategy planning cycle, and the concept of actioning on the data insights provided by the IoT sensors is still a distant reality. Although many organizations have experienced some level of exposure to IoT, these continue to focus on pilot and exploratory stages, with the main focus placed on gaining internal efficiencies. The existence of a cohesive IoT strategy approach throughout the organization is still rare, with mostly isolated initiatives either in engineering related functions or centers of excellence, but without vast exposure or replicability in other areas of the company.
Many organizations are still unclear on how to approach the IoT opportunity — who with, or what it can do for the organization being among their concerns. This is very much aligned with IDC’s European IoT End User Survey 2017 results.
Equally, understanding the intricacies of data collection, management, and analysis is also a challenging area for many IoT adopters who are still struggling through the early steps of collecting data in a homogeneous format so that it can be analyzed later.
The good news, however, is that a number of European organizations are already at a further stage of maturity and are setting an example on how they collect and use the IoT data, not only to gain internal efficiencies, but also to ensure external benefits, such as improving customer experience and new product creation. And these organizations are eager to talk about it and share their experiences with others, which was precisely the aim of the IDC Summit.
For those already deploying, how to overcome the complexities associated with the integration of the solution with other existing systems (ERP, CRM, etc.) and equipment is still a question they very much like to discuss with IoT vendors. This is particularly important, as few organizations have the necessary skills and internal resources to solve some of these complexities, and hence must rely heavily on technology partners. Practicalities such as the choice between developing an IoT platform internally or using an external one were often mentioned during the conversations at the summit.
The conversations with end users during the summit, combined with IDC’s European IoT End User Survey responses, clearly point toward the need for IoT technology vendors to keep in mind the following points in their interactions with potential and existing customers:
In general, there are still a great deal of questions surrounding IoT implementations, best practices and possible use cases and their benefits across European organizations. IoT vendors have an opportunity to position themselves as trusted partners and advisors during the exploration and discovery stages, flushing out potential complications as well as plausible and realistic solutions. Customers would clearly value a stepped approach and joint discovery relationship.
IDC's European Internet of Things Ecosystem and Trends service offers a holistic view on the opportunity presented by the Internet of Things, including sensors, gateways, connectivity, purpose-built platforms, analytics, security, and professional services. The IDC European IoT Executive Summit 2018 is uniquely designed for the key executives undergoing or planning to launch Internet of Things initiatives.
Together with industry analysts, delegates will explore and seek to answer the following key themes:
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG, the world's leading technology media, research, and events company.
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