W. David Stephenson has recently published the first of what will be a continuing series of op-eds in Industry Week about IoT strategy. It was drawn from a key component of his book on IoT strategy, The Future Is Smart.
It deals with what I call the four "Essential Truths" of the IoT:
- Make privacy and security your highest priority. I come at this from a unique perspective: my years as a corporate crisis manager, when I learned that once people lose trust in your product and company it's difficult or impossible to regain. Too many IoT companies make privacy and security an afterthought. We need to follow the EU "privacy by design" approach instead.
- Share data, don't hoard it. In the days of limited data, if you had data and I didn't, you were a winner and I was a loser. It the era of unlimited real-time data, it often is more profitable to share data, whether within your company or with supply chain, distribution network, and even customers
- Close the loop. It's time to turn linear and hierarchical processes into cyclical ones, where real-time data is fed back to assure maximum efficiency, through digital twins, M2M operations, etc..
- Rethink products and their roles. With predictive maintenance, it may be more profitable, and ensure customer loyalty, to lease products instead of sell them, and do more frequent upgrades, including ones through software.