As we shift further and further into a digital economy, businesses everywhere are wondering how they can take full advantage of the Industrial Internet of Things (IIoT) as a means to power faster growth and deeper expansion. In fact, a recent Accenture study projected that $14.2 trillion will be up for grabs by 2030 thanks to the IIoT. That means acting fast may determine whether your business is leading the pack or left in the dust.
In this video produced by Americas’ SAP Users Group Webcast, analysts offer five ideas on how businesses can start taking advantage of the IIoT today.
- Reimagine industry models. If every product is connected and enables a new service, Reinvent industry practices and business models to connect every product and enable new services that add value to the customer experience.
- Generate a chain reaction across industries. Create new ecosystems that cut across all traditional industry boundaries and bring value through change. Look for the opportunity to develop hybrid offerings that deliver compatible, seamless, value-add combinations of products and services.
- Capitalize on the value of data. Don't just generate insightful data from physical objects. Share it between among every part of the supply chain and the cross-industry community.
- Prepare for the future of work. Embrace change, especially in the skill and job mix required in the workforce of the future. Understand how increasing reliance on smart products, sensors and robotics transforms job roles, work responsibilities and operations.
- Shorten the investment lag. Turn your IIoT ideas and strategy into reality. Encourage experimental, pilot, and demonstration projects that show how the IIoT can best complement your offerings, business strategy, workforce and customer experience.
