4 Ways to Become a Successful IoT Leader in 2020

The IoT’s impact varies greatly from company to company, encouraging them to launch pilot projects to develop IoT-enabled products and services or utilize the IoT to achieve business improvements. However, according to McKinsey Digital, less than 30% of these companies have taken their IoT programs beyond the pilot phase. 

Among these companies with large-scale IoT efforts, a gap separates the top from the bottom tier. In a survey of IoT practitioners at 300 businesses with mature IoT programs, about one-sixth said their companies had seen a significant payoff from IoT, an aggregate cost and revenue impact of at least 15 percent. Those are what is called IoT leaders. To help you become a superior IoT leader in 2020, here are some things you need to avoid.

Miscalculate the Breakthrough Potential of IoT Technologies

It was close to impossible for companies to track how customers were actually using their products and services. Today, with the increasing power, affordability, and adoption of IoT, companies can now obtain much broader and continuous visibility on how they’re performing. This is a good chance for leaders to see IoT breakthrough to obtain the truth about how their offerings are performing, such as customers’ perception and the environment companies provide to customers.

Organize and Operate Slowly

In a world in which IoT technologies quickly send back data on the status of their customers, assets, and premises, leaders place much greater importance on being able to react rapidly. On Tata Consultancy Services importance scale, leaders gave it a 4.02 importance out of 5, while followers gave it an average 3.03. The research also shows Leaders are more likely to fix a product or other customer problem in the field quickly, even before the customer knows there’s a problem.

Letting Major Organizational Resistance Happen

Of all the technologies that companies have adopted during the last 50 years, IoT technologies may create the greatest organizational resistance. IoT technologies provide data on issues that are highly sensitive in a company: details on how their products and services are performing, and some people are afraid about what new technologies might reveal about the business. IoT leaders will deal with this issue by being brave, driving this change from the top, and take technology decisions quickly.

Overlooking Cyberattacks

According to McKinsey Digital, both top and bottom tier IoT practitioners suffer similar consequences from cyberattacks, with 30% of respondents from each group expressed that a cyberattack had resulted in high to severe damage. The higher percentage of the top IoT leaders said their companies had been the target of cyberattacks, with 57% compared to the bottom with 44%. Nevertheless, the top IoT leaders are more likely to say they are confident about their ability to handle cyberthreats.

Succeeding at becoming an IoT leader depends greatly on sound decisions about business fundamentals--strategy, leadership, investment, organizational change, partnerships--not just on decisions on technology. Telkomsel IoT is here to help the next IoT leaders walking the path to digital transformation with innovation, consulting, and partnership. Visit https://telkomseliot.com/ to find out how you can be the next successful IoT leader in Indonesia.