-
Eliminate Execution Risks: Because 90% of startups fail less than five years from inception, leaders need to improve their execution. Instead of constructing the new product or service and trying to fit it into the IoT ecosystem, business owners can learn to build IoT connectivity and value into the product from the ground up. And while that may sound daunting for resource-scarce startups to consider, it’s better than winding up in that 90%. Reducing execution risks means developing IoT products that are scalable within the IoT environment within their industry. And it means commercially viable products that can interact and seamlessly work with other connected devices while delivering on their original value.
-
Know the Numbers – Entrepreneurs also need to know the numbers. While smart cities, factories, and buildings accounted for over 50% of all projects in 2018, these figures vary from country to country. Knowing the numbers will help business leaders determine the best way to penetrate and engage that market.
-
Integrate the Data into the Business – While this may sound obvious, many miss the value brought about by data and its KPIs obtained through analytics. Everything from Consumer Retention Rate (CRR) to end-of-lifecycle management programs can be leveraged with data available through IoT. This includes faster, more accurate traditional KPIs and new ways to look at data and chart a course based on what is uncovered.
-
Know the Trends – Digital acceleration during the pandemic, changing customer needs, a spotlight on sustainability, and other trends were at the forefront in 2020. By staying on top of trends as they develop, entrepreneurs can make sure they are building products that address these realities. They can also hone their business model to focus on them to uncover new avenues for revenue through additional products and services.
-
Develop New Business Models – Today, it’s not enough to roll out a product based on a “good idea” and let momentum carry it to the moon. With IoT technology, entrepreneurs can develop entirely new business models. Because the landscape is so vast, it opens up business opportunities that would not have been available or that would not have occurred to owners in the past. Through deep analytics, machine learning, and AI, businesses can understand customer tastes, leverage business insights, improve operational costs, track assets, and other cost-saving mechanisms in addition to offering value-added services and new products.