3 Habits of Successful IoT Companies, Revealed – RTInsights
Leveraging the Internet of Things (IoT) can be complex, and while this emerging environment opens up doors to new business opportunities, it’s likely best to stick with what you’re most familiar. One of the takeaways from a recent survey by McKinsey finds those companies achieving scale in IoT often did so not by entering unfamiliar territory — such as a manufacturer becoming a software company, but by playing to their strengths.
McKinsey researchers surveyed 300 IoT executives to understand the common denominators of IoT success, and identified the best practices that the more successful ventures have adopted. There are “substantial differences in how well companies apply IoT in their businesses,” state Michael Chui, Brett May and Subu Narayanan, the study;’s authors. “Targeting IoT applications correctly and managing them effectively is far from easy, leaving many companies stuck and unable to move beyond pilots.”