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Digital Transformation 

  • March 2016
  • -
  • Frost & Sullivan
  • -
  • 79 pages

Summary

Table of Contents

Digital Transformation : IoT-driven Business Models for ICT and Non-ICT Companies

The need for enterprises to differentiate themselves from their competitors has become increasingly important. As we continue to witness the emergence of new products and services around us, the emergence of IoT has opened up opportunities with new business models that were not possible before. Connectivity plays a central role because without it, it will not be possible for enterprises to develop new business models. However, IoT has greater value than connecting devices and ubiquitous objects to the Internet. Enterprises have so far confined the use of data to enhance internal processes; which is of limited value in driving their top line figure and generating shareholders’ value.

Key Findings

Maximizing the benefits of Internet of Things (IoT) requires enterprises to undertake a complete overhaul of their business model rather than making incremental improvements.

Enterprises’ biggest threats do not come from established and long standing competitors within their own industry but from startups that disrupt the status quo.

Enterprises should not only be looking at driving efficiency with IoT as the end game, but they should also generate new sources of revenue stream via innovative business models to justify their investment in this area.



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