Integration of IoT in relatively new companies who already are making progressive use of technology in their premises is easy and tends to seamlessly blend in with their current tech laden operations. However, old companies face a triple challenge. They are working in the present, thriving under the threat of a transformational tech change and still trying to achieve long term relevance; all of this while protecting their age old legacy from tech innovation.
In a nutshell, managers who are working in such big organisations are required to circle back to their company’s operations in the past, see their feasibility against the competitive pressures of the present and explore future opportunities. This may consume a considerable amount of time and still might not fare well on returns.
Before moving forward, let us first discuss what internet of things is.
In the broadest sense, internet of things entails everything connected to the internet. However, it might be used to define objects that have the ability to “talk” to each other. It is made up of devices that are interlinked through internet, for instance simple sensors, wearables and smartphones.
What is the benefit of using IoT in business?
Internet of things still being in its early stages of development, have some ambiguity surrounding its reliability in both, technical and business aspects. This ambiguity ultimately results in a frivolous perspective towards the technology and trap organisations in a strategic dilemma of whether to implement it or stick to conventional.
On one hand, high levels of uncertainty fails to deliver the confidence that firms require to invest capital and fully capture the benefits offered by IoT. Yet, adopting a “wait-and-watch” strategy might not even be in consideration owing to the fierce competition in the field. As a consequence, firms might need to transform themselves to couple IoT, sans even fully getting hold of how to make the best use of it.
Separation of New from Old?
If a business needs to integrate emerging technologies into their work culture, it would substantially require different ways of working. One effective way of doing so would be to separate future-oriented operations from the conventional business, by establishing a whole different work unit.
This approach can enable a part of an organisation to experiment with new technologies while researching about their relevance for the business, while other part can continue to drive the business in the conventional way; protecting its legacy from being disrupted by technology.
