This white paper, produced by CDAIT’s IoT Thought Leadership Working Group, provides context for IoT and Digital Business Transformation (DBT) relative to ongoing digital change bounded on one hand by the basic digitalization of information and processes and, on the other, the broader digital societal transformation that will enable a connected and digitally engaged society. It focuses on the business reinvention, opportunities and impacts brought about by pervasive digital change (across people, process, technology & environment) for which IoT technologies play a key role. It also explores some of the key DBT challenges, especially around IoT implementation and scale, and suggests frameworks for improving the approach to and efficacy of DBT programs and their IoT elements.
The white paper underscores three foundational components related to digital transformation and IoT:
- IoT projects must be defined, designed and delivered as part of a comprehensive DBT agenda and approach.
- The IoT end-to-end value chain is rich and complex, going well beyond devices, networks and applications.
- IoT and business leaders should take action now to ground their DBT programs in fast emerging value vectors such as Recycling and reuse (circular economy), Outcome-driven business models (outcome economy), and Integration (interconnected economy), i.e., the “new ROI”, which, if judiciously harnessed, will bolster up corporate return on investment.