Per Gartner Forecast Analysis (among hundreds of other similar studies), a huge network of smart devices is going to disrupt products and services across industries creating more than $300 billion in opportunities for tech vendors, telcos and device makers by 2020.
So, what exactly does it mean for your organization and where do you start?
The response will depend on which category of business you are — consumer, enterprise, industrial or public sector. Each of these has unique platform dynamics and growth opportunities.
For instance, while consumer heavyweights are predicted to build large platforms and leverage vast developer communities to compete with each other; industrial businesses will likely develop their own niche platforms with the front end customized to the needs of their customers, while the back end will share many common features.
Leaders can design their strategy by considering a few questions.
1. What segments should be prioritized? Where can we generate revenue and profits?
2. What do our existing customers need? How will we compete, and differentiate?
3. What parts of a solution should we deliver in house, and where will we need partners?
4. What standards should we support?
5. What capabilities should we invest in?
6. What is the opportunity cost of not acting?
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