Business Strategy and Innovation Framework
3 MARKET CONTEXT
This section discusses the market drivers and opportunities presented by IIoT and the factors influencing them. It also explores business model transformation and the important intersection between IT and OT.
3.1 THE OPPORTUNITY FOR THE INDUSTRIAL IOT
IIoT is reshaping virtually every existing business model and vertical industry, and is creating significant new opportunities across all markets.
The promise of access to new and unified data sources in the IIoT age will require a platform for improved decision-making by humans and machines. This data will come from a wide variety of sources, including traditional internal business sources, IT and related systems, sensors, devices connected to the internet, external social media sources, and other structured and unstructured data elements such as audio, video and digital images.
Bringing these sources together for analysis within the context of IIoT will provide a basis for more comprehensive business monitoring, insight and control, while also increasing efficiency.
Beyond business processes, IIoT has the potential to have a positive impact on society and human welfare. It will open up new opportunities for jobs and training, and new avenues for businesses by adding capabilities and revenue streams not previously considered within a given market.
3.1.1 BUSINESS AND MARKET DRIVERS
There are a number of internal and external business factors driving organizations toward IIoT adoption. These include:
� competitive pressures forcing accelerated planning and time to market, � continuous reevaluation of business models, value chains and commercial relationships, � accelerated Insight, adjustment and optimization of current operations, � creation of additional and new value by the business and � potential for societal benefit.
To stay competitive in markets where disruption and change occur quickly, enterprises must continually review and optimize their business strategy, planning and operational models. They must look for ways to compete within existing markets and create new market playing fields.
Doing so requires access to internal and external data sources that can better inform these decisions. These data will come from connected devices, traditional data sources, social media and more.
It is no longer enough to know how well operations performed last week; insight requires a view into past activities, real-time adjustments to make determinations and corrections now, and
IIC: PUB: B01: V1.0: PB: 20161115- 13-