Business Strategy and Innovation Framework
Figure
4-1: The identification, selection, and management process for IIoT opportunities( Source: Machina Research, 2016)
4.2.2 BUDGET TRACKING AND OVERALL ROADMAP
A closely related issue is the need for budgetary tracking and overall roadmap management for IIoT initiatives. IIoT projects can often encounter unexpected roadblocks or limitations as they evolve from idea to commercial reality. This is due to three main reasons:
� IIoT is new and few widely adopted standards exist, � the need to work with partners and a wider ecosystem of providers in an more way and � many IIoT applications represent radical shifts from generally accepted ways of doing business, and so in themselves might significantly influence end-market dynamics.
In many cases, there is a temptation for project teams to push for increased budgets, delayed timeframes or reduced functionality. Any current-day IT development project is subject to the same kinds of stresses, but, the risk and materiality of such effects is likely to be greater in an IIoT environment due to its relatively nascent stage of development.
For these reasons, it is particularly important to establish an effective budget tracking and overall roadmap function to ensure that IIoT projects deliver the returns that were envisaged at sign-off( unless these goals have subsequently changed). Such monitoring should extend through the project lifecycle and into the commercial deployment phase, so that the actual results achieved by IIoT initiatives can be tracked and demonstrated. Additionally, any‘ lessons learned’ can be factored into future planning cycles.
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