2. Companies have a rigid way of
functioning, making little room for
innovation. The managers also end up
executing strategies and not thinking
out of box.
3.
4.
5. This approach involves five major patterns,
developed by advances in the IT industry:
• using data that physical objects now
generate (or could generate) to improve
a product or service or create new
business value
• digitizing physical assets
• combining data within and across
industries
• trading data
• codifying a capability
6. A lot of physical devices can now be monitored for maintenance and better
efficiency with the help of data associated with those devices, that can be captured
almost real-time. Wireless communication, sensors and many other technologies
are used to generate the data. Rolls Royce and SKF’s Intelligent Bearings are among
the few companies that are improving their operations continuously with this
approach.
TREND 1
7. Business services are
getting digital too.
Quite many industrial
companies have
digitalized their assets,
if not their products
like health records in
health care industry,
plant designs in
industries etc.
Digitalization
eradicates the cost of
physical inventory and
enables the
organization to explore
the data more.
TREND 2
8. TREND 3
Combining one’s own data with the
data across the countries or sectors is
quite possible with better IT
standards.
Greater value gets added to the
amalgamation of data since a greater
perspective is covered.
We need to act as catalysts to the act
of integrating the data, only then it
would be a useful task.
10. Businesses have started making money out of the processes they
have perfected over the time. A distinctive capability can be codified,
as seen in the case of Cloud Computing.
TREND 5
Any seemingly profitable business can be turned into reality as long
as it is not central to company’s competitive advantage .
11. These patterns, when combined, can initiate a good conversation
about new business ventures. They can help in realizing how an
extension of a business can become a wholesome business itself.
IDEAS WILL TURN REAL if these patterns are used properly in
combination.
12. On describing the patterns together, we will be faced a number of questions
about the data we already have, how we can obtain more data and how
relevant is the data in comparison to that of other companies.
The answers to these questions will build up a proper thought process for
developing new ideas and turning them into the reality of the company.
