The Internet of Things, or IoT, is everywhere and the phenomenon is accelerating.
Many industries will see profound effects on their historical positioning and
business models. The landscape will be remodelled as new ecosystems emerge.
Some players have already assumed their new position. Value will be created,
but there will be winners and losers. So, to stay in the race, you urgently need
to define your IoT strategy and anticipate future developments. In this first
chapter, we describe the main impacts of IoT in terms of business models, data
ecosystems, the migration of value toward services, and customer relationships.
We then recommend an approach to define your IoT strategy based on a central
principle: start with the end-to-end customer experience, and how they are using
products, to redefine your new value proposition and corresponding portfolio of
services before thinking about data and connected objects.
The Internet of Things affects all industries, but their
maturity level in this transformation depends on their
particular characteristics. This is why we chose to carry
out a more in-depth study of nine industries that appear
most affected by this phenomenon: insurance, health,
air travel, retail, industry, smart buildings, infrastructure
and smart grids, telecommunications, and the supply
chain. For each industry studied, we analyse the impacts
of IoT and the opportunities and threats for incumbent
players, and we end by anticipating strategic scenarios
and new IoT business models.