Internet of everything (IoE): here are some Critical Success Factors in Realizing IoE Value according to Cisco’s IoE Value Index study.

The Internet of everything (IoE) is not yet the most commonly shared approach within the companies, but progressively, the concept seduces and been the subject of several studies. But the main preoccupation remains: what can companies do to realize more IoE value?

According to the results of the IoE Value Index captured by Connectikpeople, there are three things companies can do to improve the bottom-line value that they capture from IoE.

First:

1.     Focus on the types of IoE connections that will deliver the highest Value at Stake. IoE comprises three types of connections: M2M, M2P, and P2P. In each industry, the kinds of connections that provide the largest IoE opportunity differ somewhat. By pursuing the largest pool of potential value, firms can ensure they are competitive in the most promising markets. They should not neglect opportunities in other connection areas, however, especially when their current market position and capabilities make success probable.

Second:

2.     Invest in the capabilities that enable successful value realization in the targeted connection areas. Certain IoE capabilities are vital for each connection type, requiring a combination of technology and business processes. In M2M, for example, a core capability is tracking physical assets remotely, which requires wireless technologies such as sensors and readers, integration of wireless data into enterprise applications, and people who can make the right decisions with the information they receive.

And finally:

3.     Develop innovative products and services that turn IoE enablers into a competitive advantage. Cisco’s estimate of $14.4 trillion in IoE Value at Stake over the next decade, including $1.2 trillion in calendar year 2013, is based upon 21 IoE use cases that drive revenue and market share today. Firms can seek to emulate companies that have had success with these use cases, develop their own IoE innovations, or do both. Cisco expects the number of use cases that have a strong market presence to expand rapidly as technology enablers mature and as more executives understand how crucial IoE is to their companies’ future prospects.