The Industrial Internet Consortium (IIC), a global, member-supported organization that promotes the accelerated growth of the industrial Internet of Things (IIoT), published Wednesday the Business Strategy and Innovation Framework (BSIF) that will help enterprises to identify and analyze issues that must be addressed to capitalize on the opportunities emerging within the IIoT.
The Business Strategy and Innovation Framework describes the requirements to succeed in IIoT such as IIoT strategy and goals; structured framework to target and select the right IIoT opportunities; and a system in place to identify, assess and initiate IIoT opportunities.
IIoT requires enterprises to rethink their current business models. This is necessary regardless of whether they actually adopt IIoT solutions internally. Industry is moving toward IIoT adoption, and enterprises that keep pace with this trend will have a strong competitive advantage.
The BSIF serves as a reference document for chief executives in enterprises planning to engage in IIoT concepts. A single-source compendium of the issues and challenges enterprises should consider before they deploy IIoT initiatives, the BSIF details frameworks and concepts to help enterprises increase value for users, customers and partners while at the same time helping to reduce market and technical uncertainties.
The BSIF outlines a comprehensive set of best practices for companies engaging in IIoT, but companies are free to adopt a lighter touch or use an existing internal project model, especially within smaller companies. Alternatively, a range of project support processes may already be in place and the approach documented in the BSIF may be used to enhance existing infrastructures to address new IIoT opportunities (particularly for larger companies).
The IIC promotes accelerated growth of the IIoT by coordinating ecosystem initiatives to securely connect, control and integrate assets and systems of assets with people, processes and data using common architectures, interoperability and open standards to deliver transformational business and societal outcomes across industries and public infrastructure. The IIC is managed by the Object Management Group (OMG).
“Everybody knows that the Industrial Internet of Things will completely transform the way that business works. What’s not clear is exactly how to deploy these new IIoT concepts to best effect,” said Jim Morrish, chair of the Business Strategy Task Group, and Founder and Chief Research Officer, Machina Research. “What the IIC’s Business Strategy and Innovation Framework provides is a toolkit for identifying, prioritizing and initiating the deployment of those crucial IIoT initiatives. It’s a significant step forward for the IIoT industry in terms of working to capitalize on the huge opportunities presented by this new technology wave.”
“The IIC’s Business Strategy and Innovation Framework is an important industry milestone,” said Jim Nolan, EVP, IoT Solutions, InterDigital. “It offers timely, strategic guidance to the many organizations that are beginning to implement IIoT solutions.”
The BSIF delivers an in-depth industrial IoT-focused business strategy framework comprising expert vision, experience and business strategy best practices from IIC members, including Bosch Software Innovations, InterDigital, Hewlett Packard Enterprise, and Machina Research. The BSIF is available free of charge.