ClearObject CEO John McDonald discussed changes in a digital world affecting the current market place and the importance of data with TechRepublic’s Alison DeNisco Rayome at LiveWorx 2018. Read the transcript here.
John McDonald: Our experience has said that data is the great creator and destroyer of all business value going forward, which sounds like a ridiculously audacious statement, but the truth is that the data driven services, or if you will, the digital products that differentiate a physical product in the marketplace are the baseline that most companies now are making their decisions on, at least in whole or in part, when they pick up and try to buy a product that some other company offers. It’s not just whether or not the engine has good reliability or torque, it’s also whether or not I can get a data dashboard about how it’s performing and be able to do predictive maintenance quality analysis to be able to keep my process running as that particular critical device is a part of it. So data is how people are making the decisions today, and IoT applications and digital products around those physical devices are what’s differentiating those products in the marketplace today. So if you are not engaged in that, you better, because it’s very likely that your competitors are, and if they’re going to win business on digital capability, they’re going to be doing it over you. That’s what’s really driving a huge amount of the IoT marketplace today.
SEE: Internet of Things policy (Tech Pro Research)
It’s especially important for large older companies because the small start-up companies that are getting involved in IOT now are very focused on what it is they’re trying to do. They’re going after data stream and they’re trying to monetize it, and they’ve got a laser beam focus on getting that done. They are disruptors to the larger corporations that may be a little indecisive about what kind of digital products they want to build, or there might be divisions within about whether or not it should be done at all or where the value might come from. Those indecisions lead to delay, and those delays lead to up-starts getting the edge, and that leads to disruption. So it is happening again in the internet of things, that idea of young up-starts disrupting the older guys is not new. It’s the history of the entire technology business since there was technology, and here we go again. So I would encourage anybody who is considering driving an IoT project forward, especially in a large corporation, to pursue that with speed, and vigor, and focus, and a good degree of creativity to make sure that you aren’t providing, inadvertently, an opening for an up-start who can upend your business for the indecision that stalls you out.