Business Strategy and Innovation Framework
3 MARKET CONTEXT
This section discusses the market drivers and opportunities presented by IIoT and the factors influencing them . It also explores business model transformation and the important intersection between IT and OT .
3.1 THE OPPORTUNITY FOR THE INDUSTRIAL IOT
IIoT is reshaping virtually every existing business model and vertical industry , and is creating significant new opportunities across all markets .
The promise of access to new and unified data sources in the IIoT age will require a platform for improved decision-making by humans and machines . This data will come from a wide variety of sources , including traditional internal business sources , IT and related systems , sensors , devices connected to the internet , external social media sources , and other structured and unstructured data elements such as audio , video and digital images .
Bringing these sources together for analysis within the context of IIoT will provide a basis for more comprehensive business monitoring , insight and control , while also increasing efficiency .
Beyond business processes , IIoT has the potential to have a positive impact on society and human welfare . It will open up new opportunities for jobs and training , and new avenues for businesses by adding capabilities and revenue streams not previously considered within a given market .
3.1.1 BUSINESS AND MARKET DRIVERS
There are a number of internal and external business factors driving organizations toward IIoT adoption . These include :
� competitive pressures forcing accelerated planning and time to market , � continuous reevaluation of business models , value chains and commercial relationships , � accelerated Insight , adjustment and optimization of current operations , � creation of additional and new value by the business and � potential for societal benefit .
To stay competitive in markets where disruption and change occur quickly , enterprises must continually review and optimize their business strategy , planning and operational models . They must look for ways to compete within existing markets and create new market playing fields .
Doing so requires access to internal and external data sources that can better inform these decisions . These data will come from connected devices , traditional data sources , social media and more .
It is no longer enough to know how well operations performed last week ; insight requires a view into past activities , real-time adjustments to make determinations and corrections now , and
IIC : PUB : B01 : V1.0 : PB : 20161115 - 13 -