Business Strategy and Innovation Framework
Figure
4-1 : The identification , selection , and management process for IIoT opportunities ( Source : Machina Research , 2016 )
4.2.2 BUDGET TRACKING AND OVERALL ROADMAP
A closely related issue is the need for budgetary tracking and overall roadmap management for IIoT initiatives . IIoT projects can often encounter unexpected roadblocks or limitations as they evolve from idea to commercial reality . This is due to three main reasons :
� IIoT is new and few widely adopted standards exist , � the need to work with partners and a wider ecosystem of providers in an more way and � many IIoT applications represent radical shifts from generally accepted ways of doing business , and so in themselves might significantly influence end-market dynamics .
In many cases , there is a temptation for project teams to push for increased budgets , delayed timeframes or reduced functionality . Any current-day IT development project is subject to the same kinds of stresses , but , the risk and materiality of such effects is likely to be greater in an IIoT environment due to its relatively nascent stage of development .
For these reasons , it is particularly important to establish an effective budget tracking and overall roadmap function to ensure that IIoT projects deliver the returns that were envisaged at sign-off ( unless these goals have subsequently changed ). Such monitoring should extend through the project lifecycle and into the commercial deployment phase , so that the actual results achieved by IIoT initiatives can be tracked and demonstrated . Additionally , any ‘ lessons learned ’ can be factored into future planning cycles .
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