Summary and themes explored in this webinar:
Challenges and Frustrations: The conversation begins with a discussion about the difficulties and distractions organizations face when starting new projects in the Industrial Internet of Things (IIoT) space. There is a concern about getting caught up in the "shiny object" syndrome, where stakeholders are more focused on adopting new technologies without a clear strategy.
Lack of Strategy: It's highlighted that many organizations tend to focus on tools and data collection without a clear innovation strategy. There's an emphasis on moving from tools to end goals and focusing on relevant products and impacts on workers and customers.
Innovation Strategy: The importance of having a well-defined innovation strategy is emphasized. Understanding the pain points in the business, assessing the meaningful impact of new technologies (e.g., AI), and ensuring that the chosen solutions truly address real problems and deliver value are key aspects.
Pitfalls to Avoid: One significant pitfall to avoid is the lack of a clear path, especially with IoT solutions. The advice is to start with a minimum viable product, incrementally improve it, and pivot based on real-world feedback. Avoid setting up a situation where there's a long wait before recognizing failure, leading to wasted time and resources.
Defining Innovation: Innovation is discussed in terms of not always requiring massive leaps like the iPhone or self-driving vehicles. The lowercase "i" innovation within a company, taking new steps forward that are innovative for that specific organization, contributes to a culture of progress.
Data Strategy: Data strategy is considered a critical aspect. While there's an abundance of data in industrial applications, the challenge lies in extracting actionable insights from that data. The need to leverage the raw data efficiently and make it useful is highlighted.
Business Case for IIoT: Making a compelling business case for investing in Industrial Internet of Things (IIoT) can be challenging. The discussion focuses on how to identify the best IIoT opportunities that offer a strong return on investment (ROI).
Complexity in Business Case: Instead of simplistically defining the business case based solely on ROI, it's advised to incorporate complexity into the case. An example is improving safety in manufacturing or warehouse environments, as safety issues have tangible costs (downtime, injuries, legal fees) that can be tied to IIoT solutions.
Alignment with Corporate Goals: A crucial aspect is aligning IIoT initiatives with broader company goals and corporate responsibility. By focusing on a narrative that demonstrates how technology progress aligns with the well-being of employees, consumers, and PR goals, a more compelling case can be made.
Scaling the Business: Framing IIoT technology shifts as opportunities to scale the business, rather than focusing solely on cost reduction and headcount reduction, can be more inspiring for both investors and employees.
Involvement of Technologists: The technologists in the organization play a vital role in understanding how technology fits together and can speak to the complexities of integration. They can provide insight into the process of making technology a core part of the business.
Managing Knowledge Workers: Knowledge workers (technical staff) thrive in environments that offer ownership, latitude, and a culture of problem-sharing rather than method-sharing. This culture of internal disruption, a willingness to try new things, and staying current with industry trends are valuable contributions from knowledge workers.
Cybersecurity: There's a strong emphasis on the importance of modernizing security practices for IoT. The discussion touches on the risks of vulnerabilities, citing the Colonial Pipeline ransomware attack as an example. Improved accessibility and standardized security building blocks are emerging, making IoT security more manageable.
Workforce of the Future: The concept of the "workforce of the future" is highlighted, particularly in the context of smart factories. The goal is to provide technology that engages the workforce in a fundamentally different way. By providing actionable insights and empowering workers with data, there's potential to transform jobs from reactive firefighting to proactive, preventive measures, ultimately improving career paths and creating opportunities for growth.
Pathways to Success: The discussion points out that IoT's impact goes beyond technology; it has the potential to create pathways to success and growth for individuals. Connecting blue-collar workers to technology and data could enable a transition to knowledge worker roles, creating a more diverse and fulfilling career path. This is seen as a significant and positive societal change that aligns with the American dream.
Enthusiasm for the Future: Both guest speakers express excitement and enthusiasm for the potential of IoT and how it's changing the landscape of industries, workplaces, and everyday lives. The prospect of a world with advanced technology, automation, and data-driven decision-making is viewed with optimism, but they stress the importance of putting individuals and their well-being first in this technological transformation.
