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Top Three Elements of Internet of Things Success – MIT SMR

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Article Synopsis :

There are myriad challenges and opportunities associated with Internet of Things (IoT). This infographic from MIT Sloan Management Review shares the top three elements of IoT success.

 The Digital Insurer reviews MIT Sloan’s Report on Top Three Elements of Internet of Things Success

The digitization of risk, enabled by IoT, will disrupt property lines in particular   

Infographic data is based on survey results and interviews with subject matter and industry experts in the Teradata-sponsored report “Data Sharing and Analytics Drive Success with IoT,” published in September 2016.

At a high level, 53% of participants say IoT is important to their organization’s strategy today and 68% say IoT will be requisite to their success in the future.

Consensus success factors are as follows:

Analytics

  • Organisations with analytical capabilities rated ‘good’ or ‘excellent’ are at least two times likely to be able to measure RoI on IoT investments. Metrics are essential to program success.

Talent Management

  • 49% of respondents say they need to improve their IoT-specific talent base to take full advantage of IoT. Hiring and talent development are critical activities. Many skillsets must be grown as they simply don’t exist in the marketplace as the related technologies are so new.

Data Sharing

  • Companies skilled at wringing value from IoT point to data sharing as an important strategy – as they can do more with an IoT dataset than a less skilled competitor.

The report asserts the view that the next wave of business transformation will be led by IoT enabled ecosystems. Organisations must bulk up to play in this future.

Link to Full Article:: click here

Digital Insurer's Comments

IoT is especially relevant to insurers as data from wearables, telematics, home sensors and social media converts risk from an amorphous phenomena rated retrospectively to a physical datastream measured and rated in real-time, i.e., the digitization of risk.

Insurers viewing IoT as just another digital technology miss the point –  and may miss the boat. Carriers must prepare by acquiring and/or developing requisite talent and infrastructure. From a strategic perspective many longstanding insurance products (e.g. private passenger auto) will be altered into new and unrecognizable forms as IoT-enabled  ecosystems take hold.  Investing in IoT know-how today is the equivalent of investing in actuarial know-how thirty years ago.

Link to Source:: click here

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