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  What value are you creating with your IoT? | Stephen Wise

  The increasing capability to digitize the physical world presents enormous dollar opportunities. IoT and its technology provides the ability to sense the world or take an action or both. For example, manufacturing applications include operations optimization, predictive maintenance, inventory optimization, and health and safety. McKinsey has suggested that the economic impact of IoT in factories will be valued at 1.2 to 7.7 trillion US dollars in 2025.

  
  Most companies can explore the following over arching models: Transform business process; Enable new business models; or Combine with other advanced technologies like AI and blockchain. Developing a business model to reduce your costs or enhance the customer experience is the first transformation step.

  
  Here are my top 5 tips for developing your IoT business strategy.

   

  1. Ensure the business case has clarity for how the company will capture value from the IoT solution internally or from customers.
  2. Executive sponsorship of the IoT portfolio of activities requires business led cross-functional support from all areas of the enterprise; IT enables IoT for the enterprise, not the other way around.
  3. Involve manufacturing and the frontline in up-front planning as monetizing IoT benefits depends on business process change and change to customer experience. For example, most implementations will require/suggest for things to be done differently as part of the future state – buy-in from those impacted is critical.
  4. Engage partners and internal resources to augment the new skill sets that will be required to maintain and use functionality. Networking and connectivity, Data science, and security will all be learning curves.
  5. Manage all your IoT initiatives as a portfolio to initiate/cancel, prioritize, and balance projects according to revenue, cost, resource availability, and risks.

  
  The pervasive embedding of IoT hardware is a given. IoT is reshaping the way enterprises manage processes. Albeit, the usefulness and timing for when it is helpful that your fridge knows it will soon be out of milk is not clear. Nevertheless, the great value to be gleaned in Health, Transportation, Retail, Manufacturing, and so on is logical.
   

  Monetizing the power of sensor-enabled data and knowing how to deploy is a disruptive change that should be on everyone’s business radar. 

  Stephen Wise

  
  www.IntegrationProfessionals.com

  
  Dramatically Improve Traction

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  How to Improve Sales Revenue in Your Company | Stephen Wise

  A typical business goal is to execute the sales strategy and increase revenue by X% over the period. The sales process is an ongoing operational activity and is usually not suited to being treated like a formal project. However, the sales process needs to be managed and there are similarities between managing a sales process and managing a project.

  A sales process needs:

  • Management of key milestones and timing
  • Identification and assignment of people to assist
  • Encouragement of teamwork at client site and internally
  • Risk identification and mitigation planning
  • Tracking and reporting of selected metrics
  • Feedback/improvement loop

  Management of key milestones and timing in the sales process

  I recommend every sales team to work with an expert project manager to develop a template of tasks and estimated timing which gets stored in a central library. At the earliest reasonable time, the template should be fired-up and customised to suit the opportunity. That is, tailor it to needs by modifying the tasks that need to be accomplished, the estimated durations, and dependencies.

  This plan, will guide all stakeholders to manage expectations and keep everyone on track for what needs to happen next.

  Identification and assignment of resources within the organization to assist with the presentation

  Once an opportunity has been identified, team members need to be called on for assistance in various parts of the proposal. It is important that the sales person ensure that everyone has time to take on the work, understands how to do the work, and understands when and how to report that the work is completed or that some sort of issue has caused work to slow down or stop.

  The sales person may not have the authority to prioritise everyone’s time and therefore it is important to keep the lines of communication open.

  Risk identification and mitigation planning

  Sales people are able to identify unique risks because they are the closest to understanding the client’s expressed needs. These insights are extremely relevant. Combined with their own experience dealing with other customers, sales people can see risks that no one else can. Positive risks, those that have upside potential lead to new items in the sales funnel. Negative risks, those that can push a deal off the rails should not be pushed under the carpet.

  The (negative) risks, should be identified and reviewed. Each risk has a likelihood/ probability of occurring and severity/impact on the sale should it occur. The sales person’s team and management should periodically develop and review tactics to reduce the probability and lesson the severity of impact, should it occur.

  Tracking and reporting of selected metrics back to the team and management

  Peter Drucker, has been paraphrased, “you can’t manage what you can’t measure”. The selection of appropriate measures and metrics is a cornerstone of sales management. Most sales people are keenly aware at all times of the status of their metrics and how much they are exceeded or failing short of their objectives.

  In addition to short-term results, frequently communicating a sales dashboard may be more beneficial then you thought. The benefit is to improve organizational alignment with the sales strategy. Having visibility to the sales dashboard could be the trigger to makes those changes

  Feedback/improvement loop

  Deals get won. Deals get lost. The salesperson will obtain lots of knowledge about the client or at least they should. Knowledge represents a significant asset for most businesses. Left unmanaged knowledge tends to quickly fade. When deals are lost, it is important to learn from the process. Are there changes that can be made to the sales process? A lessons learned process and central repository for the post-mortem will help the next sales rep and also help when it comes time to review the process for a complete over hall or investment in technology to automate parts of the process.

  Stephen D Wise

  Stephen Wise Integration Professionals

  Dramatically Improve Traction

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  Delivering Business Transformation Strategy | Stephen Wise

  Michael Porter’s books on Competitive Strategy and Competitive Advantage led me to embrace Project Management. That is, I have frequently said, a company that invests in Project Management is making an investment in their competitive advantage. Less frustration delivering value, less disruption to teams, improved engagement, etc.

  Porter’s Five Forces and the SWOT analysis are now inadequate as concrete underpinnings for strategy design. Strategy is still important, but the amount of change driven by disruption, innovation, and transformation means that the interpretation and implementation of Strategy – which occurs during the delivery – requires a high-touch feedback loop.

  An increased importance in the strategy delivery does not mean that strategy design is less important – it means that executives must give equal personal priority and attention to designing the right strategy as to delivering.

  Here are three key tips for executives to stay engaged in the delivery phase of business transformation strategy. Governance – Decision Making – Planning & Re-planning.

  Governance – Build a governance structure that reinforces the accountability and responsibilities for the vision. Ensure the team is adequality resourced in terms of experience and availability. Review and address risks and interdependencies at the beginning and periodically and through the realization of accumulated benefits. Insist on a complete set of regularly reported metrics and milestones.

  Decision Making - Move quickly to re-prioritize and remove roadblocks that are uncovered despite a lack of complete information or analysis. Accept changes to time and budget milestones based on new information from the working team.

  Planning & Re-planning – The less time you have available – the more important it is to have a robust plan. Don’t forgo detailed planning, but in today’s business environment planning and re-planning must be rapid and agile. Documenting tasks, task owner, and interdependencies are as important as schedule and budget. Issues impeding success should be discussed regularly and recommendations to tweak the plan fed up to the executive team in order to ensure alignment and ongoing support.

  Delivering strategy is like going on an expedition through a deep jungle. Every so often you will get to a hilltop and be able to asses how things went so far and what new landscape is coming in to view. An executive that spends time and money crafting the strategy needs to protect her investment by staying available and engaged for those hilltop moments.

  Stephen Wise

  Integration Professionals

  Dramatically Improve Traction

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  Artificial Intelligence ABC | Stephen Wise

  According to Google's CEO, “AI is one of the most important things humanity is working on. It is more profound than, I dunno, electricity or fire”. The head of Tesla said AI was probably humanities “biggest existential threat”.

  Artificial Intelligence isn’t a new concept. Check out the beautifully filmed movie, Metropolis, from 1927. There are other older references in literature. There are also many more recent research and practical applications of "Artificial Intelligence" over the last thirty years.

  Today, it is a field of computer science dedicated to solving certain problems which otherwise require human intelligence – specifically, pattern recognition, learning, and generalization. The leap forward in the last few years is that we are gaining the ability to collect, store and analyze ever ginormous amounts of data.

  Yesterday, we could write a computer program to predict when it is a good time to cross-sell or up-sell a specific product to a consumer. For example, based on some demographic data and purchase history. The explosion of travel/points programs in the 90's are good examples of this. You agreed to provide your purchase history and demographic data in return for points and the sponsor of the program received data useful for targeted marketing. In these programs, all the rules were hard-coded.

  Tomorrow, we can start with the original algorithm to predict the cross-sell opportunity. Then merge it with ever ginormous data collected and the ability to analyze for new patterns. Instead of relying on the initial algorithm to predict the sales opportunity, the system will rely on additional characteristics that it detects and validates within the very data to alter the business rules it relies on. 

  Cool.

  But how will it impact the industries around us?

  According to the first futurist I followed, Roy Amara, "We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run," coined by Roy Amara, past president of The Institute for the Future.

  Here are sample industries and applications. Wherever we have complex systems – people can get overwhelmed by the amount of data and selecting the best course of action. AI is being applied in research setting today in many fields to use what we already know in better and faster ways.

  Keep in mind Roy Amara.

  1. Medical
     1. Diagnosis, Drug design/mfr, ICU monitoring
  2. Education
     1. Guided learning, Automated testing and marking
  3. Manufacturing
     1. Quality checking, Supply-chain communication, Maintenance detection
  4. Energy
     1. Demand prediction, Supply distribution

   

  I ask that you take a few minutes right now. Take a sheet of paper, write down the industry you are in at the top. Along the side, list of major business processes you have along the left. Then, along the right, write down some notes about cost savings you could reap if you were able to improve your ability to predict the issues during the process or the outcome.

  It may be that one day, the implementation of AI to that process will lead to exponential benefits in your business.

   

  P.S. Feel free to share your analysis via email – I’m interested your findings.

   

  Stephen D Wise

  Stephen Wise Integration Professionals

  Dramatically Improve Traction

   

• Stephen has the experience to solve your most difficult problems.

  Stephen has the experience to solve your most difficult problems.

  Stephen has developed logical thinking skills. He studied choices in decision making when resources are scarce, earning a degree in Economics. Before leaving University, he spent a co-op year in the Marketing department of Apple Canada. The Apple project was original research related to advertising and the dealer sales channel.

  Execution, Technology, and Marketing

  Working in product development, Stephen learned about creating new categories, fast-failure, hyper-fast development cycles, and data mining. Consequently, it was the perfect intersection of project execution, technology, and marketing. While working on marketing strategy positioning, Stephen saw that a Marketing Manager and Project Manager are similar. Both roles are hub of the wheel, responsible for coordinating the spokes of Marketing, Sales, Legal, Operations, Technology, et cetera.

  Sweet Spot

  Stephen found his sweet spot - the discipline of execution grounded in strategy and informed by technology. As a result, Stephen positioned himself well and worked on-site and remotely with many large international companies.

  Competitive Advantage

  Stephen embraced Project Management as a driver of competitive advantage for companies. The benefits: faster time-to-market, improved team work, increased likelihood of project success, and improved cohesiveness of diverse teams. After leading large and successful projects developing a Call Centre, coordinating a billion-dollar Merger & Acquisition, and leading a major Brand launch in the Energy sector, Stephen was recognized with a North American award for Innovation. Stephen also picked up a global award for Marketing work in the Texas market.

  Integration Professionals

  Stephen launched Integration Professionals in 2008. He has been working as a solo practitioner ever since. Word of mouth and referrals is the number one source of new work. However, along with referrals, new clients and new challenges are always welcome.

  Emergency First Aid

  In conclusion, Stephen has also embraced volunteer work. Such as providing athlete first aid on the field of play for high risk sports events at Pan-Am Games. When the snow flies, he has been seen taking charge of emergency situations performing on-snow rescue and administering aid.

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  How to be a great leader | Stephen Wise | Integration

  Colin Powell, the retired US Four-Star General says to remain calm and be kind. He also has a rule - to have a demanding vision. Vision, he says, is our destination.

  Have a Vision of the future

  Vision, what is it? Where do I find it?

  Vision is not “Establishing vaccination guidelines and agreements, activating a network of furloughed retail workers, and implementing a military supply-chain technology for transportation and storage.” That is the strategy.

  Vision is not “Vaccinating all the citizens against COVID by September 2021”. That is a goal, that will be driven by the Strategy.

  Vision is higher than that. Vision is not something that exists today. It is something that is imagined that could be created in the future.

  Developing a compelling vision is done by looking into yourself. What are your beliefs? What do you believe is possible? Figuring out who you are, why you are here, and what is most valuable to you.

  Cultivating vision is a process. It does not emerge during an off-site, or from reading leadership philosophies, or watching an inspiring movie.

  To be visionary you need to set aside significant time to percolate these questions.

  Provide Clarity of desired results

  Bruce Lee may have said, “The successful warrior is the average person, with laser-like focus.” Results require change. Without change there is no result. Motivating anyone to change is expecting them to work towards the unseen and unknown. At every level of challenge this is a fundamental issue that needs an answer every day.

  Giving your team the answer they need is not difficult, your job is to provide clarity.

  You need to communicate to your team the information they need to risk working on the unseen and unknown.

  Explain to your team what is most important. Work with them so they understand why the choices made are the best choices. When the team is aligned on what is most important they will have clarity on the desired results.

  Demonstrate effective Decision making

  Nelson Mandela said that “Action without vision is only passing time. Vision without action is merely daydreaming. But vision with action can change the world.” Standing on the shoulders of giants, I say the sum of the actions will not be productive without a robust decision-making process.

  The problem with change is that, only after starting, on the way to achieving results, does the solution emerge. The detail is previously unknown on what is required, how it will come together, and what is needed. Leaders who make the mistake of communicating their vision from on high, hiring the best team, and delegating all responsibility for results will be in for a surprise.

  Leaders need to reserve time to develop vision and they need to be effective at engaging others to deliver lofty goals. However, do not let go of the steering wheel and don’t look away from the dashboard.

  You need to ensure that everyone is aware of and reliant on a process for obtaining your decisions on how the strategy and goals are to being met. You need to ensure that you are aware of and broadly communicating key decisions to all stakeholders. If you miss this – you will more than likely not recognise the final product.

  Questions for you to ponder.

  1. What would be an example of a Vision that is supported by the vaccination goal and strategy mentioned above?
  2. How have great leaders from demonstrated these three skills of Vision, Clarity, and Decision-making? (e.g., George Washington, Martin Luther King Jr., Captain Kirk)

  STEPHEN D WISE

  INTEGRATION PROFESSIONALS

  DRAMATICALLY IMPROVE TRACTION