5 Questions CIOs and CFOs Need to Ask to Prepare for IoT

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Customer Data Access

Do you have access to customer data?

The IoT is creating a shift within our business models where data is becoming the most valuable asset and customer expectations are increasing at a high rate. Companies need to have as many insights into customer satisfaction as possible and have the ability to leverage this data quickly and strategically. This requires breaking down the data silos among client, services, sales and finance.

No matter the department, all back-office applications must be organized around the customer and its data – so that processes can be smooth, visibility can be clear, and employees have the ability to make well-informed decisions from any part of the business. The closer you can get to a single source of truth for all your customer data, the better, especially as the IoT shines a spotlight on its importance.

There is a lot of hype around the Internet of Things (IoT), but make no mistake, the IoT is here to stay and will have a transformative effect on businesses of all kinds. According to a 2015 report from McKinsey, over the next decade the economic impact of the Internet of Things will be as much as $11.1 trillion per year. Ensuring that your IT processes and technologies are prepared for the changes the IoT will bring will be crucial. Investments in infrastructure, security solutions and analytic capabilities are musts for any organization.

Business models are changing too. With the rise of the service economy — a concerted effort by many businesses to focus on developing revenue from their existing customer base (e.g., subscription services, recurring billing, professional services and product/service bundling) — companies are shifting from being product-oriented to service-oriented. Although IoT-inspired business models have not hit the masses, many C-level executives are already evaluating how the IoT may change the way they deliver, measure usage, and ultimately bill for products/services. Sensors and wearables will soon be used to measure how much of a given product or service is used, and businesses will charge accordingly. Recurring revenue is increasingly becoming a key tenet of any business; however, first there needs to be a financial system to support it. When the IoT goes mainstream, will your business be able to perform?

In this slideshow, Kevin Roberts, director of platform technology at FinancialForce, outlines the five questions CFOs and CIOs need to ask themselves to better prepare their infrastructure to support an IoT-centric model.

 

Related Topics : Blade Servers, Business Integration, Ethernet, LAN, Network Protocols

 
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