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Companies Can't Operate Like an IT Science Fair
By Demetrios Karathanasis, Global
Portfolio Director, Optra IoT Platform, Lexmark International
The high school science fair was
always a breeding ground for new ideas and experiments, but many of them moved
no further than receiving a certificate of achievement or a shiny blue ribbon.
The same could be said about
companies experimenting with their own IoT solutions. With the science fair
approach, different teams run various exploratory projects (proofs-of-concept,
proofs-of-value) and experiment with technologies to see whether anything
interesting emerges. There's nothing inherently wrong with this exercise -
aside from expending time, money and energy. But it leaves the last mile
unfulfilled - operationalization and monetization.
With the ongoing pandemic and
supply chain issues affecting industries globally, corporate leaders are hard
pressed to develop new solutions and processes that will streamline their
existing businesses - preparing and insulating them from the next momentary
crisis. In fact, efforts to streamline and embrace the "digital transformation"
that is shaking up the world are often put under a microscope by everyone from
employees to customers and corporate boards. But there is not a specific
formula for success because every organization's journey toward that
realization is always different and there isn't always the capacity, time or
skills to get to the promise land.
For organizations to survive - or
better yet, thrive - they must:
Make business outcomes the primary
focus
Over the past two years, companies
made decisions based on what was going on to keep them afloat in the near term.
Bogged down with managing IT infrastructure, they ran out of time and resources
to take advantage of emerging technologies designed for fast-paced
transformation. Heading into 2022, companies will start to play the long game
again: What can we invest in that will benefit revenue margins, facilitate a
healthy culture and put us ahead of the competition? And, as companies embrace
new technologies, they will begin to take advantage of the Internet of Things
(IoT). With more
opportunities to leverage IoT and data analytics, companies will achieve their
desired business outcomes - think predictive analytics, asset optimization,
systemic innovation and as-a-service engagements - by addressing operational
inefficiency at scale, reducing costs and developing new areas of
growth. You can't succeed if you don't begin with the end in mind.
Avoid doing tech for tech's
sake
Instead of pursuing siloed
solutions, successful companies must realize the benefits of a comprehensive
digital environment - one that leverages cloud computing to connect, store and extract
actionable data from devices and the operating environment; embraces 5G and
other connecting innovations to share data from devices at the edge in near
real-time; and integrates artificial intelligence (AI) and machine learning
(ML) algorithms to more easily analyze data and enable intelligent decisions.
Building a holistic ecosystem can
be difficult. Sometimes, companies get so caught up in the technical solution
that they lose sight of the outcomes and the reasons they embarked on the
project in the first place. Some companies even forget about outcomes
altogether and take a "build it and they will come" approach, which is a recipe
for failure.
Think holistically
The pandemic has changed how people
work, and it has arguably shifted the relationship between employers and
employees. Organizations sometimes forget people, and processes are just as
much a factor in successful business outcomes as the technology. With the
current labor shortage, it's critical for employers to figure out new ways to
attract and retain the best possible talent pool. Companies destined for
success will leverage innovation, IoT and automation to elevate the work people
do and help attract potential hires to the organization.
An IoT solution represents a
holistic solution that must receive buy-in from across the company. Everyone
from the top down must be involved in the various facets, including deployment,
adoption and results. It cannot exist as a one-dimensional project led solely
by IT. The business outcomes and value need to be quantified in ways that makes
it obvious in terms of "what's in it" for the customer, IT, and the functional
business areas.
To thrive in 2022 and beyond,
companies must invest their resources in proven solutions, rather than in an
experimental IoT science fair. Lexmark internally deployed its Optra IoT
Platform and realized significant benefits, including win-win scenarios for
Lexmark and its customers. The result was a proven, battle tested IoT solution
from a manufacturer mature in their digital journey. Now, other companies also
can unleash the power of the Optra IoT Platform, which will undoubtedly lead to
both successful and sustainable business outcomes.
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ABOUT THE AUTHOR
Demetrios Karathanasis is global portfolio director for the Optra
IoT Platform at Lexmark International. In that role, he brings to market the
company's latest offering in IoT. He joined Lexmark in 2002 and has previously
held a variety roles in sales, strategy and service operations. Karathanasis
has extensive experience in designing and overseeing Lexmark's Managed Print
Services (MPS) for large global companies in manufacturing, finance, retail,
and healthcare. Karathanasis holds a bachelor's degree in finance and
management, as well as an MBA in finance from the University of Kentucky.