Based on a huge global study, there are 5 Internet of Things factors of success for media and entertainment companies.
The most important factor is having the skill to collect, organize and interpret a large number of data, as stated by the study by Tata Consultancy Services (TCS), Internet of Things: The Complete Reimaginative.
This study was made up of 800 executives from huge, multi-national corporations and analyzed the effect of IoT technologies spanning a variety of industry sectors the world over.
Handling data in one form or another clinches the top two spots for the media and entertainment segment. This segment also includes publishers and broadcasters.
Coming in second is determining the kind of data to capture from the IoT, comparatively more strategic in nature than improving the capability to gather data.
Tied in third place were two success factors:
- Possessing skilled technologists who have the knowledge to evolve and/or integrate IoT technologies into the products and processes of the company
- Possessing skilled business analysts who understand what IoT data tells about the company’s products in the field.
Fourth place goes to the technology being used. It particularly involves reliable operation of IoT technologies in the field.
Curiously, four separate factors tied in fifth place:
- Possessing top management that is convinced the IoT could potentially have an important effect on business, and wants to invest in it today
- Recognizing and running after new business and revenue opportunities.
- Persuading managers and staff to alter the way they think about products, customers and processes for serving said customers based on new information on how those customers are using the company’s products.
- Integrating IoT data into enterprise systems.
The top four factors deal with making the technology work and the fifth factor mostly involves people.
Behavioral change is often the most difficult and most important needed for overall success.
