Success in the digital economy is no longer achievable by simply having the best product. Today it requires a complex balancing act that brings together design, supply chain, manufacturing, delivery, service and operations to create a differentiated and optimised customer experience that is adaptable, agile, scalable and efficient to deliver. Whilst it can be said that this is how successful businesses have always operated, the difference in the digital economy is the speed at which the customer proposition has to evolve.
To adapt at speed organisations require data on demand. Data they can use to understand every aspect of the supply chain and every mode of operation. In the digital world, IoT is the source of this data.
According to the latest Vodafone IoT Barometer, 84% of adopters of the technology describe their Internet of Things projects as ‘mission critical’ to success and 72% say digital transformation would be impossible without IoT.  8% are even going further, saying their “entire business depends on IoT”.  Furthermore, and very tellingly, nearly all adopters saw a return on investment, with 95% already having gained measurable benefits from their IoT projects.
With the advent of narrowband low power networks (NB-IoT and LTE-M) and with 5G opening up more opportunities for IoT to be deployed at massive scale, it’s clear IoT is not just any technology, but the true driver of digital transformation for businesses.
How digital transformation journeys have evolved
Historically, businesses have invested in solutions that would ease bottlenecks and improve workflows within and between different departments, effectively breaking down internal siloes and eliminating unnecessary processes. What digital transformation does is take this to the next level, helping existing processes becoming automated as well as de-risking new and more complex ones.
Digital becomes then a way of working, not a technology. The technology has to go hand in hand

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