The Internet of Things, or IoT, certainly is getting a lot of press and this is expected to continue, opening the door to a wave of consulting opportunities. Companies are interested in testing how IoT can help transform their business processes and offerings, and are looking to consulting firms for their expertise in IoT to educate stakeholders and devise a business case for investment.
To be a top IoT consulting provider, there are several key elements a firm must have:
- Business-side expertise: The broad scope that IoT covers necessitates expertise in identifying client business goals and challenges, demonstrating the value IoT can bring and identifying relevant IT and process investments. Top IoT consulting firms increasingly need access to and support from business side executives to initiate investment.
- Labs or centers for proof of concept: Due to the level of client immaturity in understanding IoT opportunities and investment, clients are more likely to comprehend and move forward with IoT initiatives if they can experience firsthand how IoT applies to their specific business. Consulting firms that have IoT centers and labs to provide clients with interactive and customized IoT experiences, including proof of concepts, are more successful in conveying IoT implications to clients.
- Vendor ecosystem proficiency: IoT covers a lot of technology and IT ground, which most providers do not offer 100% in-house. While offering the complete IoT ecosystem in-house is not necessarily a trait of a top IoT consulting provider, understanding a firm's strength in the IoT arena and which vendors complement these services and offerings is of particular value to IoT clients.
- Operating model and organization impact identification: IoT is much more than implementing new technologies and in order for clients to reap the full benefit of IoT, the client organization and IT operating model must adjust appropriately. Top IoT consulting firms have the ability to identify key organizational changes as well as define new IT governance measures as part of a client's IoT initiative.
As IoT rapidly gains client interest, consulting firms are formalizing and building out their portfolio of offerings, which is laying the ground for a very competitive market. To be a top consulting firm in the IoT consulting market, firms must be able to meet the current market demands, while also preparing for future demand. As companies become more aware of IoT opportunities and benefits, security and privacy will grow as a concern. Cybersecurity consulting services will be in high demand to develop protocols and measures to keep devices, the network and information as secure as possible. Additionally, companies will be seeking guidance in navigating through the expanding pool of data, privacy and cybersecurity regulation as they formulate their IoT initiatives.
