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Stephan Liozu will discuss how companies scramble to invest in IoT, AI, other digital investments because the digital revolution promises trillions of dollars in created value by 2030. Yet most companies struggle to monetize the data from those investments.
Proving the point, Cisco reported that 60% of IoT Initiatives stall in the Proof of Concept phase and that only 26% of companies have had an IoT initiative that they consider a success. In 2017, Siemens also revealed that less than a fifth (18%) of surveyed companies analyze more than 60% of production data they collect.
Finally, Simon-Kucher & Partners (SKP) reports that 3 out of 4 firms that invested in digitalization in the past 3 years fail in their efforts due to the lack of monetization strategies, a focus on the wrong priorities, lack of customer intimacy, and neglect of digital pricing best practices. In fact, only 18% of these firms are true digital heroes.