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Most of us are aware of the "Innovation Bell Curve" and the different categories of individuals/companies when it comes to trying/accepting new innovations ranging from the innovators, early adopters to the laggards.
When you look at use of IoT, BigData and Analytics in general in the hard services segment in #FacilitiesManagement markets, we have not seen many innovators but we are definitely seeing is few companies falling in the bracket of early adopters. But what is going to be the difference between the early adopters and the ones that follow them?
According to me a #CXO in #FacilitiesManagement firm can make one of the following decisions:-
1. Wait and Watch- In this scenario you are trying to see what gains early adopters have, the trend they set and then look at making a decision based on certain level of certainty.
While the benefit is that you do not loose on time and money, learn from others but the potential downside is that when a particular solution/technology/vendor does become popular your cost of acquiring that is going to be relatively quite high as compared to the ones who risked going in early!
2. Get in early, take calculated risks- In this scenario you are going to go in early take some risk, make initial investments (intellectual, capital and time) to really see through the entire evolution of how particular solution/technology/vendor can make impact on your business and how you can sort of integrate the cost in your existing and new contracts.
While this looks and sounds easy, but is not going to be the most obvious decision making choice. This what i think will separate #CXOs that talk about #Digitalisation and the ones who take the ownership of influencing the transition.
3. No risk, less gain- That's possibly the last category of the decision making process, if one does not want "innovation" to be the differentiator they aren't going to go in early and be happy to pay higher price in using the product/solution when it has a certain level of maturity and more importantly when the entire industry has embraced it.
Your thoughts? Which of the #FM companies you know are leading or lagging in the IoT, BigData and Analytics space in the #UAE #MiddleEast?
Best Regards,