The Industrial Internet Consortium (IIC) has announced the publication of the Business Strategy and Innovation Framework (BSIF) reference document, which it says will help enterprises to identify and analyse issues that must be addressed to capitalise on emerging Industrial Internet of Things (IIoT) opportunities.

The freely available BSIF will serve as a reference document for chief executives in enterprises considering or planning IIoT initiatives, according to the IIC.

It consists of issues and challenges that enterprises should consider before deploying IIoT initiatives, along with details, frameworks and concepts to help them increase value for users, customers and partners while reducing market and technical uncertainties.

The BSIF also contains a comprehensive set of best practices for companies engaging in IIoT, but adds that companies are free to adopt a ‘lighter touch’ or use an existing internal project model, particularly in the case of smaller companies.

The IIC encourages larger companies to use the BSIF to augment existing frameworks to take advantage of new IIoT opportunities.

A number of IIC members have contributed their expert vision, experience and business strategy best practices to the document, including Bosch Software Innovations, InterDigital, Hewlett Packard Enterprise, and Machina Research.

Jim Morrish, Chair of the Business Strategy Task Group and founder and chief research officer of Machina Research, said in a statement: “Everybody knows that the Industrial Internet of Things will completely transform the way that business works. What’s not clear is exactly how to deploy these new IIoT concepts to best effect.”

“What the IIC’s Business Strategy and Innovation Framework provides is a toolkit for identifying, prioritising and initiating the deployment of those crucial IIoT initiatives.

“It’s a significant step forward for the IIoT industry in terms of working to capitalise on the huge opportunities presented by this new technology wave.”

The BSIF is freely available as a download.