In the simplest terms, edge strategy refers to an organization re-optimizing existing products or services to generate more revenue. Businesses will often look for new revenue streams in the form of new products. But in the process, they can discover that their existing products have untapped potential which can provide additional revenue – or improve their customer experience.
Organizations must utilize edge computing to access this potential. The word edge refers to literal geographic distribution – computing that is performed near the source of data. Edge computing allows for more efficient data processing, which reduces bandwidth usage, minimizes latency and lowers overall costs.
Edge strategy is not exclusive to physical products either. An organization may look to attain extra value through altering their role in supporting a customer’s journey to and through their core services – often referred to as ‘journey edge’.
There is also ‘enterprise edge’, which refers to an assessment of innovation opportunities that are at the forefront of your core market. Question who else, besides your direct competitors, would pay your organization for what you do well. This may allow you to rent out your services to other businesses and increase your revenue.
An edge strategy benefits compliance and security as well. For example, facial recognition and fingerprint data on your iPhone is stored locally on the device as opposed to the cloud. Apple has, therefore, decreased its security risks by handing the data over to its users’ devices.
Implement your own edge strategy
Your organization must first conduct an assessment to determine which type of applications or services can be processed with edge computing.
Begin by listing all the core assets of your business and question how much they’re truly worth. It’s also important to consider what people wish to obtain when they purchase your core products or services. Are they getting the desired service? Would they pay more to help them achieve this? Accessories and add-ons can be implemented to provide further knowledge, comfort or peace of mind to your customer as well.
Each organization will have a different set of conditions so it must be assessed individually. That being so, there are some general points to consider before implementing an edge strategy.
What does your business need an edge strategy for?
Edge computing predominantly benefits industries that rely upon sensitive applications. This is due to the importance of latency in sectors like healthcare, where fine margins have a significant impact.
Other businesses use edge computing only to further their profits rather than benefit their services – as excessive latency can cost businesses thousands of dollars annually. Some organizations also use edge computing solely for security and compliance purposes.
Decide what your primary objective is before implementing an edge strategy. Is it to improve customer experience, boost profits, improve security or help compliance procedures? A clear outline of your goals will help you deliver an effective edge strategy.
What about the existing infrastructure?
Deploying an edge strategy will help resolve some of the key issues with your existing cloud-based infrastructure. But you should not replace your cloud-based infrastructure altogether. Instead, an edge strategy must be integrated as part of your existing architecture. This creates a hybrid edge system whereby cloud and edge computing work simultaneously to deliver a more effective solution.
What are your end goals?
Whilst you’ve likely identified the reasons for implementing an edge strategy, you must question what your end goals are. Think about how the implementation of your strategy will contribute to your business going forward. How will an edge strategy continually evolve your operations? Make sure to plan for increased demand as well.
Although edge computing is a relatively new solution, many businesses have already implemented it into their wider operations. Consider what type of advantage it will give you over your competitors.
Consider Security and Compliance Requirements
You must address security and compliance even if it is not the main goal of your edge strategy. There are more and more security threats that are posing greater risks to organizations daily such as ransomware attacks. Any new computing strategy must meet existing security standards and be future-proofed for evolving threats.
To meet government regulations, choose a respected edge computing service provider. This will ensure you stay within the recommended GDPR guidelines, which are strictly enforced.
Employing an edge strategy has several significant benefits – from improving your customer experience, to boosting profits. Before implementing your strategy, there are a few things you need to consider.
First, identify how an edge strategy will benefit your organization by outlining your main objectives. Thereafter, consider what your future goals are and how your strategy will continue to evolve your organization. Lastly, ensure that your edge strategy meets security standards and complies with the relevant regulations. By taking all of the above into consideration, your organization will be well prepared to implement a successful edge strategy.