IoT has opened the door to a whole new world of unlimited possibilities and a lot of companies have been trying to cash in on the trend. As with any other key technology undertaking, this approach spells disaster for IoT initiatives. Recent research from Gartner revealed that an alarming eight out of ten IoT projects fail prior to launch!
This gloomy statistic might astonish several people since the IoT ecosystem has been rapidly advancing across the globe. IDC predicted that the worldwide connected base of IoT endpoints will shoot up from 14.9 billion at the end of 2016 to over 82 billion in 2025. Yet, according to a survey from Cisco, 60 percent of IoT initiatives halt at the proof -of-concept stage and only 26 percent of businesses have launched an IoT project that they considered to be truly successful. It is important to understand that, largely, IoT projects do not fail on account of technology, they do so because of a lack of vision and long-term strategy.
Most organizations tend to start at the wrong end wherein they first create the IoT solution and then try to sell it for a business challenge that probably did not even exist, to begin with. Organizations need to build tangible use-cases that can be tested and applied, before embarking on creating an IoT solution. Given that seldom, if ever, has a technology packed together so much complexity, the pace of progress, global range, and innovation, it is imperative to have a crystal-clear vision and a lasting commitment from stakeholders to fully capitalize on its potential.
Dean Hamilton, GM of Accelerite’s IoT business, in his article, 3 requirements of a successful long-term IoT strategy, explores three fundamental aspects — strong leadership, a practical business plan, and a dedication to culture change — short of which even the smartest sensor, networking and data analytics technology will not deliver success. Without a well thought out strategy in place, organizations risk overrunning their budget, exposing data to cyber security threats, and not seeing returns from their IoT investment. Read the complete article here.