Last updated: 07 July 2017
Thomas Edison once said: “I have not failed. I’ve just found 10,000 ways that won’t work.” It’s a profound quote, one that reminds us that we shouldn’t be afraid of failure or unsuccessful trials.
However, while failure is important and a natural stage of developing new solutions, we must still strive to succeed whenever possible and avoid unnecessary failures. Unfortunately, in the world of the IoT, we’re seeing too many unnecessary failures. This is a significant development according to new research released by Cisco. The survey suggests that three-quarters of IoT projects aren’t seen as a “complete success”. 60% stall at just the concept stage, which raises the concern that businesses might not possess the tools to implement IoT plans properly. It’s frustrating to see, as the IoT has so much potential for enterprises, potentially boosting efficiency, customer experiences and revenues, as we discussed in this post.
The main barriers to IoT success highlighted in the survey were:
Limited internal IoT expertise
Long time to completion
Poor quality of data
Low integration across teams
Fortunately, there are ways to overcome these obstacles.
Collaboration is key
Many businesses would benefit from expert IoT consultancy advising on development of robust IoT security infrastructure or efficient time-to-market solutions, avoiding time-consuming and costly failures. The GSMA lately addressed the importance of pre-deployment risk assessment and lifecycle management in their IoT security guidelines, encouraging enterprises to look outwards to build adaptive and robust security models, able to defeat rapidly evolving cyber-attack methods. Collaboration is also key for enterprises to concentrate on areas where they can truly add the most value, and thus leave complex IoT deployments in expert hands. By using dedicated device- and data-to-cloud platforms, they can quickly create new IoT services using proven building blocks, thus overcoming complexity, lowering costs, reducing time-to-market and eliminating risks associated with launching IoT ambitious projects. A good example of this can be seen in our recent collaboration with Bonaverde who opted for our device-to-cloud platform as a scalable tool for quick project implementation and growth.
Building trust into the IoT ecosystem
Security is a dimension that can put people off seeing IoT projects through to fruition. There have been several well-publicized cases of hackers seizing on vulnerabilities and getting their hands on sensitive data, even shutting down entire networks. Businesses can ensure they are prepared by embracing a “security by design” approach, with a strong security infrastructure built into IoT-enabled devices at the initial stage. By investing in robust practices and seeking advice from expert consultants, companies can reassure everyone involved in the project and prevent IoT disappointments. Secure infrastructures also enable IoT devices to evolve, through security updates run over potentially long lifecycles.
From data collection to qualitative insight
Investing in the IoT means an expansion of data, which enterprises can use to inform their commercial strategies or recognize areas for improvement. The solid implementation of IoT monetization strategies can bring real insight into how customers consume products and services. This transforms companies into adaptive enterprises, able to further deploy new services or pay-per-use models, providing them with recurring revenues long after customers have made their first purchase. If everyone involved in launching a project is aware of the possibilities, it’s likely we’ll see more enthusiasm for seeing IoT plans through to completion.
While there’s been enormous progress in the IoT over the last few years, challenges remain. In the world of the IoT, we can guarantee that businesses who look to collaborate and receive advice are much more likely to implement successful connected projects.
What do you think is the key to helping IoT projects achieve their full potential? Let us know by commenting below or tweeting to us @Gemalto.