It has been a while since IoT became a reality on a massive scale. Connecting things from the smallest objects like a toaster to automobiles and large industrial machines, IoT holds great potential to impact people in just the same way the internet did back in those days. On the other hand, statements such as IoT is transforming businesses or IoT generates new revenue models have bored everyone to tears.
Despite the current wave of IoT, a new study conducted by Cisco shows that 60% of IoT initiatives stall at the Proof of Concept (PoC) stage and only 26 % of companies have had an IoT initiative that they considered a complete success.
This is true because very few are actually talking about what challenges businesses really face when building IoT solutions and how to overcome them. While IoT comes with a number of opportunities, building and implementing IoT solutions is complex in reality.
If you want your investments to yield good returns, your IoT solutions need to be secure, robust and scalable. This means that your IoT development teams have to give some thought to their traditional procedures and reform them to take everything into account. Having a better understanding and knowledge of hardware, sensors, embedded systems, app development, data and analytics will help you deploy IoT successfully.
Of course, lack of expertise and improper integration of applications are some of the top reasons for IoT start-ups failure. In this blog, we’ve put together some of the biggest IoT development challenges that companies face and how they can overcome them.
In the realm of IoT and AI, software development is in its prime with almost every business looking to deploy smart apps and solutions. But when it comes to IoT, it’s not easy to find tech-savvy developers to help enterprises digitally transform their businesses. Not only is the talent deficit hampering the journey to digital transformation, but it also looks like the gap isn’t going to be filled anytime soon. This is happening due to the exponential growth in technology and the huge demand for tech experts.
IoT is all about connecting things, including sensors, devices, machines, vehicles, business processes and people. Once the infrastructure is set up, it will be churning out data at an unprecedented pace. To analyze a variety of streaming data at high velocity and high volume, you’ll need sophisticated tools to not only ingrate and analyze but also transform it into meaningful actionable insights. However, tools are tools after all; you need the right team of analysts to break down the business problem into analytical queries and extract meaningful insights from the cluster of data. Not having experienced developers or the right tools to deal with a massive amount of data can impede IoT adoption.
If you’re just foraying into the world of IoT, then there’ll be a lot of questions about choosing an IoT platform in your mind. Though IoT is a broad term that involves a lot of things, it points toward one thing—interconnectivity. Choosing the best IoT platform can be a daunting task amongst the din of marketing buzz and myths that often enshroud IoT. There are lots of factors you need to consider depending on your needs. Having said that it’s difficult, taking enough time to research and compare different platform could be a game-changer.
Loopholes in IoT security can be devastating for any business, and thus it’s important to use transport encryption and standards like TLS. Companies that ensure encryption of the highest level among their connected devices and cloud services can successfully address concerns pertaining to the security challenges. Here’re some of the challenges that companies face:
Developing IoT applications is one of the important aspects to gain a footing in the IoT world. Many businesses fail to deploy IoT successfully because they are most likely not fully aware of primary challenges that may come along. To help you deploy IoT successfully in your organization and transform your idea into a reality, we’re hosting a workshop in different cities. To find out more about our workshops.
With the increase in adoption of the Internet of Things (IoT), companies from all industries now have a question – which IoT business model and application is right for them? Check out this whitepaper to know what, why and how of IoT business models.
In this whitepaper, we have covered some important elements you should consider when looking to transforming your business model.