Everything around us is becoming smart with the exponential growth of digital transformation, including wearables, machines, buildings and cars. It’s obvious that you want to stay ahead of the competition as a business leader by adopting cutting-edge technologies, but designing a successful IoT strategy is not as easy as it seems on paper. Since IoT deployment will have a huge impact on the productivity of your business, you need to be careful when taking a huge step. In fact, you can take an expert’s consultation if required.
So, let’s see some statistics that show how aggressive businesses are when it comes to IoT deployment.
A recent report conducted by DBS Asian Insights shows that IoT devices and services will reach an inflection point of 18% to 20% adoption in 2019. Moreover, a recent survey of 700 executives by Forbes reveals that 63% of enterprises are, with the help of their IoT initiatives, expanding or transforming with new lines of business, while 36% are considering potential new business directions.
But on the other hand, many IoT projects have failed due to lack of experience and security. As per the report produced by Cisco in mid-2017, three-fourths of IoT projects are failing but this failure has helped businesses accelerate their organization’s investment in IoT.
While designing, integrating and implementing an IoT strategy can be overwhelming, let’s see how you can create a powerful strategy to ensure the success of your IoT project.
A clearly defined problem statement is the first thing you should have when you think of IoT implementation. Cutting-edge technologies are truly fascinating but it’s important that the stakeholders of an organization meet and discuss how exactly IoT is going to impact the efficiency, productivity and customer satisfaction.
You should diligently examine your existing inventory and identify the hardware and machinery that you want to connect. You might have to purchase third-party adapters, sensors, actuators and other hardware depending on the IoT-readiness of your assets. This step is only possible when you have a clear idea about what kind of data you want.
Attaching sensors with the hardware and machinery will result in multiple data points that will ultimately generate large amounts of data. You need to have the right strategy in place to store and analyze this data and ensure that it aligns with your expected outcomes. There are certain data points that you will need to analyze in real-time, which you can achieve with edge-analytics. The stored data can be used to take proactive measures in the long run with the help of predictive analytics.
In order to allow physical objects to “talk” to each other, you need to define the protocols and connectivity options that suit specific requirements – power consumption, range and bandwidth. There are many protocols that are already established, such as BLE, ZigBee, RFID, and BACnet, while new ones are still evolving. When it comes to IoT architecture, it involves devices, gateways and data systems.
These are different types of connections you’d have to deal with:
These types of connections are achieved with different types of IoT networks, such as:
Security is essential for IoT projects since the whole game revolves around the data generated. Lack of awareness can be a major obstacle to security and you’re very likely to put your data at risk if comprehensive security measures are not taken. Furthermore, you also need to outline policies that will define roles and personas to control the devices and access to data.
Gathering and storing is just a job half done. You need to analyze it in such a way that your whole purpose of implementing an IoT solution is served and you can make informed decisions. You need to define what KPIs you want to monitor and also decide machine learning (ML) algorithms to solve your business problems. Data will keep growing once you connect your assets, thus ML algorithms and analytics play a significant role in the success of your IoT project. You also need to think of creating an intuitive user experience layer while keeping decision-makers in mind.
Although IoT is now affordable, modular, and can provide immense value at any scale, you need to have a proper strategy in place before you jump on to the IoT bandwagon. On top of the aspects discussed in this blog, there are many important things you need to consider for successful IoT deployment. To make it easy for businesses like yours, Avnet is hosting a series of workshops that provide you with a foundational understanding of IoT from both a technical and business perspective. Learn more!
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.