Let’s accept it – the Internet of Things (IoT) is ubiquitous and everyone has some knowledge of it, if not all.
PwC estimates that between 2015 and 2020 $6 trillion will be spent on IoT solutions. IDC forecasts that the number of Internet connected devices will increase from 11 billion in 2016 to 80 billion in 2025. And Business Insider predicts a $13 trillion ROI by 2025. As a result, IoT deployments are among the most anticipated initiatives today. But the companies that directly jump to IoT deployment without enough research and development process will fail to see optimal results.
That’s because many companies first imagine the connected product and then the value proposition. Consequently, these IoT projects rarely become profitable as the company has hardly taken the time to understand the problem to be solved fully.
Recently, Cisco surveyed 1,845 business and IT decision-makers in mid-market and enterprise companies and found that:
In light of these stats and survey results, how do you make sure that your first IoT project stands on your expectations? I’ll share three things in this blog post for companies planning their first IoT project implementation.
IoT project implementation is like going to the gym. Most of us join with the excitement of end results without realizing how much time and hard work it takes to get there.
Just as tracking your progress in fitness is a wholesome way to stay motivated, following your day-to-day business problems is an incredible way to find clear use cases. Typical cases of IoT use include:
Know what you want. It seems to be the most obvious thing, but according to a survey conducted by Statista, more than half of the companies face challenges in understanding the technology. You need to establish goals, identify metrics, assemble teams and stakeholders, pinpoint use cases, consider existing capabilities and the readiness of an organization, and filter concrete requirements while keeping your budget in mind. This is the most important stage of an IoT project deployment and you should be more careful as your decisions will influence every other step on your way up. So, spend good time on research, planning, and proof-of-concept stage to reduce failure rate.
The main motive of an IoT platform is to bring physical objects online. Be it an end-to-end IoT platform, a connectivity management platform, an IoT cloud platform, or a data platform – it must be able to support hundreds/thousands/millions of device connections simultaneously and allow you to easily configure your devices and systems for seamless machine-to-machine communication.
IoT service providers currently offer four components – a fleet of devices and sensors, Wi-Fi or cellular connectivity, IoT device cloud, smart apps and third-party services. And firms largely take advantage of them. However, how to examine an IoT platform is still a burning question for many.
Here are some points you should consider based on your requirement when examining IoT platforms:
The points mentioned above and many other such checks will save your time and streamline your efforts to examine an appropriate IoT platform.
The development of a prototype allows you to discover the minimum parameters before the full deployment of your IoT project. A thorough prototype simulates essential elements of the final IoT product. To develop a successful prototype, find answers to the following questions:
In reality, there is no pre-defined template to follow when it comes to prototyping. It will always vary depending on your use case, so you should create a roadmap with a thorough discussion with stakeholders and find answers to questions we discussed in the blog.
Successful IoT projects require in-depth analysis and planning. Companies that do not carry out their research and implement sound deployment strategies face many challenges and complications, resulting in unsatisfactory results. “As one of the leading industrial IoT platform providers Avnet is hosting a series of IoT workshops” that address challenges which businesses face to grab IoT opportunities.
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.