While many companies have already started implementing IoT and digitizing their business processes, it is easy for any business to get carried away and dive into their first IoT project without fully preparing for it.
While research from IDC predicts global IoT spend will top $1.29 trillion (€1.14 trillion) by 2020, Cisco survey reveals close to three-fourths of IoT projects are failing despite the forward momentum.
Although IoT presents a huge opportunity for businesses to thrive in this digital transformation world, it is not so easy to make it to the finish line as it seems in theory. IoT initiatives often look good on paper but prove to be much more difficult in reality. No matter what your IoT use case is, the basic idea remains the same: connect devices, collect data, and analyze it to generate new insights for informed decision making. Still, there are certain deployment challenges that businesses may face on their journey of IoT implementation. Those who are unaware of the forthcoming challenges often fail to successfully deploy an IoT project in their businesses.
The top five reasons IoT projects fail include:
To prepare businesses to implement their first IoT project successfully, Avnet has prepared a new series of IoT Readiness Workshops aimed at equipping business leaders with a better understanding of IoT from both, a business and technical readiness perspective, plus ideas on how to make the most of their IoT initiative. The workshop is not just for those who are thinking to deploy an IoT solution for the first time, but it can also help businesses that are stuck at some point in their IoT journey.
Here’re just some of the areas that will be covered in the IoT workshop:
You may know that IoT holds huge opportunity, but perhaps you haven’t yet honed in on exactly how it could benefit your business in a precise use case. We’ll help you understand your opportunities and introduce new business models you might not know about. We’ll also help you align your business objectives and product concepts.
Most companies rely on partners to implement IoT because they don’t have in-house expertise (or the budget or time to hire them). We’ll help you define your selection criteria to choose the most suitable IoT vendor or IoT platform. We’ll walk you through the important technical evaluation criteria, such as scalability, protocol, security, bandwidth, system performance, disaster recovery, hosting environment, interoperability and edge analytics.
This is also one of the reasons why IoT initiatives fail. The workshop will help organizations defining business objectives and align product concepts to make an IIoT initiative successful.
The interconnected world is surrounded by a few myths and hypes that may prevent you from starting your IoT journey or derail your initial IoT efforts. The workshop will bust IoT myths for your business and help you have a clear and fact-based understanding of IoT.
You will find dozens of blog posts and research papers that preach about the endless opportunities that IoT holds, but it is equally important to know how to create value from IoT once it is deployed. Our workshop will help you understand how to match expectations to reality in IoT and truly realize its full potential.
All in all, the goal of our IoT Readiness Workshop is to provide companies with a great opportunity to find answers to their questions regarding IoT deployment and make smart decisions. It’s a great opportunity to learn from experts with hands-on experience in the IoT space. You, of course, want to make sure that nothing goes wrong when you are making a huge investment while risking to transform your business processes. Book your seat today!
In this whitepaper, we have covered some important elements you should consider when looking to transforming your business model.
Avnet and Intel have developed an on-demand training to give your business a boost on your next IoT journey.