IoT is undoubtedly a game-changing technology for asset-intensive companies. By gathering data from a range of assets and transmitting it to IT systems through long-range wireless networks, organizations can bring their people and equipment together in a way that optimizes efficiency, profitability, and performance.
Connectivity has become key in recent years – and with IoT, you’re able to transform your business in a way that drives real, measurable progress. Whether it’s increasing operational uptime, monitoring real-time equipment performance, making administrative savings or something else, IoT connects all the dots in your business.
So, why do some IoT projects still struggle to add value or fail to achieve their objectives? Why is it that, with such huge potential, companies still don’t get the most out of this revolutionary technology. The truth is, IoT projects are often complex with lots of moving parts. They must be set up and managed carefully.
As beneficial as IoT can be, it won’t help you solve problems you haven’t thoroughly understood. If business aims for the project are not thought out – and you’re looking at IoT through the wrong lens – your organization and its IoT project are likely to fall short. If you’re unable to explain your reasoning, you won’t see the best results.
According to a Microsoft survey in 2019 across 3,000 IoT practitioners, 29% of IoT projects failed owing to a lack of business knowledge. With adopters often failing to understand what the project needs to accomplish from a technical perspective, it’s not surprising that this is one of the main reasons for IoT project failure.
Rather than ‘progress for the sake of progress’ to keep up with market trends – your IoT project must be planned with a clear roadmap and aligned with the overall business goal. The project should be requirement driven, based on an intimate understanding of your current issues, in order to complete it successfully.
With IoT, we recommend starting small. From there – and once you’ve developed an extensive knowledge of how it interacts with relevant facets of your organization – you can start to evolve and expand. By following a flexible, patient approach to IoT, your business will avoid frustrating project failures and continue to drive progress.