The Internet of Things (IoT) is being widely used to achieve new capabilities for enterprise efficiency and efficiency. AT&T recently used an IoT solution to help beverage coolers around the world maintain inventory levels and refrigerated temperatures. This end-to-end solution connects up to 1 million Red Bull beverage coolers for easy deployment without significant investment .
Despite the many benefits brought by the Internet of Things, there are still some projects that fail to meet their intended goals. IoT projects are difficult to manage, and there are some prominent reasons that often lead to the failure of such projects.
According to a recent survey (1,800 IT and business decision makers in the US and UK), as many as 60% of respondents are stagnating during the proof of concept phase, and only 26% said their Internet of Things The deployment was successful. In most cases, this is not a technical issue, but rather an internal cultural, organizational and structural issue...
The main challenge in starting and completing an IoT project is always the budget. While the benefits of the Internet of Things are clear, not all companies are willing to invest in small smart devices with specific features. The lack of budget has caused many IoT projects to fail before they begin, and budget overruns remain the most common reason that IoT projects have to be compressed.
Budget overruns are a serious problem in the business environment. The Northeastern University MBA Online Education Center listed budget overruns as one of the top 10 serious corporate management errors that led to the decline in business. Students who are pursuing an MBA online today are taught how to budget to avoid this problem.
The scope of the project is not clear
IoT devices are often very specific. Previous examples of using the Internet of Things to monitor the quantity and temperature of beverages show the effectiveness of developing customized solutions for specific company needs. You don‘t expect an IoT device to do everything, so it‘s certainly not wise to set a wide range of projects.
Unfortunately, many IoT projects are still trying to do too much. Divide a broad range of goals into focus and focus, rather than trying to solve everything at the same time.
Another issue that is confusing in the scope of the project is the changes that have occurred in the process. It is not uncommon for management to request new features or make changes in the middle of the project. Such things should be listed as possible future updates, rather than actual changes to the original IoT device.
The mid-term project changes we mentioned above may also lead to another problem: insufficient development time. IoT projects that take a long time to complete are not the most effective projects, so always make sure you have a clear and specific scope of projects to deliver IoT solutions in a timely manner.
As the Cisco survey pointed out, project delivery time may be too long due to lack of in-house expertise and the inability to successfully conduct IoT projects. On this issue, the latest IoT platforms and suites on the market can provide valuable help in reducing project complexity and time to market.
Finally, Cisco has increased the number of reasons why the IoT project may fail—the quality of the collected data is poor. An important part of value creation is the use of data from the field. In order to meet the relevant automation or manual and intelligent business decisions, special care must be taken when defining data collection and to ensure efficient and secure data transmission.
As we have seen, there are many possible reasons why an IoT project may fail. But even if it fails, chances will arise: 64% of respondents in the Cisco survey said that learning from stagnation or failure will ultimately help accelerate IoT investment!
In the Internet of Things, like many other areas, failure does not necessarily mean giving up