The Internet of Things is one of the most popular new rounds of economic and technological development in the world. In the next few years, the number of IoT devices will reach tens of billions or even hundreds of billions. Compared to the size of the mobile Internet market, the Internet of Things is tens of times its capacity and is seen as a new engine for global economic growth. Internet of Things technology has been applied to many fields such as vehicles, industry, smart home, intelligent transportation, and intelligent logistics.
Deploying the Internet of Things
Despite the general prosperous situation in the Internet of Things industry, another aspect of the Internet of Things is often overshadowed and ignored by the above description. In fact, most of the Internet of Things projects have failed today. According to Cisco statistics, this figure accounts for 75% of all IoT projects today.
So the key question is: How do we become the 25% winner?
Planning, deploying, and managing the complexity of an IoT solution is not a simple task, and it is also an issue that companies are trying to solve in almost all vertical areas. Delays in time to market, missed revenue opportunities, competitive disadvantages, technical incompatibilities, and issues surrounding customer loyalty are just some of the pitfalls that can be caused when the IoT challenge is not actively addressed. Unfortunately, many organizations currently do not have such in-house expertise.
A study by Merrimack College found that:
● 80% of organizations lack the necessary IoT skills to ensure that the solution works as originally planned.
● 76% of respondents indicated that their organization lacks senior strategic level employees with IoT skills.
● 72% said their organization needs more IoT management experience.
These clearly point to the challenges that many companies face when it comes to IoT lifecycle management. We need to reverse this situation, and we also need to do this as soon as possible. How to do it? Specifically, there are six major challenges that prevent enterprises from deploying the Internet of Things, and each has a viable solution to make the IoT deployment a more seamless and efficient process.
Challenge 1: Achieving a return on investment
The Internet of Things is spreading to all industries. Companies are investing heavily in pilot IoT projects because they are aware of the many benefits of the technology. Investing in the Internet of Things to gain long-term benefits is a smart move for any sustainable business, but many companies struggle to maximize the return on investment of the IoT program, often associated with a lack of comprehensive strategy and their readiness for the Internet of Things. .
While hardware costs are declining, the time required to create an IoT system is also large and often underestimated. There are also hardware technologies and integrations, as well as software development and data analysis.
If a company wants to make this investment and increase the price of the product, does the user have enough demand to accept the price increase? Does the product have enough profit to balance the large cost and time required for the company to create the product? Is the risk/reward sufficient? Rationality of product launches? These are tricky issues that require a thorough understanding of the opportunities and value propositions of stakeholders.
Solution: IoT strategy and verification
This requires in-depth IoT knowledge, experience and global reach to help conceive and deliver complete IoT management capabilities. Increasing the return on IoT investment means developing a comprehensive strategy to understand business readiness to improve business outcomes. Corporate decision makers should also verify the profitability of the IoT at different times and justify the investment, which should be done in a relatively short period of time.
Challenge 2: Manage business applications and access data
Businesses often face the challenge of customizing and integrating a single point solution that is interdependent. Without the ability to collect operational and usable data and insights, they cannot analyze the effectiveness of their IoT deployments and may not be able to make the necessary adjustments to maximize return on investment.
Solution: IoT Application Management and Data as a Service (DaaS)
Business and technical support applications that support a wide range of IoT ecosystems are critical functions. For example, location-based services (LBS) provide powerful tracking and asset management capabilities. Extracting multiple data elements from global internal systems and external access points helps inform insight-driven business decisions. In addition, the advanced visibility of IoT data enables companies to make predictive decisions that drive project return on investment.
Challenge 3: Technical Capabilities
Most organizations often do not have a clear understanding of operational, analyzable data to improve day-to-day decisions and business performance. Research at Merrimack College supports this assertion, finding that 46% of global companies lack employees with experience in analytics and data science, and 48% do not have the technical support skills to ensure successful IoT deployment. To be successful, IoT products require hardware technology and integration, as well as important expertise in software development and data analysis.
Solution: Reporting and Analysis
Through an integrated IoT system, organizations can access and leverage data around key business metrics, including network status, asset health, productivity, and carrier compliance. By understanding data traffic and usage patterns, organizations can proactively assess the value of IoT projects.
Challenge 4: Manage Connections and IoT Wireless Operators
The IoT ecosystem is large and complex, with almost endless connectivity services, connectivity to operators, and a diverse portfolio of device partners and technologies that make it difficult for companies to make decisions and advance projects. As we have seen from some compelling failure projects, many Internet of Things products trying to connect as many "things" as possible are the root cause of the failure of the Internet of Things.
Solution: Connection and carrier management
The Internet of Things is about generating actionable data that can be analyzed to drive better business decisions. These connections are the foundation of the Internet of Things, but the real value comes from real-time or near real-time data streams generated by these networked devices that can be analyzed and translated into actionable.
For connected networks, companies need to seek expertise from people who can provide coverage of global connectivity and a wide range of technologies, such as cellular, satellite, and LPWAN.
Challenge 5: Network and Security Management
There have been many examples of hacking IoT devices, from smart home products for children to the removal of Internet content. The average enterprise does not have security consultants and technical experts, cannot deploy effectively, and then manage IoT devices and networks on a large scale. Many organizations also do not have the ability to take a holistic approach across devices, applications, networks and data.
Solution: Network and IoT Security Management
A cloud-based secure network designed for the Internet of Things enables scalability and comprehensive security measures to ensure effective IoT management. Features should include protection of connectivity and embedded software layers, such as VPN options, dynamic routing, and virtual solutions that extend to cellular connected devices to ensure data protection. This means better control over IoT networks, devices and applications to maximize performance and manageability, and to ensure enhanced security and protection against data intrusions and attacks.
Challenge 6: Understanding logistics and ongoing management requirements
For organizations that publish IoT solutions, a thorough understanding of endpoint deployment requirements, ongoing managed services and support, and compliance requirements is a recurring challenge. Many organizations may not have the appropriate plans for these needs, which affect operational efficiency and ultimately drive up costs.
Solution: Endpoint Lifecycle Management and Managed Services
Companies can increase their return on investment by reducing the number of current partners. In such cases, fewer resources need to be allocated to partner management, while more centralized support is provided through deployment, operations, and sustainable steps to assist in the lifecycle of their IoT solutions and endpoint technologies. Management, from procurement to active edge devices, to terminal configuration service selection. This ensures the maintenance of IoT endpoints, rapid resolution of issues, and advanced switching and replacement capabilities to protect project ROI.
to sum up
As the complexity and advantages of the Internet of Things expand, companies must consider the best strategy for implementing the above solutions. Doing so requires a very high level of demand for enterprise capabilities to determine if it is necessary to add IoT experts to address these challenges internally or to accelerate IoT deployment with expert partners.