Real IoT: Success Factors and Best Practices
As it happens with any wave of new, potentially disruptive technology, hype can overshadow the real value that is being generated. The hype with the Internet of Things (IoT) is no different; with proclamations of trillion-dollar economic value adding from billions of connections. While there are always slivers of truth in the numbers depending on your perspective, the hype causes companies to take a “wait and see” attitude and only dabble in the opportunity rather than fully investing in IoT as a strategic priority.
Interestingly, the tools, technology, and supplier base are available today to build and support a connected product or service. But as shown by survey data, a full 74% of companies polled stated that they had not started an IoT project or were in the early stages of an IoT project. Reasons cited for delay in full IoT implementation include lack of C-level funding, supplier diversity and offer complexity, and security.
But there are companies that have implemented an IoT solution today and are using it to better serve customers and improve their operations. What can be learned from these companies? In the first in a series of white papers entitled Real IoT, we outline the key success factors for companies that have successfully implemented IoT solutions. Use cases are presented showing the benefits that IoT implementers are reaping from their IoT services. This white paper will conclude with the top four best practices for companies to follow to implement IoT in their organization.