Even as the Internet of Things (IoT) gradually gains momentum across enterprises both large and small, CXOs are still wondering about the technology’s ROI. Many enterprises successfully devise effective IoT strategies. Some are not hesitant to take the long route figuring out IoT all by themselves. After all, the technology is still in its infancy. It is. But even so, the prospects of enterprise IoT and the vast potential of the technology can’t be ignored.
The internet is full of forums and blogs regarding effective capitalization of the Internet of Things. Many such forums discuss the experiences of several technology leaders and derive actionable insights from them to come up with a plan to tackle various IoT implementation challenges subsequently leading to enterprise IoT success.
This blog covers everything we found in a brief research on a couple of common themes that directly tie into how successfully an enterprise leverages IoT.
Always start small
For many organizations, IoT is a means to big benefits. As such, most of their IoT projects have top-level goals. Though ambition is a good thing, when it comes to IoT, it is better not to attempt big leaps right from the get-go. The key is to address one challenge at a time. Focusing on one issue gives the organization enough room and insights to craft effective IoT strategies that use the right amount of resources at the right instances.
As a first step, experts recommend beginning with a process that the organization can improve by leveraging IoT; with an overall vision in mind. The major inputs and outputs of the process should be noted along with the major bottlenecks and other factors including where the project is fast and where it is slow, where it makes money and where it loses money, the portions that can be automated, areas that could provide useful data for further improvements etc.
Yes, there’s a lot of work involved. But all of this should be done even starting small. Extensive research can help any project regardless of its nature.
Choosing right kinds of data to be collected for analysis is also important as it can help realize the vision in the long run. By integrating IoT, the process should become more streamlined while the IoT sensors generate and collect data that hide insights. But collecting all of that data can lead to huge data volumes, security and compliance risks. The data that the organization needs to collect should provide value that contribute to not only improving the chosen process itself but also progressing towards the organization’s main goals.
A team with both internal and external resources
The success of an IoT project also depends on the skillset and expertise of the team behind it obviously. According to many tech leaders, an IoT project needs the people behind it to view it from different angles. Many enterprises often choose to train their existing resources, adding to their skillsets and training them to handle IoT the right way. They are willing to invest in their own team.
This strategy may not be as beneficial as it might appear. Our research made it clear to us that the IoT project team should essentially have both internal and external resources. The external resources can either be permanent hires or just consultants helping with the implementation. Key roles include data scientists or experienced analysts, database and network administrators, advanced cloud resources, data security experts, and customer experience experts.
Mind you that any resource gap would end up in costly delays of the project. To avoid such scenarios, it’s important to outline the skills, roles and responsibilities of everyone behind the project before the project officially begins. This investment in time can absolutely help with the cause.
Keep iterating and improving
A set-and-forget IoT strategy can do more harm than good to an enterprise. The organization should be committed to keep improving their IoT ecosystem. The data they collect from their IoT environment can help with this. To start collecting the data, an enterprise mostly has to start with a basic IoT framework where sensors are diligently deployed to get desirable data. Even so, the data collected may or may not lead to significant insights.
In the beginning, this is a risk they just have to take while refining and polishing their data as well as their data collection strategies. Sometimes they may need to invest in different algorithms that analyze different patterns in the data. The findings will eventually start to make more sense and be of more value. This is why an iterative approach is vital when implementing the first IoT project in an enterprise.
Each iteration would also reveal useless data which the organization can avoid in the next iteration. Additionally, this approach also refines the underlying IoT system architecture as well, laying the foundation for the organization to implement even bigger IoT projects. The stakeholders can then make decisions that could lead to even higher ROI.
The points mentioned in this blog are common across many successful enterprise IoT projects. Many organizations ended up developing much smarter IoT platforms yielding greater benefits overtime by taking the aforementioned themes into account.
Succeeding with IoT requires a lot of patience and dedication while being aware that the organization may not get great results in just a fortnight. The system should evolve from descriptive to contextually aware with plethora of insights that can accelerate the growth of the organization in more ways than one. One wrong move and the IoT ecosystem can become too complex demanding even more resources to deliver progressively poor results.
If you are thinking about investing in an IoT platform for your enterprise that can show you bigger competitive advantages in dynamic markets, make sure not to do it alone with just internal resources. AOT can help you take your first step to IoT success with a solid team of experts with diverse skillsets – from implementation to security and analytics.
Get in touch with us to learn more.