IoT has completely revolutionized how major industries operate and remain competitive in today’s fast changing global economy. However, did you know that 74% of IoT projects fail to reach their desired targets?
While the opportunities and innovations afforded by IoT are vast, so are the challenges. In this article, we’ll give you a concise summary of the key challenges of IoT implementation, and the top strategies and timelines for market success so that your project generates ROI well after its implementation to help you navigate this complex landscape.
Set Realistic Goals and Timelines at the Outset
We recommend spending some time to get this step right, as it sets the very foundation of your success. Don’t underestimate the significance of company cohesion at this stage. For example, IT decision makers in your company could prioritize technical considerations, vendors and their expertise while setting goals. On the other hand, your business strategists are more likely to prioritize returns on investment, strategy, and business cases. In such an event, it is essential to get both teams to agree on expected outcomes in a realistic and quantifiable way. Establishing the right goals and KPIs will go a long way in mitigating issues later.
Additionally, the timeline is quite a tricky aspect to master when it comes to IoT projects. In 2023, OEMs saw an increase in the average time-to-market by 41%. In 2020, the average time-to-market was 23 months, which rose sharply to 41 months by 2023. In such a rapidly evolving landscape, it is important to set realistic timelines from the Proof-of-Concept (PoC) stage to the time the products reach the first paying customers. This will help you plan and allocate resources realistically to reach your business targets. This also helps you manage stakeholder expectations and avoid issues as your IoT project is deployed.
Employ a Phased Implementation Approach
Once you’ve set realistic outcomes and got all your stakeholders on the same page, then a phased implementation approach shows promise. This is because implementing an IoT project is never a one-size-fits-all approach.
This strategy can mitigate risks and give you ample time to plan strategies to adapt to the changes as well. The phases of implementation usually include:
- Ideation and Proof-of-Concept Stage: At this stage, you’ll need a thorough analysis of your requirements. The Proof-of-Concept stage streamlines implementation and minimizes risk by providing a configuration, IoT dashboard, and digital twin (if your requirements include it).
- Pilot Testing: Pilot testing involves deploying a streamlined version of your final product to evaluate the feasibility of the IoT project.
- Integration with Existing Systems: The next stage is integration of your IoT platform with your existing systems and making a seamless transition with minimal downtime and disruptions.
- Analysis of Implementation: This stage involves analyzing your implementation and ensuring that any bottlenecks and bugs are resolved.
- Scaling and Adapting: Once these stages are completed, you can begin scaling and adapting your IoT platform for optimal functioning in your business.
These stages allow you to get a realistic sense of the complexities and challenges involved in migrating to an IoT system while minimizing the risks associated with it.
Identify and Create a Plan of Action to Overcome Barriers to Change
Once you have mapped out your stages of implementation and begin the process, it is equally important to identify further barriers to change and proactively mitigate them. Some of the most common barriers include:
- Lack of technical expertise: IoT implementation requires skilled expertise. Unless they have prior experience, even seasoned software engineers could struggle with the sheer complexity of the network. 18% of IoT projects typically fail due to lack of skilled expertise.
- Not having the required regulatory compliance: Several projects are stalled or delayed due to an incomplete understanding of the regulatory compliance laws. This includes encryption and security standards, data privacy laws, and conformity assessments.
- Lack of expertise in security standards: Another common barrier to change is not incorporating the latest IoT security and encryption standards that are built into the layers of architecture right from the outset.
These concerns require a proactive approach as they can greatly hamper the success of your IoT project and result in unforeseen delays. Partnering with a reliable IoT solutions provider is the best way to mitigate these risks.
Build Strategic Partnerships for Long-term Growth
Collaboration is crucial for the success of your IoT project. A study by Cisco found that companies that partnered with external IoT platform providers saw an increased success rate of 48% for their IoT projects. Ideally, you should find a balance between in-house technical expertise and an IoT partner to ensure that you continue to scale up and stay ahead of the latest trends. Finding the right strategic partnerships to fill in knowledge and technical skill gaps is your best bet to staying competitive in the long run.
Learn Continuously and Adapt Your Processes
Your work doesn’t end once your IoT-enabled projects reach your paying customers. It is essential to continuously monitor your data and levels of customer satisfaction to further improve the process. Regularly seek feedback from all stakeholders and take their feedback seriously enough to make changes and tweaks as needed.
Let Bridgera’s IoT Expertise Help You Stand Out
At Bridgera, we bring over 8 years of experience in serving clients across manufacturing, OEM, and healthcare industry, among others.
Our expertise lets us integrate your needs and deliver a Proof-of-concept in just two weeks. Our white-label IoT solutions are fully customized for each client. And our team collaborates with you to ensure that you enjoy continued support in bug fixes and the latest security updates even after implementation.
Connect with an IoT expert today for a free consultation.
About Bridgera: Bridgera effortlessly combines innovation and expertise to deliver cutting-edge solutions using connected intelligence. We engineer experiences that go beyond expectations, equipping our clients with the tools they need to excel in an increasingly interconnected world. Since our establishment in 2015, Bridgera, headquartered in Raleigh, NC, has specialized in crafting and managing tailored SaaS solutions for web, mobile, and IoT applications across North America.
About Author: Krishna Varma is a writer and researcher, who enjoys writing about technology, IoT, and lifestyle. When she isn’t writing and reading, you’ll find her relaxing with a quiet cup of tea over the weekends.