The Internet-of-Things (IoT) is a network of physical devices that are connected to the internet and can collect, share, and act on data. IoT has the potential to transform businesses and revolutionize industries, but unfortunately, there are many challenges associated with IoT implementation that oftentimes lead to failure.
Common IoT Challenges
IoT requires a sophisticated degree of integration between hardware, software, and data. The alignment of these components can be difficult to achieve and even the smallest errors can lead to big problems.
To that point, IoT systems are often complex and comprised of various technologies. To compound this problem, the technologies typically come from various vendors with their own unique spheres of excellence. This creates a juggling act that makes it even more difficult for companies to connect, manage, and maintain.
And finally, as is with most technological systems, security is a major concern. When it comes to IoT devices, in particular, given the fact they’re connected to the internet, they’re vulnerable to hacking and cyberattacks. With this in mind, companies have to pour considerable amounts of time, energy, and resources into protecting their assets and keeping vulnerabilities in check when implementing IoT solutions.
With all this being said, is the juice worth the squeeze?
Simply put, Yes.
Much like with any problems associated with new technology, preparedness and a deep understanding of the potential risks and challenges will put companies in a position to better handle problems should they arise and in turn, increase the success rates of their IoT projects.
If your company is ready to execute an IoT implementation, we’ve created a high-level action plan that outlines how to overcome these challenges.
Create Proper Scope: Use a Data-Centric Approach
Like other information technology (IT) implementations, IoT implementation can be a complex and time-consuming process.
But, it doesn’t have to be.
One of the essential keys to success is creating a clear and concise project scope.
This is even more important for IoT implementation since it requires the integration of three disparate technologies – hardware, software, and the cloud. Without a well-defined scope, IoT implementation can quickly become overloaded with unexpected tasks and costs.
A data-centric approach can help organizations:
- Properly determine the scope of the implementation and focus on the data they want to collect and use.
- Simplify the IoT implementation and ensure the organization is able to properly use IoT to meet their needs.
- Avoid collecting excessive amounts of data which can also reduce costs.
Get Focused: Set Proper Expectations for ROI
IoT projects are often considered a failure because it’s difficult to calculate the return on investment (ROI).
That’s because there are numerous non-quantifiable benefits along with quantified ones such as higher asset uptime, reduced truck rolls, and reduced headcounts.
There’s no denying IoT implementation can be a costly endeavor with no ROI guarantees.
In fact, a recent study showed that the average IoT project’s ROI is -52%.
This is largely due to the lack of consideration in calculating the ROI of the unquantifiable benefits such as improved customer satisfaction which is often left out.
However, with a data-centric approach, organizations can better understand these benefits by looking at how the data collected by IoT devices improves the overall business operation.
For example, by understanding how customers interact with an asset in the field, businesses can make changes to their products and services to better meet customer needs. In this way, IoT data can be used to improve customer satisfaction, even if the improvement cannot be quantified in terms of dollars and cents.
As such, when considering an IoT implementation, it’s important to look beyond the initial cost and consider the long-term benefits IoT data can provide.
Be Selective: Choose the Right Technology Vendor
Selecting the right technology vendor is critical to success. A vendor that has a proven track record of successful implementations and who understands the full breadth of the technology across hardware, software, and the cloud can help companies navigate the complexities of the IoT ecosystem and avoid potential pitfalls.
Their understanding should also transcend the other factors that play a role in deploying IoT including security, specific business needs, and customizing solutions to meet unique requirements.
Additionally, the vendor should have a strong partner ecosystem they can lean on to point your business in the right direction to leverage valuable resources and expertise needed for successful IoT implementation.
By selecting a technology vendor that has the experience and capabilities to support your IoT project, you can improve your chances of success.
The Solution: Bolt Data Connect
Bolt Data Connect (BDC) is a cloud-based platform that provides real-time actionable data from IoT-connected assets to field service operations and IT teams.
BDC gives your data the power to speak while solving complex Field Service Challenges such as:
- Automating business processes
- Enabling proactive support & service
- Improving customer satisfaction
- Maintaining performance during internet outages
- Reducing asset downtime
- Reducing IT costs
- Meeting compliance requirements
- Creating new revenue opportunities
Through our data-centric approach, BDC delivers the visibility needed to maintain and control assets in order to proactively or programmatically resolve asset issues.
Our innovative platform is built natively on Salesforce which empowers enterprise companies across multiple industries to operationalize asset management while building new and efficient processes to reduce cost and increase revenue.
Reach out to the Bolt Data team to schedule a demo of Bolt Data Connect, today.