Are you having problems with trying to incorporate Internet of Things technology into your new product? According to a new survey from Cisco, you’re not alone.
Projections from Gartner show IoT technology reaching more than 20 billion devices by 2020, while IDC predicts there will be 82 billion IoT endpoints by 2025.
Yet Cisco’s study – released last month at the IoT World Forum – found that 60 percent of IoT projects flounder at the proof of concept phase. Only 26 percent of companies said they had an IoT project they considered a total success. Worse still, one third of all finished projects were considered failures.
“It’s not for lack of trying,” Rowan Trollope, Cisco’s general manager for IoT, said during the forum. “But there are plenty of things we can do to get more projects out of pilot and to complete success and that’s what we’re here in London to do.”
Among the findings of Cisco’s study:
1. The Human Factors Are Important
Cisco’s study found that three of the four key factors in successful IoT endeavors had to do with human factors such as culture, organization and relationships:
- Collaboration between IT teams and the business side
- A culture that focused on technology
- IoT expertise, either in-house or some sort of external partnership
However, the study found an interesting disconnect: IT decision makers put more emphasis on technology, culture, expertise and vendors, while people on the business side focused on strategy, processes and milestones.
And IT decision makers were more likely to think of projects as successful than business decision markers, at a rate of 35 percent to 15 percent.
2. Successful Partnerships = Successful Projects
The study also found that sixty percent of those surveyed say that IoT initiatives prove to be much more difficult than expected. The organizations that have the most success were the ones that engaged “the IoT partnership ecosystem at every stage,” which would suggest that a strong partnership can help companies overcome any learning curves.
“Where we see most of the opportunity, is where we partner with other vendors and create solutions that are not only connected but also share data,” said Cisco’s Inbar Lasser-Raab. “That shared data is the basis of a network of industries – sharing of insights to make tremendous gains for business and society, because no one company can solve this alone.
3. Don’t Ignore The Benefits
When an Internet of Things project succeeds, organizations have the chance to “reap a windfall in smart data insights,” Cisco says.
Nearly three quarters of the people surveyed said they were using data from finished IoT projects to help their business. The top IoT benefits included improved customer satisfaction, operational efficiencies, and better product/service quality
4. There’s A Lesson In Failure
There’s a bright side to all those ill-fated Internet of Things projects: 64 percent of respondents to the Cisco survey said they had learned from the IoT initiatives that stalled out or died, with those lessons helping them speed up their companies’ IoT investments.
And despite all the challenges, the people who took the survey were hopeful: 61 percent of them believe they’ve just begun to uncover IoT’s potential.
If you’re curious about IoT’s potential for your business, Mars International’s ciqada division can help.
The fully integrated solution offered by ciqada could jumpstart your IoT project. Ciqada’s solution includes hardware modules with ciqada communication firmware, a managed cloud server, user dashboards, and mobile apps
You’ll find ciqada’s work in IoT products ranging from humidors to HVAC systems to Pool & Spa equipment. We look forward to creating an IoT solution you’ll consider a total success.