Are You Being Realistic About the Challenges of IoT?
by Exosite, on June 16, 2015
Although the potential opportunities that await enterprises willing to make the leap into the IoT market are tangible and rewarding, the road to success is not guaranteed and, unfortunately, an innovative product idea is simply not enough. In order to eliminate the error factor and aid long-term success, it is crucial for enterprises to fully understand the potential challenges of IoT they may face and develop a strategy to address them before embarking on an IoT product deployment.
We've identified six major areas that should be addressed with a clear IoT strategy prior to embracing the IoT market:
With the rapid growth of the IoT industry, issues of security and privacy have taken center stage. And, as enterprises feel increased pressure to join the IoT game, security can become a back-burner consideration.
Manufacturing, distribution channels, installation, end-user documentation, support, sales and marketing, brand collateral, end-customer billing, and internal product training are all integral parts of a successful connected product launch. However, product development often consumes most of an organization’s time, focus, and investment.
Enterprises are as unique as the IoT solutions they seek to create. Many operate with varied combinations of parent companies, sub-divisions, branches, and divisions, each of which can have different products, services, P&Ls, billing needs, and accounting structures. As these diverse enterprises look to enter the IoT space, things can become further complicated if individual divisions develop one-off solutions.
One of the biggest challenges of transitioning to a connectivity-focused company is understanding what customers actually want and will pay for. The IoT movement is at its peak, and over the next few years, there will be a boom of connected product launches, some of which will be successful and some of which will not.
Traditional durable goods companies typically develop core competencies in certain markets and technologies. If those products were not previously Internet-connected, the new frontier of IoT and the many technologies it involves may be daunting.
For an in-depth look at each potential risk area, take a look at our IoT Strategies for Diversified Businesses white paper to gain insight about how to develop IoT strategies to align your company around your IoT product deployment.