Tuesday, March 13, 2018

Why IoT Projects are getting failed?

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IDC predicts that the worldwide installed base of Internet of Things (IoT) endpoints will grow from 14.9 billion at the end of 2016 to more than 82 billion in 2025[1]. At this rate, the Internet of Things may soon be as indispensable as the Internet itself.

Despite the forward momentum, a new study conducted by Cisco shows that 60 percent of IoT initiatives stall at the Proof of Concept (PoC) stage and only 26 percent of companies have had an IoT initiative that they considered a complete success. Even worse: a third completed projects were not considered a success.

Speaking at Cisco's IoT World Forum in London, chief exec Chuck Robbins said part of the problem was a lack of interest from the top of companies, with leaders failing to "buy in" to IoT.[2]
Cisco found that in most cases, it was not a technology problem. In most cases, problems arise from company culture, organization and structure [3]. 

As per Ericsson “The main challenges that we have seen in the areas of IoT are, for one, the complexity. Designing, implementing and operating an end-to-end solution for a device, bringing data into analytics, and presenting results in an application environment requires a lot of integration,”.

“Secondly,” he added, “the ability to actually share and work in a joint ecosystem, and share the financial results of the final solution, does not exist today.”

“Thirdly, the challenge of deploying an innovative solution in a production IT environment often leads to longer time to market than expected,” Isaksson stated. [4]





The most common reasons for IoT Project failures are as follows:


  • ·         So many standards in the each working domain of end2end IoT Solution, be at Sensors/device level, Connectivity level, Provisioning level, Analytics level or Security. Every customer in every industry have unique needs. No one Size fit for all.
  • ·         Too much time in project completions. As modern technologies have given lot of ease in work, so People want plug and play type solutions (no standard or integration botheration)
  • ·         No readymade business models available or lack of data points so most of the time project fails because of quick expectations on ROI, however returns will only available once sufficient data points are available for trending and predictive analysis. General time frame is 1-2 year to get rich data points for analysis
  • ·         No sufficient e2e skills/competence available, lack of interdomain integration expertise. Needed cross functional courses, training or certifications.In fact, some of the toughest skill sets to hire for are in the highest demand for IoT projects. When asked about technological skills necessary for IoT success, and the difficulty faced in hiring for those skills, IoT professionals ranked data analytics and big data first (75% and 35%), followed by embedded software development (71% and 33%) and IT security (68% and 31%).[5]
This article is published first time on IoT Vigyan Blog


References:
[1] Source: IDC Worldwide Internet of Things Installed Base by Connectivity Forecast, 2017–2021, March 2017

 



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