June 21st, 2022
Category: Internet of Things,IoT
Posted by: Team TA
There’s no doubt that technology has changed how businesses work in the past few years. And it has helped a lot of organizations make the most of digital transformation technologies and kickstart new, innovative businesses. But one thing you should always remember is that not every new technology is the right one for your business. Before you try to embrace trendy technologies like Internet of Things (IoT) into your pipeline, you should think about the real business value and benefits it brings to your business. Don’t just go with the hype or the herd of other businesses that have adopted IoT. You should carefully look into the concept of IoT for your organization and be able to list the benefits it will provide. Consider the project’s cost, whether it will be worth it in the long run, and so on. So, if you are looking to get started with IoT implementation but are still confused, we’ve got you covered. This article looks at the most common mistakes to avoid when implementing IoT.
“Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without talking about the other.”
Today, we are at a point in history where new technologies are continuously being developed and the majority of modern enterprises are driven by these technological breakthroughs. As the popular saying goes, “adapt or die”, it is important that businesses must keep up with these rapidly evolving technological innovations if they are to remain relevant and successful.
Staying up to date is the cornerstone of any successful enterprise, and if you look at businesses that stand out, you’ll see that they have taken advantage of the technological opportunities and utilized them intelligently to successfully run their business and reach their potential customers at a global capacity. Also remember, if you fail to leverage the latest technologies to the benefit of your organization, they can in turn damage your organization and possibly put you out of business.
So now you’re probably wondering how you’ll know which is the right technology for our organization. Let’s see how.
How to Choose the Right Technology for your Business?
Switching your business from outdated technology to new, cutting-edge technologies might be challenging. Most of the time, businesses tend to overlook or underestimate their technological decisions leading to wasted time and money. Before beginning the technology search for your business, you should first assess your current business setup, determine what business efforts you want to make, and which aspects of your business you wish to improve.
Let’s look at the 5 most important steps you should take to get the best technology solution for your business:
- Determine the bottlenecks in your business and technology pipeline
- Consult with a specialist team to guide your research and evaluation efforts
- Comprehensive cost-benefit analysis
- Prioritize more on your business needs than wants
- Focus on a scalable technological solution that will work in the present and in the foreseeable future
Always and always keep in mind, the right technology is the one that works for your organization.
Getting your Business Ready for IoT
In a world dominated by AI/ML, big data, AR/VR, it’s hard to leave IoT off the list of game-changing technologies. It should not come as a surprise that the Internet of Things (IoT), with its ever-improving connectivity technologies, is responsible for many of the most significant technological advancements of the present day. According to Mordor Intelligence, the market value of IoT technology is expected to rise to $1.39 trillion by 2026. As the IoT landscape evolves, it’s no wonder that the first thought companies think when they hear about all the exciting possibilities in the IoT space is, “How will IoT benefit my business?”
Spreading across industries and businesses, the IoT has become an integral part of our everyday lives, so much so that many organizations are eager to tap into the technology. It’s not uncommon for businesses to rush into technologies like IoT and its connected devices, ignoring the risks and making mistakes, in order to reap the benefits of IoT. The last thing you want is your business to be left out of the next technological revolution.
Despite the tantalizing prospects of IoT, it is becoming increasingly clear that businesses are sometimes so eager to enter the fascinating world of IoT that they blindly ignore the risks. Fortunately, the most common IoT implementation mistakes are simple and easy to avoid.
Here are the most common mistakes to avoid while implementing IoT for your enterprise.
Pitfalls to Avoid when Implementing IoT for your Business
Do you know the secret to Elon Musk’s success as an entrepreneur? According to Musk, when he sees a technology that is fast expanding and altering the technological world, he wonders where that technology will be in 10 years. Then he builds a company to intercept that curve in ten years. That, according to some industry experts, is the correct way to go. Observe the advancement of technology, thoroughly examine your organization’s business plan, and select the appropriate technology to keep you ahead of the curve.
Always keep in mind that technologies like IoT can make or break your business instantly. If you are looking to implement IoT into your business, ensure you are not making these five common IoT implementation mistakes:
Security has become a big worry recently. With all the hype around having all the devices connected and sharing data freely, its easy to overlook about the cybersecurity threats. We can’t deny that IoT has transformed our lives, making it convenient, saving time and much more. However, given the volume of sensitive data the IoT generates, there are some weak points in security that need to be addressed. Two major issues plaguing IoT implementation is the lack of privacy and cloud-related vulnerabilities. It’s absolutely imperative that organizations address these and other security concerns at the earliest in the implemention process. In addition to employing safe security practices, a lack of foresight in the industry can cause familiar threats to grow in the IoT ecosystem. For this reason, you should always keep an eye on how technology is changing and think about security from many different points of view, such as networks, devices, and other things. This can make things safer for both users and businesses.
It is impossible to keep up with the exponential growth of data. Undewrstand that the IoT system collects a mountain of data from your connected devices. Moreover, businesses are under the mistaken impression that the more data they collect, the better it is for their company. This is not the case. This common misunderstanding frequently leads to the storing of both structured and unstructured data. What many companies forget, and what can be one of the most significant errors in IoT implementation, is that it will be difficult to analyze the data if they are unable to effectively forecast the data, and if their data collection system is inconsistent and fragmented. This can be one of the most significant mistakes that can be made. When it comes to getting the most out of the data, structure is the key. Develop a clear business strategy that includes an accurate forecast of several aspects such the amount of network traffic, storage requirements, and so on.
When it comes to the deployment of IoT, one of the most common and significant errors that companies make is regarding the cost and investment component. When putting in place an IoT solution, there are several different considerations that go into determining the cost. The cost is frequently unpredictable, beginning with the sort of technology that is utilized, the number of connections that are necessary, and continuing on to the features and types that are required. The number of devices that are connected to the network has the greatest impact on the total cost of the connection. The infrastructure of the internet of things ecosystem is another significant component that has a significant impact on the cost of an internet of things project. The infrastructure can be wireless, middleware, or cloud-based, among other possible configurations. Therefore, the first thing that companies need to take note of is that they need to have a good grasp of the investment that they are going to make as well as what they can expect to gain from it.
When businesses are transitioning to IoT, it is not a joke that stakeholders know little or nothing about IoT implementation. They may have a hazy notion that all that is required is to just connect and deploy a series of connected sensors, which can be done within a week or two. Or they may believe that the process is so complicated that implementation will take a year or two to put it into place. Therefore, it is important that you get a thorough grasp of the process and implementation from the beginning, and that you talk to other firms who have gone through a similar implementation process and cross-reference as much as possible to get an accurate estimate of the implementation. Don’t let unrealistic and unachievable timelines cause you to lose track of your budget, resources and other essentials.
Lack of proper plans
Before entering the IoT ecosystem, it is essential to have a comprehensive IoT deployment strategy in place. You must have a clear idea of your needs and requirements in place before you can move on with the implementation process. Before beginning implementation, it is critical to first determine what your goal will be. Inadequate planning during the introduction of new technologies like the IoT might have long-term implications on your company’s operations. Create a robust plan of your organization needs from the start that can assist you in resolving any bottlenecks or hiccups that may arise during the implementation process or after it has been deployed. Another important point to take note of is to always leave room for scaling up and expanding in scope. Make sure that you have a plan for the future and that your system is ready for scaling such as keeping in mind the over-the-air (OTA) update capabilities etc. for IoT. You should also take care to ensure that your planning does not end up becoming the pain point of the entire project and consuming all of your time.
To successfully implement an IoT project, it is necessary to have a thorough understanding of your organization’s needs and solid knowledge of the technology. Avoiding these five most typical IoT implementation mistakes can definitely catapult your business to new heights.
At its core, technological innovation is for the benefit of humanity, and it is up to us to make the most of it. Keeping up with the newest technologies is essential for any organization to be successful. Every organization wants to adapt the newest and the coolest technology that is out there simply because it is cool or because their competitors are switching to that. But when it comes to technologies like IoT, to help your business thrive, you must first thoroughly understand the technology and educate yourself on the adoption of the new technology for your organization. Gain a grasp of the possibilities that the new technology provides and how your organization can benefit from the use of the particular technology. Investing in the appropriate technology will definitely help streamline your business, boost its flexibility and efficiency, and propel it to success; it will be a valuable endeavor.
Thinking to leverage IoT for your business?