The Internet of Things poses unique difficulties for potential users. We have highlighted the top challenges you may be faced with in your organisation and have looked at how we can assist you to overcome them.
Cost vs. ROI
Previously, IoT technology has been expensive and relatively unexplored by many corporates. The previously high cost and lack of understanding have held corporates back from testing and realising the level of return that is possible.
A survey of technology executives in a wide range of industries found that more than a quarter (27%) perceive questionable ROI as one of the biggest barriers to investing in IoT (L.E.K Global Management Consultants survey).
Another survey confirms this reservation, where 41% of respondents said they felt strongly that the smart products they had seen or heard about were simply gimmicky, and that companies would have to work harder to make these products relevant to their lives (Business Insider Intelligence Survey).
We live in an age of hackers where many people have experienced or heard of corporate and even personal security breaches.
The realization that, on average, 60% of information leaks happen due to internal negligence means that security needs to be looked at both internally and externally.
An Accenture study found that security concerns are the second biggest reason, after price, why users do not purchase IoT devices.
Systems need to be monitored for attacks to ensure security networks are continuously secure.
More data privacy legislation is coming as nations across the globe create new laws to keep up with connected technologies at large. According to Deloitte, there were only about 20 privacy laws globally in the 1990's. Now, there are more than 100.
Quantity of Data
Without analytics, sensor data is just a lot of noise. The data combined with the analytics creates addressable opportunities. This high volume of date and the ability to store a large quantity of data, while managing it, is an ongoing concern for corporates.
Integration of Systems
There is complexity in integrating disparate hardware and software systems. This lack of standardisation and integration has prevented corporates from evolving for fear of what the implication of a systems change may mean for the organisation.