Only 1 in 4 companies drive business value from their IoT mission, the rest 75% are still figuring out a way to extract business value from the technology investments. The IoT as technology has evolved in multiple directions and enterprises constantly struggle in deciding whether they are choosing the right set of components. It can be attributed to the absence of a governing body and a lack of standardization resulting in interoperability issues during technology evolution. If you feel nothing has happened in your company’s IoT mission over the last 2 years, this blog can ring some bells on possible causes.
Reason 1: Only the latest technology can solve modern challenges
The beauty of IoT lies in the fact that it does not necessitates the need to use the latest technology as it works on the concept of a good-enough solution to fix the problem at hand. It means you shouldn’t get subsumed by overwhelming jargon floating around the world of IoT from devices to software to apps.
Reason 2: Our problem is very sophisticated, hence require complex solution
The way most problems are formulated, they appear very sophisticated and demand cutting-edge solutions. Seasoned technology buyers understand this nature, but they face challenging questions from requesting organizations about why they are not going for the latest tech available in the market. A good understanding of the problem boundaries and the proposed solution will equip these buyers to make a convincing case to go for a good-enough solution instead of chasing the excellent tech-specification resulting in over-solving the problem.
Reason 3: Latest technology will be long-lasting
This is the most common myth that has been propagated over the years. With passing time, the technology cycle has shortened, and businesses are not regularly facing the challenge to upgrade their service model. It means, neither the latest technology will necessarily last for many years, nor your business will need an over-sophisticated solution. As a result, the focus needs to be on managing cost instead of pondering over feature-richness and longevity of the latest tech-solution.
The IoT is a lot like Mathematics, multiple ways to solve a problem and reach the same solution. It means, businesses need to define the problem properly and then trust the solution provider to solve the problem instead of breaking head over finding the best-component and finding the latest-solution. It is partly because of the evolving nature of business models due to constant disruption and challenges posed by disruptions from unexpected quarters. When you don’t know how you will serve your customers 2-years down the lane, why bother about creating a long-lasting IoT solution to solving today’s challenge?
Hence, IoT solutions are like a rolling investment where business owners revisit your business model periodically to re-define problem statement which is relevant to the prevailing scenario in the competitive landscape. And the fact that your business is going to evolve every quarter to respond to upcoming disruptions, soon your problem statement will change, and you will need the right counsellor to guide you with hardware specs and solution changes.