75% of IoT projects 'are failing'
- Author: Zachary Reyes May 25, 2017,
May 25, 2017, 18:43
Cisco found that in most cases, it was not a technology problem. It chose respondents working for the organization to implement or involved in the overall strategy/direction of IoT initiatives.
According to the Global IoT Decision Maker Survey published by International Data Corporation (IDC), almost one-third (31 per cent) of those surveyed have already launched IoT solutions, and another 43 per cent are looking to deploy solutions in the next 12 months.
- IT decision-makers place more importance on technologies, organizational culture, expertise, and vendors.
Cisco on Tuesday announced the results of a survey of 1,845 business and IT decision-makers about their IoT projects.
This is due partly because developing an IoT looks good in planning but as the proof of concept stage comes around, it's found to be more hard than predicted to make it successful.
"We have great technology, good people and a strong culture, but another component that sets us apart from our competitors is our ability to partner with companies such as Cisco", added Moret.
Underestimating the amount of time it would take to complete the project and having limited internal expertise on the subject matter were two of the main challenges across the stages of implementation.
Inbar Lasser-Raab, VP of Cisco Enterprise Solutions Marketing, noted that the world is seeing new IoT innovations nearly every day and we are connecting things we never thought would be connected, creating incredible value for industries.
"We are connecting things that we never thought would be connected, creating incredible new value to industries. That shared data is the basis of a network of industries - sharing of insights to make tremendous gains for business and society, because no one company can solve this alone".
Cisco noted that when critical success factors come together, organisations are in a position to reap a windfall in smart-data insights.
Seventy-three percent of all participants are using data from IoT completed projects to improve their business.
The study found 64 per cent of those surveyed saying the learnings from stalled or failed IoT initiatives have helped accelerate their organisation s investment in IoT. The top three benefits were: improved customer satisfaction (70 per cent), operational efficiencies (67 per cent) and improved product/service quality (66 per cent).
Despite the challenges, many in our survey are optimistic for the future of IoT - a trend that, for all its forward momentum, is still in its nascent stages of evolution.