|You need an IoT ecosystem to overcome IoT-related hurdles / Photo Credit: LeoWolfert (via Shutterstock)|
We might think that connectivity is easily executed, but it’s not that simple as most IoT ideas die during the “proof of concept purgatory” stage, wrote Bill Amelio of business news Forbes. IoT products and services are more complex and they also take longer and cost more than what it says on paper. With that, IoT innovators will need the right kind of help— in the words of Amelio— like an ecosystem.
When driving value in IoT, organizations commonly face three hurdles, namely time, complexity, and cost. Time is an important factor in any business setting where there is constant change. Speed is a determining factor in identifying winners and losers. Likewise, the systems that support corporations become increasingly more complex and more difficult to manage as they continue to boost their investments in and dependence on a connection-based economy.
Therefore, the overall costs and related risks are escalating even if the costs of individual technological components have decreased. It may start as a simple implementation, but it may soon evolve into a “costly waste of time.” The relationship between ecosystems and innovations is not new. In the case of IoT, every industry is implementing such technologies to reap its benefits. In retail, sales are the main focus, not inventory management. With IoT-powered smart retail solutions, retailers can make customers happy and manage the stocks of fast-moving goods.
In the transportation sector, Transport for London is collaborating with big names of the IT industry to install cloud-connected sensors into the London Underground and other modes of public transport. The partnership enables transit officials to identify problems in real-time from one set of control panels rather than monitoring disconnected devices.
We must remember that successful IoT ecosystems comprise of various partners with relevant expertise, knowledge, and experience to aid innovators in avoiding the “proof of concept purgatory” phase. Within the ecosystem, partners are expected to be committed, as well as the passion for guiding innovators throughout the journey—from product development up until the product life cycle is complete.