Successful Internet of Things deployments and implementations start with a successful organizational belief system. A corporate culture that imbues and rewards innovation, collaboration and trust is mandatory, as IoT projects require all of these attributes in order to flourish. For successful IoT initiatives though, it is far more important to innovate and collaborate with external partners than just those stakeholders inside one’s own organization. Since most IoT initiatives are built to better serve the needs of customers, partners, suppliers and the like, it only stands to reason that the best IoT solutions are built outside-the-box. In the end with IoT-based implementations, to build trust with your customers requires building trust across the panorama of the IoT ecosystem-at-large first.
Many companies begin an internet of things (IoT) journey with great expectations, only to end up with disappointing business results. Gartner recently estimated that through 2018 “80% of IoT implementations will squander transformational opportunities” and fail to monetize IoT data. And a new survey by Cisco found that one-third of all completed IoT projects were not considered a success. In my experience with dozens of organizations implementing IoT solutions, those that achieved their expected ROI changed their traditional business approaches in one or more of the following ways: