Libelium is developing a report about the greatest challenges to address successful Internet of Things projects. The company publishes a decalogue of 10 tips revealing the most important barriers and difficulties that the market has to face nowadays.
IoT projects require a great deal of planning, we want to present a decalogue of advice based on Libelium’s twelve years of experience as the beginning of a project to identify the main challenges of the market, to ensure its growth and success.
Read More: Interview with Nathaniel Gates, CEO & Co-Founder at Alegion
1. The IoT is cool but it has to be profitable.
Set an objective that pursues a clear ROI, either in terms of cost savings or productivity improvements.
2. The priority must be to generate value for the customer and for the end user.
Define the project focusing on the end user of the data and align expectations accordingly.
3. Act in the short term without losing sight of the time horizon.
Maintain a flexible attitude during all phases of the project.
Read More: Jumpstart 2019: Interview with Anand Janefalkar, Founder & CEO at UJET
4. Think small to achieve big transformation.
Short-term gains can be prioritized while keeping an eye on the goal of complete digital transformation.
5. Identify the useful data.
Do not install sensors everywhere if you do not know what to do with the data afterwards.
6. Data as a new source of income.
We can even think of the data as a new source of profit for companies.
7. Plan projects realistically.
Test the technology on a small scale before and discover the difficulties that may arise later.
8. Time and money are enemies to watch: greater price transparency.
Define precisely what the amount of the investment will be in the medium term.
Read More: 2018 Was a Year of ‘Disruptive HR Transitions’: Tjinsite’s Yearend Conclusion
9. The importance of being surrounded by specialists:
Establish a network of partners and share knowledge with all players of the project to achieve a successful outcome.
10. Seek scalable, secure technology that does not limit future integrations.
What do you want to do with the devices or how and where you want to store the data and process the information?
10+1- Innovate or die
Those who take advantage of change and opportunities become more productive and efficient and add value to the company.
Read More: Interview with Megan Kvamme, CEO at FactGem
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