Internet of Things (IoT) projects are failing, while most stall at the proof of concept stage, research Cisco released at the IoT World Forum event it hosted in London this week finds.
According to the vendor’s survey of 1,845 IT and business decision makers in the U.S., UK and India in energy, local government, healthcare, manufacturing, retail, hospitality and sports and transportation industries, just 26 percent have launched IoT projects they consider a total success, and one-third of completed IoT projects “were not considered a success”. Additionally, 60 percent of projects stall during proof of concept, the survey found.
So what makes a successful IoT project? According to the report, the biggest factor was collaboration between IT and business (54 percent), which can be challenging considering that data found disparities in the priorities of IT decision makers and business decision makers. The data finds IT decision markers place more value on expertise, organizational culture, technologies and vendors, while business decision makers prioritize business cases, milestones, processes and strategy.
In addition to collaboration, other top factors to IoT success were found to be having a technology-focused culture (49 percent) and either internal or third-party IoT expertise (48 percent).
Cisco also found the tapping of partner ecosystems from strategic planning to data analytics post-rollout as key to fruitful IoT projects. This could be due to the top five barriers facing IoT initiatives being time to completion, limited internal expertise, quality of data, integration across teams and budget overruns, according to the report.
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