Yet I am not happy with the IoT progress to date.
After more than a dozen years on the IoT journey, the industry is still just beginning to gain momentum. Don’t get me wrong — there are thousands of successful IoT implementations across nearly every industry. For the most part, however, they have focused on incremental improvements mostly by streamlining existing processes to improve productivity or increase profitability.
So why haven’t we seen an explosion of radical transformations, creating new opportunities for people and businesses on a large scale?
In part, IoT’s potential for business transformation has been hindered by several key factors:
In many industries, IoT is often implemented in core business environments and critical infrastructure, making managers wary of radical, large-scale changes. Introducing new technologies and processes can be risky. The upside might bring leapfrog improvements in productivity and profitability, but the potential downside could result in upheaval and chaos throughout the value chain. As a result, organizations often pursue small, low-risk IoT projects or wait until they are ready to install a new assembly line to make it IoT-enabled.