10 Steps for Proof of Concept Success in IoT
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When implemented correctly, the Internet of Things can increase an enterprise’s productivity and shave waste, create sustainable ecosystems, or increase revenue streams by informing data-driven business decisions.
According to Gartner Inc., by 2020, more than half of new businesses will include IoT in their business processes.
Enterprises can’t afford to ignore it because they are competing with consumer knowledge of what is possible. We’ve learned from Alexa and Fitbit that real-time information allows a brand to anticipate customer needs. This creates a relationship instead of a transaction; and that is invaluable.
However, a recent study by Cisco showed that 60 percent of IoT initiatives stall at the proof of concept (PoC) stage and only 26 percent of companies have executed an IoT initiative that they considered a complete success. In order to avoid that, we’ve outlined a step-by-step plan for success in the proof of concept stage of IoT implementation.
Many business problems can be solved with IoT. The appropriate IoT platform can help improve the customer experience by collecting data from new and existing systems in manufacturing, construction, agricultural or other environments. Visualized data from sensors can help teams track the location, temperature or condition of a business’ assets and do much more with information.
Define the goal for your business. Is it a reduction in cost, man-hours or waste? Set a baseline with a pre-survey or with existing data and then measure for results after the PoC using the same method.
A recent McKinsey article reported that sensor data used to predict equipment failure in a manufacturing environment can reduce maintenance costs by as much as 40 percent and cut unplanned downtime in half. With the right set of tools, users can easily calculate complex aggregations across one or a family of devices. Graph the data on dashboards for your own team or display it in a custom application for clients.
This article also suggests that products can become services for enterprises that may have not ever considered it. Select an application enablement platform which provides your dev team the opportunity to build custom experiences for the end user.
Written by Ashley Ferguson, Marketing Associate at Losant
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