Many business leaders have a dilemma today when it comes to IoT. They know that IoT bridges the gap between their customers and the products and services they sell. They know that IoT puts them in a position to collect and leverage an unprecedented amount of data that can open up new streams of revenue or cost savings. And they know that implementing IoT is not like anything they have ever done before. Despite knowing all this, many business leaders don’t know where or how to start IoT.
It Costs More Than Expected
IoT projects have so many outliers and there are so many new technologies being brought to bear, costs often exceed initial estimates significantly. We started working on a project with a customer to integrate sensors and connectivity with the core device. We reasonably expected there would be some trial and error, but the device itself was so unstable that it took almost nine months longer to get the new sensors and connectivity working properly.