5 key success factors for an IoT project
Because IoT should be all about positivity and not failure.
IoT projects fail for a variety of reasons. But we often don’t talk about why IoT projects succeed! That all changed at the Cumulocity IUG 2022 meeting as Philipp Mayer, Managing Director of codestryke, shared his IoT project experience with the audience on the positive note we’ve all been missing. It’s, therefore, critical to reiterate some of his points below as a blueprint for success with IoT.
1. Keep time to market short
You have to be quick! Time to market and time to value are directly related. The less time you need to get devices up and running in the solution, the quicker the payback on the project – this is especially true for large installations with many devices. And the faster you can demonstrate that your IoT project is adding value, the more support you’ll get. Draw on the experience of others – make or buy is the question here.
2. Keep costs under control
The more data your IoT sheds, the better. The informative value of analyses and the potential gain in knowledge increase with the database. But that is only one side. Keep an eye on data transfer costs! Consider whether preprocessing the data at the edge makes more sense than transferring all the data flat to the central analysis platform and then seeing what can be done with it.
3. Uphold adaptability
Philipp Mayer said it best that in the long run, it is not necessarily the best solution that wins, but the solution that can be adapted most quickly to a changed situation – to customer requirements, to a changed market, to new developments. It is also ideal to have the best solution be highly versatile.
4. Keep an eye on scalability
In a way, scalability is also part of the adaptability just mentioned. But because it is so important, I would like to highlight it separately. Starting small and then growing is good. But it is precisely because of the growth of the IoT project that many fail. It makes a difference whether I have 30 devices or 1,000 and more. That’s why you think about how your project can continue to grow after the rollout right from the start.
5. Stick together
Silo thinking is out – especially with IoT. In order to lead IoT projects to success, cross-functional cooperation within the company is required. At least according to more than half of those who made their IoT project a success. Therefore, bring teams from IT, OT and the line of business together.
It’s time to be positive about IoT
Keep in mind that these five aren’t the only ones to focus on. There are indeed even more to consider especially given the particular industry, scope and scale. Granted it’s good to know what to avoid, so your IoT project doesn’t fail. But it would be even wiser to get a consultation on what your organization might need, so you can get the best visibility on what might be possible for the future of your business!