February 2, 2017 | Written by: Sayyidul Arafat
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One of the key tasks in 2017 for both IT and business decision makers is to determine if they are ready to implement Internet of Things (IoT) technology for their business. There’s a dilemma: if I invest late, I could miss the chances of gaining a technology edge over my competitors. However, if I invest early, I may increase the risk of unknown technology/implementation failures, higher implementation costs and lack of expert support. So how do I make this decision? In this post, I have listed three questions, answers to which will help determine how to get started on implementing IoT.
Question 1: what do you want to accomplish with IoT?
The answer to this question will help you determine what you want to accomplish commercially when adopting a new technology. A key parameter at this stage is the estimated potential business growth as a result of new technology adoption and also understanding of potential market size.
Question 2: what will happen if I do not implement IoT?
The answer to this will help you assess the risks of not implementing IoT for your business. You will further get down into answering a few more related questions like, ‘will I lose the technology edge to my competitors?’ ‘Will I lose market share and growth?’
Question 3: is the technology ready?
This question will help you figure out which companies have successful IoT solutions in place. This will help you assess companies who have stable and scalable solutions.
As you are new to this technology, you may consider starting small and measuring success. You can run pilot programs that have more benefits than risks. With limited cost and risk, you can gain access to measured results and have a chance to optimize before committing business critical resource levels to IoT. Pilot projects also offer an opportunity to talk about a key aspect of IoT implementation – the ability to scale deployment across every part of the business – platform, volume, development, and so forth.
These three questions will help you form a framework within which to understand the objectives, scope and urgency of adopting IoT. Beyond this stage, you will move on to undertaking a risk-dependency-benefit analysis, which I’ll discuss in my next blog.