In my last blog, I stated the ways your IoT projects can succeed. Now is the time to talk about ways your IoT project can fail. It’s never easy to start a new project. That’s why 75% of business-related IoT projects are failing.
The following are ways that your IoT projects can fail:
Time to completion: Businesses tend to take too long to complete their first project, causing unnecessary costs that run the project into the ground. You vastly underestimate the time by not have realistic goals. With any technology, things are never perfect. Your team will be sidetracked by other issues, developments, and staff changes. Remember, you’re not creating this technology in a vacuum. If you don’t communicate your goals and deadlines clearly to your staff, it will only continue to snowball. You are not meeting your deadlines and running short of your dreams for new IoT projects.
Limited internal expertise: Having the right people on the right teams is vital for any project. You have to be honest with one another and correctly identify the correct experienced team members. Making sense of the data that the IoT provides requires the involvement of experts on the topic. If you don’t have the right people, you need to hire the right people, outsource your project, or delay the project until you are truly ready.
Budget overruns: Getting funding for your IoT project is extremely important. However, having a budget that’s realistic and not overreaching. There are many budget software tools available. Many people feel they need to ask for tools that will not be impactful and pad their numbers. Your budget should contain the resources, labor costs, variable costs, procurement costs. These are only a few of them, and your budget may be different. Be honest and keep your expenses practical and accurate to the project.
These are only a few ways that IoT projects fail. It’s never easy to start a new project. If you have a realistic view of the project and what you need to succeed, You can beat the odds and have that successful IoT project.