Companies are increasingly experimenting with projects that make use of the Internet of Things (IoT) as a means to solve a problem, cut costs, increase efficiency, enable new business models, get ahead of the competition or become more competitive. Still, research shows that faced with the (usually underestimated) challenges and complexities of IoT, business leaders often stop their digital journey at pilot stages.
“Between 60% and 85% of IoT initiatives fail at the Proof-of-Concept stage.”
IoT ecosystems are complex
IoT solutions combine at least one field device, data transmission technology, a cloud application, a user interface and data processing applications, which together form the IoT chain. Evidently, only a handful of companies are set up to cover all competences and skills needed, leading several companies to early disappointments that make them draw back from IoT (sometimes for years and at a significant opportunity cost).
EVALAN has noticed that for most companies these disappointments stem from three main factors:
- Underestimation of the complexities of IoT.
- Fragmentation between teams (e.g., Operations Technology and Information Technology) and into sub-systems that leave the weakest link of the IoT chain exposed.
- Initiators and champions failing to deliver according to expectations, thus losing credibility and budget.
“More than half of the companies that close a deal with EVALAN have a past IoT failed experience.”
Don’t miss out because of an earlier disappointment
Choosing an IoT partner that can successfully guide the IoT project through the various stages, maintain the solution and keep it secure is crucial. Said IoT partner should also be able to deliver the desired solution with functionalities that supply actionable information for all users based on the company’s nature (making it easier for everyone to see the return on investment). In that respect, EVALAN can develop a custom IoT solution for you.
However, if you are looking for a solution that solves the complexity encountered in the link between the device in the field and the application in the cloud (a.k.a. the weakest link of the IoT chain), where most technical challenges are, EVALAN can also help.
Our IoT building block BACE, which creates a connection between the asset in the field and the enterprise system in the cloud, is fully hardened, secure, already available at scale, future-proof, with global coverage, and includes an IoT portal to manage the IoT operations.
BACE (Build A Connection Everywhere)
With BACE you can:
- Succeed in your IoT project.
- Create the first reliable and functioning version of the IoT solution in weeks (instead of years).
- Get tangible results quickly, thus allowing the team to assess the added value early in the process.
- Make feasibility tests, pilots or demos to gather support and budget for the IoT project.
For more information