Pitfalls for Industrial IoT Projects
Industrial IoT devices offer a lot of promise for the future of industry. But, they also hold opportunity for pitfalls. Click here for more about problems with Industrial IoT.
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The Industrial IoT ecosystem holds space for a multitude of vendors and renders a wide range of connectivity options and protocols. The fields of data science and cybersecurity possess a larger scope for research and study. Regardless of its burgeoning presence in many fields, the vendors who pay heed to the shrewd usage of IIoT in the most significant strategy is quite low. Enterprises that take up Industrial IoT projects have to take so many factors into consideration to effectively avoid any drawbacks. Steve Brumer, a partner at 151 Advisors, emphasizes that only a few vendors pay careful attention to the basics, such as competitive landscape or monetization and the idea of improving life for the end users.
Companies With High Capacity
Organizations often dream of striking rich with little or no adequate knowledge of the current scenario. They seek quick success and are struggling to comprehend the ways to make money from the Internet of Things deployments. Some industrial heavyweights have committed to furnishing the necessary monetary support, yet the growth in the market is relatively low. The Cumulative Average Growth Rate percent hasn’t peaked as expected, ponderously due to the immaturity observed amongst companies.
Brumer says that most enterprises take up Industrial IoT projects under the stimulus of the people asking them to do so, and in reality, their motive to take up IoT becomes quite deliberate. Brumer feels that it is quite beneficial to explore, but the same can turn perilous if the enterprises lose track of basics, like ROIs or receiving buy-in from all the senior leaders. This can subsequently push the companies to be stuck in proof-of-concept purgatory.
The Holdup in Support
The lack of guidance is one other major aspect that holds back Industrial IoT projects from excelling. Senior management buy-in on a consistent basis has dwindled, and the earlier projections by analysts have ended up being wrong, as it was proposed that there would be around fifty million IoT devices. Now, the figure has barely reached twenty billion. The lag in board support could potentially dissolve Industrial IoT projects and is particularly worrisome in smart city spaces that can render a long sales cycle. Besides, politics play a huge role in these cities. The change in the ruling party can change everything in the current scenario, which also includes stoppage in the deployment of IoT devices and the estrangement of Industrial IoT projects, says Brumer. This can relatively stagnate the growth of the IoT market on a very large scale.
Integration Is Quintessential
The deployment of IoT devices and its support for industrial space usually requires the study of everything from machine learning and connectivity options to cybersecurity. The lack of adequate knowledge in cybersecurity has caused organizations to face issues in Industrial IoT projects. There are various IoT platforms to choose from. However, there are no end-to-end solutions at all. Hence, companies that are integrators are succeeding more, and this can be evidently seen in the case of Rockwell Automation’s investment in PTC ThingWorx, which was reportedly going to exceed one billion dollars. Brumer remarks that “PTC” is the most deployed IoT platform and that it is the most successfully integrated platform in the industry. Hence, integration plays a vital role in IoT-based platforms, and capitalizing on it yields significant results.
Breaches are opened in order to execute illegal operations and, hence, placing cybersecurity as an indispensable issue in enterprises. The awareness amongst organizations pertaining to cybersecurity is quite lower than expected, and, hence, the discrepancies are more. The lag in cybersecurity affects not only the organization but also the extended network connected to it. With the upsurge in the number of industries taking up IoT projects, the risks posed due to cybersecurity will eventually be even higher.
In addition to that, the rising number of IoT platforms will cause the deployment of numerous IoT devices and also cause difficulties in keeping track of them of all. Many organizations who make their advent in the IoT market do not possess the appropriate knowledge regarding the competitive landscape.
The Advent of New Technology
Organizations are having a hard time monetizing Industrial IoT projects. In their hands, They have the advent of new technology, like blockchain, that would escalate the competitive landscape to a new high, and, eventually, it would boil down to the company that makes the first move in the deployment of the device and the ROI.
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