Close to three-quarters of Internet of Things (IoT) projects are failing, according to a 2017 study from Cisco. Indeed, just 26 percent of companies surveyed have had an IoT initiative that they consider a complete success.
The causes of failure are many, but one important reason stands out: IoT is the new toy in the sandbox, and organizations are often too willing to jump in and play with abandon. The problem is that they’re also playing with real money—their company’s money—and not focusing on the big picture.
To help ensure success, here are the five ways to start your organization’s IoT project on the right foot.
Failure to take these five steps will sink the project before it gets started. You’ll waste money, time, credibility—and potentially your job. Bottom line: You’re screwed.
- Organizational alignment
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