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The benefits of the Internet of Things (IoT) is expected to be huge. But the barriers in getting IoT done right in order to be able to achieve those benefits may be equally huge. Many businesses are trying, but failing. Cisco says that as many as three-quarters of IoT projects are failing. IoT project starts are often bumpy with 60 percent of all initial proof of concept projects failing, and of projects that do complete, only 30 percent are considered to be a success.
But it’s not just all about connecting devices. When building an IoT platform, businesses would do themselves a favor if they expanded their focus from exclusively considering technology to also consider the human side of the project. Human factors that can strongly improve success with IoT projects include:
- Collaboration between IT and business
- Having a technology-focused culture is critical
- Strong industry partnerships
Inbar Lasser-Raab, VP of Cisco Enterprise Solutions Marketing, said that “we are seeing new IoT innovations almost every day. We are connecting things that we never thought would be connected, creating incredible new value to industries. But where we see most of the opportunity, is where we partner with other vendors and create solutions that are not only connected but also share data. That shared data is the basis of a network of industries — sharing of insights to make tremendous gains for business and society, because no one company can solve this alone.”