WEARABLES - INSIDABLES - IOT - CONNECTED DEVICES - QUANTIFIEDSELF

Challenges ahead for IOT, but market potential is irresistible if business can solve some of the potential problems.

Only a third (33%) of those involved in IoT have quantifiable metrics to track success, according to the study IoT Meets Big Data and Analytics.  The study, conducted by Dimensional Research for ParStream, comprised an online survey of 200 businesspeople who have professional responsibility for IoT projects.   Almost half (47%) said their IoT initiatives were driven by strategic business investments and 42% are targeting consumers.  But the success metrics are still somewhat of a work in progress. Here’s how the success of IoT projects are evaluated:

• 38% -- Objective is to explore options, so the process of learning will be the business success
• 33% -- Have quantifiable metrics to track success
• 29% -- Have documented goals, but they are difficult to quantify

But the success metrics are but one of the challenges of IoT implementation. Almost all (96%) of those involved in IoT projects say they face challenges in one form or another.  The challenges range from policies to issues with the actual technology. For any of you involved in IoT projects, this list of challenges from those already involved in IoT may sound familiar:

• 58% -- Business processes or policies, such as privacy issues
• 51% -- User adoption of new technology
• 41% -- Timely collection and analysis of data
• 40% -- Sensors or devices

Aside from IoT having a mystique to the term, why would this area be treated or approached any differently to any other new business proposition? After a business plan is developed, there should be a marketing strategy coupled with clear quantifiable metrics to gauge success and if those can be met then the prospects are extremely exciting.