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Beyond the Hype: Three Ways to Maximize IoT Budgets
Those who execute purposeful planning and implementation when deploying Internet of Things technologies can ensure both short- and long-term success.
Oct 01, 2017—
"IoT" is a very broad term with tremendous hype. This not only confuses the specific applications of the Internet of Things, but also creates uncertainty relative to how companies should allocate budgets to fully maximize the possibilities of the IoT.
To help companies and leaders understand how best to maximize IoT budgets, it's critical to understand how the IoT is being used throughout an enterprise. Examples of how companies use IoT technologies in business operations include using inexpensive IoT devices to collect and use data, leveraging data insights to provide a more holistic understanding of supply chain risks and areas of improvement to help decrease operational costs, increasing sales growth by enhancing products, and launching more efficient product-marketing campaigns. The aforementioned applications are designed to drive better business performance and generate efficiencies. However, only a small portion of businesses have a clear IoT strategy, and even fewer are satisfied with its execution.
According to Genpact, a staggering $394 billion worth of companies' digital budgets, collectively, may not be used effectively, leading to tremendous waste and inefficiency. In addition, 44 percent of CIOs' budgets are allocated for the Internet of Things. Yet, one of the most persistent problems enterprises face in the IoT is that the underlying communications infrastructure that connects systems 'are not speaking the same language.
What Can Companies Do to Address These Challenges?
1. Modernize legacy systems to avoid waste, improve connectivity and follow a clearly defined process.
Additionally, companies should walk through the three basic steps to IoT implementation, particularly relative to maximizing legacy systems: assessing the end-to-end requirements and gaps; designing an infrastructure that is flexible, scalable and secure; and deploying the systems leveraging a modular approach to decrease downtime
By modernizing and making the most out of legacy systems, as well as by following a methodical implementation process, companies can overcome these risks with thoughtful engineering and clearly defined goals from the outset of a project.
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