In our conversations with potential customers and partners, one theme seems to recur more and more often. They’ll have a good understanding of what IoT is but struggle to map the potential for leveraging IoT to improve their business. Someone higher up in the organization starts asking if they’re “doing anything with IoT”? They haven’t figured out a business model yet, but they’ll start developing a new product or planning an IoT solution.
The business model comes after the fact. This is a common cause of why IoT projects fail: the business model doesn’t work (or doesn’t exist), so they simply don’t see any return on their investment. “Doing IoT” just for the sake of having done it will never be a good reason to sink the time, money, and resources into implementing an IoT strategy for your business.
We’ve developed a short guide to help walk you through the factors you should consider prior to starting your IoT project, including potential stumbling blocks and ways to monetize your solution or project.
