8 Attributes of Successful IoT Solutions

The Internet of Things (IoT) is helping companies across industries improve their products, develop new revenue streams, and improve customer experiences. At its core, IoT is about creating solutions that achieve business outcomes. According to the recent Microsoft IoT Signals report, which draws from a survey of over 3,000 organizations, businesses that have adopted IoT estimate they will see a 30% ROI on business investments in IoT, and 88% see IoT as critical to business success. Despite the substantial value IoT can provide, the high degree of complexity creates pitfalls and roadblocks that cause many projects to fail.

Many IoT initiatives fail because of unforeseen costs, pricing challenges, security concerns, or general lack of knowledge. Among those who have had projects fail in the POC stage, 32% said the main reason for failure was the cost of scaling.1 Among IoT adopters, 47% say they don’t have enough skilled workers, and 38% say that technical complexities are the key barrier preventing them from investing more in IoT. These obstacles raise the question: how can organizations avoid these issues to develop scalable, secure, efficient, and profitable IoT solutions?