9 Ways To Make Sure Your Next IoT Project Succeeds

Does your business take advantage of the IoT (Internet of Things)? 

Even if you think the answer is no — there’s a very good chance that your business (no matter what sector or industry you’re in) could benefit from the IoT. 

And if your answer to the question was yes, are you sure that there’s not more that you could be doing with the IoT? In our experience, there probably is, even for businesses who have the IoT at their core. 

The fact of the matter is that the IoT is now so ubiquitous that it’s worked its way into almost every way of life — both work and personal. 

• Research by Gartner shows that there are currently almost three internet-connected devices for every human on the planet
• PWC research shows that many businesses predict that digital technologies such as IoT will improve the efficiency of their processes by 12%.
• According to Statista, Worldwide spending on IoT by 2023 is set to reach 1.1 trillion U.S. dollars.

If your business can harness the inherent power that the IoT holds — whether it’s by gathering valuable data insights or by making your operations more efficient — then  you’ll be standing in good stead to take on whatever the future might throw at you. 

It’s clear that a future in IoT is one worth pursuing, but how can you make that happen? And how can you make sure that your project is a success? 

As a software company, we’re going to answer that question from a software engineering perspective. After all, software is often the glue that holds an IoT project together. And if you need advice on other elements of an IoT project we suggest you contact one of our expert partners in The Product Partnership.

So, how about software? How can you ensure that your IoT software project succeeds? Let’s take a look.

1. Start with a strategy

The requirements of your IoT software project will be determined by the sort of business you operate. Work to develop a plan with important corporate executives before you investigate the IoT's potential or submit a project proposal.

This helps to ensure that the end-users support IoT initiatives and, in addition, that IoT projects provide the most benefit to the business.

2. Clarify your business objectives

Business leaders and IoT companies should be clear about the business results they want from their IoT deployment.

The way in which you utilize and optimize your IoT solution should always be with a thought to your objectives. So make sure you take the time before your project begins to think through what your business goals really are. Then we can start the process of thinking how the IoT can help you achieve those goals. 

3. High impact low effort

The new technology requires quick and exceptionally high noticeable achievement. If your corporate IoT methodology is steady as compared to other organizations’ IoT projects that have a decent track record, then you should focus on the easy projects first; as they are moderately simple to carry out and produce results. 

Also, if some IoT projects can show information comparison like “before and after project deployment”, this can establish the framework for new IoT projects.

4. Calculate the cost

The cost of IoT components, from sensors to storage, is in constant flux. Actual compents are have tended to cost less over the past few years. But recent price increases across the board have risen costs again. That's why it's so important to be current with your projected costs. Don't rely on pricing data that over a few months old.

5. Put people first

Put your customers/end users first to make sure that your IoT project tackles fundamental needs. This means doing in-depth research into your users — something which may well open up new uses of IoT technology, which in-turn will enhance the value of your project.

6. Secure your IoT Network

The security of your network is obviously hugely important to any IoT project. This means picking a hosting provider that puts security at the top of their list of priorities. At Newicon we suggest Digital Ocean. 

7. Take security precautions

As well as your network, it’s important to ensure that your IoT devices and your software are secure. Make sure that whatever provider you use, puts security first. Here at Newicon we build all our software with security in mind and put it through all the tests we need to to make sure that your solution won’t fall foul to people looking to break into your systems. 

8. Consolidate your data

Your IoT project is likely to generate a lot of valuable data. And it’s likely that your business already generates a lot of valuable data. To generate maximum value from your project you should look at a way to marry the data you currently generate with the data your IoT will create. Think carefully about the best ways to levage value from mixing this data. 

9. Benchmark

Don’t forget to benchmark your business performance before you start your project. That way when it comes to analysing the success of your project over time — as well as optimising it — you’ll have a stick in the ground to measure against. This will help secure the success of your project and keep stakeholders happy. 

Get the ball rolling

Now that you know some great ways of ensuring the success of your IoT project, it’s time to get the ball rolling. If you’d like some advice about an IoT project, whether from a software or a hardware perspective, then we can help. Alongside our partners in The Product Partnership we offer holistic IoT expertise, including software, electronics, prototyping and design.

Get in touch today to find out more.