Reason No.1: Security risks can outweight business and operational advantages
All components of an Internet of Things (IoT) solution – including things, sensor networks, wireless/wired communication network, IoT Platform, and gateways – are susceptible to threat.
No doubt, the complexity multiplies exponentially when tens of thousands of connected things have to be secured. Only an integrated security approach with end-to-end security across the IoT chain can alleviate the security risks. A deep-rooted transport encryption algorithm in the endpoints and data transfer through virtual private network (VPN) will protect the integrity of the data traffic.
Reason No.2: Integration Roadblocks
The IoT value chain is all about integration of different things, from – sensors to, edge devices, gateways, enterprise systems, and beyond. All components of an IoT ecosystem have to integrate in one platform.
But unlocking the potential from tens of thousands of intelligent things is not easy owing to divergent protocols and communication standards. The interoperability among heterogeneous things from different vendors poses a multi-faceted challenge.
While choosing the right IoT Platform, the enterprises have to benchmark against the guidelines of – open APIs that facilitate integration with third-party systems, Big data and analytics capabilities, tools that enable seamless application development, and integrated security.
Reason No.3: Succeeding in the connected world requires a long-term focus
While the Internet of Things has the potential to create economic value of $1.9 Trillion, it poses challenges for organizations to monetize the inflating market.
Organizations have to look beyond the buzz and define their business goals and articulate their value propositions. They have to understand how the machine data harnessed from different sources (devices and sensors) will shrink their OPEX, redefine the customer experience, improve efficiency, and create insights for timely decisions. Economic benefits are enormous when an effective long-term IoT strategy is in place.