What Challenges Do Organizations Have to Face During IoT Adoption?

What Challenges Do Organizations Have to Face During IoT Adoption?

 

Global IoT demand continues to soar high as GlobalData – a data analytics company – projecting IoT software and hardware to reach $318 billion in 2023. However, migrating to IoT might not be as easy as the move to other technologies. Despite the slew of benefits offered by IoT, many businesses seem reluctant to adopt it. So, what are the barriers that are hampering organizations?

Takes Time

To begin with, integrating and linking IoT devices with your existing operations is a time-consuming process. Don’t think it is similar to your previous IT migrations, particularly those with software upgrades. According to Gartner, 75% of IoT projects will require twice as long time as initially expected.

Experts explained that the rollout of sensors needs around two to five years. Hence, when the C-suite sees these lengthy periods, they are less enthusiastic than before.

Requires a Healthy Budget

When the management makes peace with the time, they are faced with burgeoning costs. They may have to pay $10 to $50 for a sensor, depending upon its features, brand, and quality. In large corporations, the budget can easily exceed $1million for IoT migration. As this upgrade is solely dependent on executive approval, the decision is made by individuals who are often unfamiliar with the complexity of IoT.

Needs More Focus on Security

Cybersecurity analysts opine that security risks exist throughout the entire IoT chain, starting from the endpoint hardware to the network, which stores the enterprise data. However, since it is still nascent, there are not many security solutions in place. Moreover, since there are all kinds of cyber threats, it gets tricky to identify, authenticate, and control the endpoint devices. Companies have to consider whether they are adequately equipped to manage an incident if a breach compromises their systems.

Working with Legacy Systems

At one end, companies attempt to embrace agile, modern practices with IoT. On the other hand, their legacy systems can bring down the pace of the entire infrastructure. They have multiple disparate systems that don’t communicate well with each other. Hence, creating a unified IT infrastructure that does not slow down is a significant challenge. IT analysts opine that legacy systems were never designed to become interoperable; they were merely intended to resolve a specific range of problems. Hence, companies have to get rid of these legacy systems if they want to implement IoT. Even if IoT is not in their plans, they will still face issues while integrating other modern technologies.

 

Final Thoughts

In case you want to introduce IoT to your organization, but you feel overwhelmed due to these stumbling blocks, you can send us a message. Tantiv4 will address all of these challenges and allow you to add an efficient and affordable IoT infrastructure & solutions.