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Bloch estimates that three-quarters of all IoT projects are failing. Here are two key reasons projects aren't having the transformative impact companies are hoping for:
- Solutions are being implemented on a piecemeal basis.
- IoT solutions aren’t incorporating sufficient cybersecurity protocols.
- IoT devices are spreading around the world, impacting companies’ workflows. But each new device creates a potential breach for a would-be hacker, with the company’s security dependent on the security protocols used by device makers and other vendors the company is turning to. Bloch explains that many startups offering IoT solutions don’t have a solid background in cybersecurity, and that inexperience can create openings and exploits.
A key promise of the IoT is that it will allow companies to leverage data from various connected devices to streamline operations. Silos between different IoT solutions, though, stymie that goal and can actually increase the load on employees. Companies developing IoT solutions are cognizant of the difficulty of integrating an IoT solution into existing systems; in an exclusive BI Intelligence survey, 46% of IoT solution providers said system integration was a challenge in developing a service. Overcoming this challenge is critical for the continued expansion of the enterprise IoT.
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