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Making the Business Case for IoT
With such a far-reaching initiative as IoT, the justification and ROI analysis will inevitably be more extensive than it is for standard IT projects. This, as with improved collaboration, is another hallmark of digital transformation. Where IT projects used to be measured primarily on the cost benefits or efficiency gains, they are now often measured by the same standards as any other corporate strategy. They must show a positive impact on overall organizational goals, many of which have never included a digital component. After identifying an area where IoT might be implemented, the next step is to fully understand the risks and hurdles. This step is critical at this point because so many technology projects underestimate the risks, leading to unexpected costs or problems. This is especially true when a line of business is driving the decision process. Companies are already concerned about IoT costs; 43% say that upfront costs are a major hurdle, and 34% cite ongoing costs as an issue. But if there is not a thorough assessment of other risks—such as cybersecurity (41%), interoperability (25%), or handling new data (13%)—those costs will skyrocket.
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