A 2017 survey by Cisco of 1,845 business and IT decision-makers found that only 26% of companies are successful with their IoT initiatives. With those odds, how does a company successfully deploy, manage, and scale its IoT solutions? By starting with one expert who understands the complexity of IoT and how to avoid the most common obstacles to success.
The IoT landscape is constantly evolving, as new technologies like 5G and AI transform solutions and enterprises adapt to shifting business needs. As more enterprises begin to adopt IoT solutions, the drivers, challenges, and measures of success of the adoption journey are changing as well. A recent report from GSMA Intelligence found that the top three IoT deployment success metrics are revenue generation, cost saving, and compliance.
According to GSMA Intelligence, revenue generation has recently become the top success metric as companies look for new ways to grow. The report found that respondents were equally split in 2019 when asked whether IoT was deployed to save costs or to generate revenue, with 50% each. In 2020, revenue generation took the top spot with 52%. This small percentage change reflects the shift towards using data-driven insights to create new revenue streams as a reason for IoT deployment.
Cost saving is still important to enterprises but less so in the current climate, with a 20-point decrease in 2020 compared to 2018. The GSMA Intelligence report stated that the longer the deployment, the less focus there is on cost saving. 67% of “adopters” — those who first deployed IoT in the last 24 months — see cost saving as a measure of success compared to 60% of those who first deployed IoT more than five years ago.
For over half of the enterprises surveyed by GSMA Intelligence, compliance is an important measure of success, up from 31% in 2018. The importance of regulatory compliance grows as IoT matures and scales. The longer the deployment time, the more important it is to adhere to regulatory requirements. Additionally, awareness of regulatory pressures also increases over time.
Ensuring that IoT initiatives are successful in terms of revenue generation, cost saving, and regulatory compliance requires the help of an expert IoT enabler with a full suite of managed services to streamline deployments.
From hardware procurement to device configuration, from kitting and shipping to end-of-lifecycle management, KORE takes care of the not-so-little details. IoT managed services from KORE helps companies get their devices certified and verified so they can get to market faster, reducing the total cost of ownership. KORE is FDA registered and ISO 13485/9001 compliant, with distribution centers in the US and EU for a fully regulatory-compliant managed services solution.
Download the report, “2020 Global IoT Managed Services Competitive Strategy Leadership Award,” to learn why KORE was recognized as a leader in IoT Managed Services by Frost & Sullivan.
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