Seeking Funding for an Internet of Things Project?
“Too expensive”; “Very long time to a positive cash flow”; “We do not consider any project with ROI time longer than 18 months”. These are some of the typical responses and pushbacks early adopters of Industrial Internet of Things (IoT) technology often encounter when they seek funding from corporate management.
Indeed, almost every market study of IoT adoption ranks concerns about rosy, yet unconvincing return on investment (ROI) as one of the top hurdles to enterprise-wide adoption of IoT.
Admittedly, many green-field IoT projects require significant investments over an extended period of time: designing new products, creating a network infrastructure, and establishing new business and customer relationships models. Although falling hardware prices, availability of cloud-based IoT services, and a growing number of IoT platforms make plunging into the IoT water easier, more economical and less risky, for many, long-term ROI remains elusive.
But should the Industrial Internet of Things be considered just yet another IT project, like implementing a new ERP system? Or does an investment in a promising technology and new business constructs warrants a different, more strategic, approach? Read More