How Business Analysis Can Improve IoT Projects
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There are very few processes and systems that work in the business world without some form of technology today. One of the most beneficial types of technology is the Internet of Things (IoT). IoT is a network designed by an Internet of Things engineer team that consists of physical objects embedded with sensors or other technologies to connect and exchange data with other objects or devices over the Internet. IoT has made complex tasks and processes simpler and more convenient and is increasingly being adopted by businesses. It’s estimated that the worldwide number of IoT-connected devices will increase to 43 billion by 2023.
Why IoT Is a Necessity for Business
There are incredible benefits when using IoT in the business world. Many of these benefits give businesses an advantage over their competitors. This has made using IoT solutions a necessity for businesses big and small that want to enhance productivity and increase profit.
Source: https://mobilunity.com/blog/how-much-does-iot-development-cost/
Let's explore the reasons why businesses are embracing IoT:
Automation
In a business setup, many repetitive and mundane tasks keep teams so busy that they struggle to find the time to work on what is most important. With IoT, a business can track down which tasks are redundant and implement the right devices and software to automate these tasks. This assists to improve the productivity of teams and saves valuable time.
Efficiency
With the help of IoT-based software and devices, large-scale tasks can be completed faster. This technology also ensures more accuracy, lowering the chances of error. This allows processes to run more efficiently and effectively.
Inventory management
For retail businesses, IoT technology has proven to be highly valuable. This is because some IoT devices can detect the change in stock automatically and place orders. This ensures smooth and effortless inventory management.
Improved customer service
A high level of customer service is at the core of every business. IoT technologies such as smart trackers and mobile card readers can help customers process transactions and keep track of their shipped products. This assists to enhance the overall customer experience.
Enhanced security
Businesses can use connected smart locks and video surveillance cameras to monitor the workplace to ensure the protection of employees and valuable assets. IoT technology can also be used to control access to certain areas in and around a business' property.
Today, IoT technology is a mature, increasingly mainstream technology. However, businesses often require custom IoT systems for their processes to ensure certain needs are met.
Challenges Teams Face When Embarking on an IoT Project
A team that embarks on an IoT project for a business can face several challenges. If not managed correctly, some of these may become pitfalls that can hinder the successful outcome of a project. Some challenges include:
Shortage of Resources
Devices, sensors, software and networking technology are all components needed to complete an IoT project. These resources can become a challenge when there is a lack of any of the components.
A lack of budget
Many businesses don't fully realize the cost of an IoT project. This can lead to insufficient funds during the project phases, which can halt completion. The budget should include resource costs, IoT developer salary costs, testing costs and capital for the rolling out of the project.
Poor experience
Any team that embarks on an IoT development project should consist of experienced workers. This may include a team leader, an internet of things engineer, back-end developers and testers. If these workers do not have sufficient experience in the development of IoT technology, the project may not succeed.
Security issues
Devices and sensors communicate with one another through the internet. This makes IoT specifically vulnerable to security breaches. Sensitive data can be stolen if solutions aren't found for vulnerabilities and security loopholes.
The Role of Business Analysis in IoT Projects
Business analysts play an important role in any project. And IoT projects are no exception. They are essential roleplayers to ensure challenges are avoided or easily overcome at each stage of the project. But how do they do it?
Source: Pixabay
Identifying a business' needs
A business analyst works to engage with all stakeholders to carefully consider the business' exact requirements. This helps to determine exactly what the business wants from the IoT project.
Doing market and competitor research
As with any new project a business takes on, it is essential to understand what competitors are doing. It is also vital to know exactly what customers want and include this information in the business Use Case.
Delivering ideas
By considering important data and insights, a business analyst comes up with ideas that fit the business' requirements. Through this, all stakeholders can study the ideas and find the right solution for development and implementation.
Driving operational efficiency
A business analyst clearly defines how to achieve coherence between the different role players in the IoT project team. This is to keep everyone updated throughout the different phases of the project and to ensure it is completed on time and within the IoT engineer cost budget.
Assessing the outcome
It is vital to evaluate how the project will turn out. A business analyst can assess any risks throughout the development stages, the implementation feasibility, the project's functional strength and any potential roadblocks.
Evaluating the outcome
A business analyst will carefully review the outcome of the project to make sure it suits the requirements of the business. If certain parts do not fit, improvements can be made before the roll-out stage.
When experienced business analysts work with a team through the project lifecycle, they can help to unlock the real potential of IoT. Business analysts are trained to use certain software tools to collect and sort data, develop graphs, create documents and make visualizations to present their findings. They then use this data to assist with making organizational and strategic decision-making processes with regards to IoT implementation more efficient. In turn, this can save businesses valuable capital.
Into the Future: Staying Connected
The age of IoT is here and businesses are fast embracing every part of this developing technology. The business world is definitely moving into a direction where everything is connected. In fact, it is predicted that the global market for IoT end-user solutions is expected to grow to 1.6 trillion by 2025.
With custom IoT systems, businesses can improve productivity, enhance customer service and, ultimately, stand out among competitors. The key to success with custom IoT technology is to invest in a professional team that can overcome the challenges that arise from embarking on an IoT project.
Learn how the rise of digital and big data is shaping the way Business Analysis professionals are working. Download a FREE copy of the Understanding the Guide to Business Data Analytics, Introductory Paper.
About The Author:
Kateryna Boiko is a Marketing Director at Mobilunity, Provider of Dedicated Development Teams with 9 years of hands-on experience in digital marketing. Kateryna managed to work with diverse industries and markets and now is keen on sharing unique cases with the world and coach on topics relevant to Web Analytics and Search Engine Optimization.
