Are you considering building your own Passive Remote Monitoring Solution to save money and have complete control? Think again.
The truth is the cost of building custom passive monitoring solutions is much higher than expected, and the chances of success are slim. Passive Monitoring is a class of IoT/AI/ML technology that has significantly evolved in sophistication. The effort to build a solution that meets the requirements and delivers results is no longer trivial. Passive Monitoring Solutions for aging in place are more complex than common surveillance-based security systems.
Passive monitoring systems use various sensing devices, from simple to more complex edge computing sensing technology. Artificial Intelligence plays a fundamental role in creating passive monitoring systems, making them comparable to the characteristics of functionally rich information technology solutions. Studies show that up to 80% of custom IT projects fail. Many businesses that attempt to develop custom passive remote monitoring solutions in-house only find themselves drowning in a sea of problems and setbacks. Before diving headfirst into projects that could drain resources and lead to failure, consider why building a custom Passive Monitoring Solution may not be the best choice.
Building a passive remote monitoring solution from scratch can be expensive, both in terms of the initial investment needed and ongoing maintenance costs. According to a report by McKinsey, 70% of all IT projects fail, based on data gathered from more than 5,400 IT projects. Building a custom passive monitoring system is equivalent to taking up on building a long-term IT solution, with not only its own set of capabilities but also the ability for the solution to be interoperable with a variety of other IT solutions.
Developing an in-house passive monitoring system can take a lot of time and resources, which can divert attention away from core business activities. A study titled “The Cost of Poor Quality Software in the US: A 2018” and based on survey of 600 business and IT executives, found that 75% of custom software projects fail, either by being delivered late, over budget, or not meeting user expectations. The costs of building custom solutions go beyond just the failure rate. Resource planning is a significant challenge for custom projects, and many companies underestimate the resources needed to complete the project successfully. A study by Standish Group found that over 50% of custom software projects exceed their planned budget and schedule, with an average cost overrun of 189%.
Subject Matter Expertise
With the exploding rate of innovation and the abundance of technology coming into market, staying on top of trends, a methodical approach to assess, compare, understand the nuances of underlying technology is particularly important. Edge computing technology is growing rapidly, driven by the increasing demand for real-time data processing and the proliferation of connected devices. According to a MarketsandMarkets report , the global edge computing market size is expected to grow from USD 3.6 billion in 2020 to USD 15.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period.
Specialized technical expertise may not be readily available in-house. Often the services of an external subject matter expert will be needed to support crucial decisions and the cost of such services can quickly add up. A successful customer IT project requires a capable and dedicated team of subject matter experts, developers, project managers, program managers, training, and educational resources. Without this degree of commitment, there could be project delays and failures. Not having a fully qualified team can lead to suboptimal solutions or even failure of the project. Not only that, but it will cause distraction from core business priorities and activities.
All IT solutions need to be scalable to meet the evolving needs of the business. An in-house passive monitoring solution may not have the scalability required to support growth and changing requirements.
They need a carefully planned architecture design that can handle a variety of challenges, like large volumes of traffic, flexibility and modularity, database management for performance and scalability, infrastructure management, software development and rigorous testing and quality assurance.
A custom-built passive monitoring solution can be vulnerable to security threats due to the lack of expertise and resources to implement and maintain robust security measures. The lack of proper security planning is also a significant risk factor. According to a report by the Ponemon Institute, the average cost of a data breach in the United States is $8.19 million. Custom IT projects that don’t meet security requirements can expose your business to significant financial loss, legal liability, and reputational damage. Several challenges such as Data Protection including encryption, access controls, and monitoring, API security, cloud security, third party integration security. Internal threats can include malicious employees, compromised accounts, and unintentional data leaks. External threats can include cyber-attacks, ransomware demand schemes and more.
Integrating an in-house custom solution with other systems and applications can be complex and time-consuming, leading to compatibility issues and reduced efficiency. If not factored in the architecture design, it can put significant demands on the existing resources including work arounds where non-standards processes and methods may have to be used – which can lead to compliancy risks, resulting in security issues and lead to significant monetary losses.
Vendor Support: Choosing to build an in-house solution may mean losing out on the benefits of vendor support. 63% of IT decision makers chose a vendor based on their customer support, giving a clue as to how critical vendor support is. A non-functioning system can stall all business operations quickly. A market solution will always stay competitive in the market and be in the mode of continuous evolution. This can mean having continuous access to updates, bug fixes, and technical support. As against a custom-built solution, which is only limited to an organization’s internal requirements, a vendor-built solution often incorporates wisdom and experiences of other organizations and the cross-pollination of best practices, can further drive efficiencies.
In conclusion, building custom passive monitoring solution is a risky proposition that can drain your resources, put your business at risk, and even lead to failure. The statistics speak for themselves, and the costs of not meeting security requirements are too high to ignore. Instead, consider using professional solutions that meet security standards, save you time and money, and allow you to focus on what matters most: growing your business.