What are the challenges to Convert Conventional Automation to iOT? How do you tackle challenges?

>how will you find customers / Vendors for EMS, iOT & Industry 4.0?
>What is the Business Potential of Conversion of Conventional Automation vs iOT?
>What are the challenges to Convert Conventional Automation to iOT? How do you tackle challenges?
This sounds like some instructor’s lame assignment based on reading a trade journal article.

IoT is a nebulous sales and marketing term. Sure, the Internet offers some great opportunities for automation, but with cybersecurity issues and state-sponsored cyber terrorism there is great risk which has to be considered—strongly.

As a student, if you haven’t discovered trade journals (many of which are now available on the Internet) they can be a great place to gain a lot of information. Just beware of the hype because trade journals are primarily a sales & marketing tool. But many good engineers use trade journals to keep abreast of industry changes and new products and applications.
Don't think about IoT like 'How can someone help me set up an IoT project?' As noted above, it's a generic term that includes a ton of technologies for a ton of different reasons. Instead, you need to choose a purpose as your end goal, like what do you want to accomplish? Then you begin looking into the right technologies that will help you get there. Collecting data and sending it somewhere with no purpose is a great waste of time and money, and a big security risk.

Setting up IoT tech without a purpose would be like asking someone to help you install a PLC system with no clear goal on what your business and operational plan should be. Sure they'll sell you something, but it won't work, and you'll never be willing to try it again.

Really the entire scope of IoT is that you are already collecting data from sensors. Is there a way to use it to help keep things running better, give you more useful information, and make more money? If you haven't determined exactly how you want to accomplish this, then you have homework to do long before you try and find a good vendor and talk about the challenges.
The hardest part of switching from traditional automation to IoT is changing from a system that is closed and local to one that is linked, open, and can be accessed from anywhere. This change needs a full change in how the system is built and run, which can be hard for many businesses.
To deal with this problem, companies need to make sure that their current systems are compatible with IoT technologies and that the data received from connected devices is safe.
Companies must also think about what it means to add IoT to their current systems and figure out how it will affect how their business runs. Also, companies need to think about how they will handle the data they get from connected products and how they will use this data to make their services better.