Many organisations are still flat-footed when it comes to the Industrial Internet of Things (IIoT) – despite their executives realising the future of their business depends on it.
That was the verdict from a new report by the Business Performance Innovation Network, titled ‘The Impact of Connectedness on Competitiveness’ and developed in partnership with the CMO Council, Penton’s IoT Institute and The Nerdery from a survey of 350 global executives.
According to the study, large-scale integrators and other channel partners will be among the biggest IIoT beneficiaries over the next several years. They will likely play a significant role in planning and implementation at many companies due to major internal gaps in the technical skills and management know-how needed to deploy and integrate IoT into operations and new products.
The survey found 52% of executives at large enterprises – and 41% of executives at all companies – expect IIoT to have a significant or major impact on their industry within three years. Some 55% of all executives say IIoT is gaining adoption within their industries, including both pilots and larger-scale adoption. Security and data privacy are seen as top concerns by executives, followed by the cost and complexity of IIoT adoption and the need for new management and workforce skills and training.
Making the transformation to IIoT-enabled businesses will clearly require new skills and mindsets. Among those requirements, according to executives, are new technical skills (51%), better data integration and analytics capabilities (41%), and rethinking the business model (33%). Most executives, however, say their companies have significant gaps in these areas.
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