Study reveals majority of organisations finding it hard to understand business benefits of IoT
A new survey has found the majority of organisations - including those who have already implemented IoT projects - are still finding it difficult to undertand the business benefits of the technology.
The study, titled IoT Implementation Trends and put together by Longview IoT, suggested the enterprise organisations of all sizes and across all vertical industries need proper guidance and learning to realise more specific business results that IoT can help them achieve.
Bridging the gap between IoT technologies and the problems they solve remains a challenge, the results found. For instance, when organisations were asked about the benefits of IoT, they simply referred to ‘generalised’ results like increased productivity, cost savings, and improved operational efficiency, rather than mentioning specific goals like improving worker safety, conducting predictive maintenance, solving billing issues, avoiding cost overruns, and tracking of valuable equipment.
According to the report, IoT is all about the data gathered and what organisations do with that data to improve their processes. “The desire to control costs and boost productivity and efficiency is understandable, but that doesn’t just happen. It’s through the capture and use of data that organisations can realise those benefits,” it said.
Earlier this month IDC found the global spending on IoT will exceed the $1tn (£790b) mark in 2022 and will reach $1.1tn (£869b) in 2023, at a CAGR of 12.6% on year-over-year basis. According to the report, discrete manufacturing, process manufacturing, and transportation will be the three commercial industries that will be spending most on IoT solutions throughout the forecast period. These industries, together, are said to be responsible for nearly one third of the global spending.
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