A majority of companies are already implementing projects around the Internet of Things (IoT) or plan to do so within the next three years. Most, however, are struggling to “connect the dots” between an IoT implementation and how this helps to solve their business challenges.
So says a study conducted by Informa Engage for Longview IoT, a Carnegie Technologies company. Data was collected in April – May 2019 from 252 executives and directors in a variety of organizations, small to large, across a wide range of industries. Some 84% of the survey respondents are on board with an IoT strategy and clearly understand that harnessing the power of the IoT is a mustto stay competitive in today’s business world. A mere 3% are not taking IoT seriously and still consider the IoT to be “hype.”
Your company may already have an IoT implementation underway and are currently, or soon to be, collecting data from sensors and monitoring applications located in the field. Maybe you are remotely monitoring the performance of equipment in one of your factories or keeping track of assets you have in your global offices. Scenarios like these for preventive maintenance or to pinpoint failures or missing equipment are common uses of sensor-collected data. But the IoT data can also reveal much about consumers and their behavior. Perhaps you are looking to improve your marketing strategies by understanding how customers move through your retail stores and which departments they spend the most time in.
So how do you take this vast amount of collected data and use it to drive smart business decisions that will optimize your operations and boost your sales? Per the Longview IoT/Informa study, this is where the difficulty lies. Over 50% of the respondents with IoT projects underway said they need “a lot more research and guidance” about how specific IoT solutions can help them meet their business goals.To this end, the study suggests seeking out third-party expertise to help clarify goals and identify the best solutions to meet these goals.
Are you among the majority of today’s businesses struggling with how to use IoT data to solve your business problems? IoT Futurists™, The IoT Thought Leadership Board™ was recently formed to help companies like yours make the most of IoT. This group of IoT experts and forward-thinkers is offering mentoring for emerging and established IoT businesses that will help you develop smart business strategies that correlate your IoT initiatives with your key business objectives.
The Digital Transformation is here, and disruptive technologies like the IoT are changing our way of life and doing business. Learn how to make the most of the opportunities these changes create. Visit www.IoTFuturists.com for more information about our advisory services, networking events and forums. You’ll also find the latest announcements, research and blogs on new technologies and trends related to IoT – curated and posted for you all in one place.
