After endless cycles of hype and hyperbole, it seems most business executives are still excited about the potential of the Internet of Things (IoT). In fact, a recent survey of 200 IT and business leaders conducted by reputed brand and released in January 2016 determined that 22% of the organizations surveyed have already realized significant benefits from their early IoT initiatives. Additionally, a full 55% expect a high level of impact from IoT initiatives over the next 5 years. Conversely, only 2% predicted no impact at all.
Respondents also cited the key areas in which they expect to see some of the transformational benefits of their IoT efforts, including creating a better user and customer experience (64%), sparking innovation (56%), creating new and more efficient work practices and business processes, (52%) and creating revenue streams through new products and services (50%).
So, with the early returns indicating there are in fact real, measurable benefits to be won in the IoT, and the majority of executives expect these benefits to be substantial, why are some organizations still reluctant to move forward with their own IoT initiatives?
As could be expected, security is the biggest concern, cited by approximately half of respondents.
Increased exposure of data/information security - 50%
With the World Wide Web as an example, people today are well aware of the dangers inherent in transmitting data between nodes on a network. With number of companies working with important proprietary operational data that could improve beneficial to a competitor if uncover, the concern is very transparent.
ROI/making the business case - 43%
This is a classic example of not about what you don't know. Without an established example of how match initiatives have hinted your business in the past - or even how matching sized and workflow organizations have been effected - it can be very complicated to indicate in a tangible way entirely how these efforts will impact the bottom line. Without being able to create the business case, it will be various for executives to sign off any new initiatives. This is likely why larger organizations ($5+ billion in yearly revenue) are much more likely to have already executed IoT initiatives, while smaller companies are still in the planning phase.
Interoperability with current infrastructure/systems - 37%
Nobody likes to debut over, and many of the executives surveyed are marketing with organizations who have made enormous investments in the technology they are recently using. The idea of a "rip and move" kind of including is not very displaying. The price is not only matched to the downtime incurred in these cases, but the wasted cost associated with the expensive part and software systems that are being cast aside. In most cases, to boost any grip at all a recommended IoT enterprise will have to task with the systems that are already in place - not exchange them.
Looking the accurate staff/skill sets for IoT strategy and implementation - 33%
There are many discussions creating place about how much can be managed by internal staff and how much may require to be out-sourced. Without confidence in their internal capabilities, it is also difficult to know whether or not they even have a valid strategy or understanding of the chance. Again, this is a case where vast organizations with larger pools of skill have a benefits.
There are some logical purposes, and not all of them lend themselves to simple solutions. In truth, many of the solutions will vary from one organization to the next. However, in many cases the solutions could be as simple as just selecting the right software platform. Looking a platform that eases your covers about ability to exchange can also help simple your goal about whether or not your team can manage the modify, as there will be no require to replace equipment. Likewise, a platform that can be cohesive seamlessly into your at now activity to help improve efficiency and implement optimization strategies will also make it much easier to demonstrate ROI.
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