Forbes Survey Finds Progress in IoT Integration
The Internet of Things (IoT) is more than a technical network of connected devices and systems; it is a potential source for unlimited business value and opportunity. The challenge is being able to identify and act on the information and capabilities that IoT delivers. Only about half of executives in a recent Forbes Insights survey of 700 executives feel they are making progress with their Internet of Things efforts.
Yet organizations that embrace IoT in a big way—integrating IoT-driven data and insights into all aspects of their operations and processes—are seeing great success, and higher corporate revenue. Of the 700 executives surveyed by Forbes Insights, most, if not all, are working with or piloting IoT systems to some degree. About 14% already report having extensive IoT deployments across their enterprises, and it’s these “leaders” who are embracing new approaches and philosophies and working closely with their employees and partners to build IoT success into their corporate culture.
For many enterprises, the value comes from data that is no longer trapped in silos and is thus capable of being shared across the enterprise. Appliance maker Sub-Zero, for example, increased its IoT capabilities to combine multiple factory networks into a unified system that integrates with IT. Sub-Zero deployed the Cisco Connected Factory—a solution built with standards-based Intel technology—and achieved a $2,500 increase in hourly revenue for each of its production lines. In addition, because it now had data from sensors within its products, it also saw a $140,000 reduction in travel and field-testing costs.
Companies leading in IoT report greatly expanded connectivity, better ability to meet compliance requirements, greater data security with on-site processing and improved control over operating environments and assets.
The many dimensions of IoT depend on industry and use cases. The use cases among IoT leaders include enhancing their ability to meet compliance requirements (43%)—very much an industry-specific challenge—as well as employing IoT to increase productivity and open up new markets.