Why Companies Struggle With IoT Data

Why Companies Struggle With IoT Data

Two-Tiered BenefitsTwo-Tiered Benefits

53% of survey participants said the primary driver for IoT projects is to optimize existing business, and 47% said it’s to improve strategic business investment.

Untapped AssetUntapped Asset

While 77% said data collection and analysis is important to IoT projects, nearly three out of five said they do “some” of this, but they want to do better. Another 17% said they capture and store IoT project data, but don’t analyze it.

Formidable Barriers, Part IFormidable Barriers, Part I

61% said it’s either too difficult to capture useful IoT project data or that the data is not captured in a reliable way, and 44% said too much data is out there to be analyzed effectively.

Formidable Barriers, Part IIFormidable Barriers, Part II

26% said IoT project data is analyzed too slowly to be actionable, and 27% admit that they’re “not sure what questions to ask” to benefit from the data.

Shelf LifeShelf Life

47% said their organizations store IoT project-related data for more than a year.

Deciding FactorsDeciding Factors

70% said their organizations would make better, more meaningful decisions with faster and more cost effective capture and storage of IoT project data, and 53% said they’d make decisions more quickly.

Biggest Challenges of IoT ProjectsBiggest Challenges of IoT Projects

Navigating business processes/policies, such as those impacting privacy: 58%, Getting users to adopt new tech: 51%, Collecting and analyzing data in a timely manner: 41%

Targeted Users for IoT ProjectsTargeted Users for IoT Projects

Other businesses: 54%, Internal parties, such as employees or partners: 51%, Consumers: 42%

Muddled MathMuddled Math

Only one-third said their companies have quantifiable metrics to track the success of IoT projects. Another 29% have documented goals, but they are “difficult to quantify.”

Educational OpportunityEducational Opportunity

38% said they are mainly exploring IoT options, so the process of learning accounts for business success.

Dennis McCafferty
Dennis McCafferty
Dennis McCafferty is a contributor to CIO Insight. He covers topics such as IT leadership, IT strategy, collaboration, and IT for businesses.

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